Working with the U.S. government can be a huge risk and the protections you’re offered may not be what you expect. As a Government contractor, you want to make sure you have health insurance coverage. Here are most of the options Government contractors can find.
Patient’s Protection and Affordable Care Act (PPACA)
MDG offers government contractors with PPACA certified health insurance and retirement benefit programs that demand minimal management, increase employer’s revenue and prevent PPACA penalty charges.
Defense Base Act Workers Compensation
This offer requires protection based on contract for the contractor’s private workers for medical bills, lost earnings, disability, and or death, as well as War Threat, stemming from work-related injury or occupational illness.
Foreign Voluntary Workers’ Compensation & Employer’s Liability
Legal benefits paid to a worker or certified dependents or healthcare providers due to work-related injuries or health issues, irrespective of employer’s carelessness or accountability for the damage or illness. Employer’s Liability is insurance coverage that arises from job-related injuries or illness, commonly relating to carelessness or accusations of disregard by the employer.
Travel Accident Insurance
You cannot expect that the health insurance of staff traveling abroad is convenient. There are important exceptions for the risks that could occur by international traveling by most health insurance providers and reimbursement companies. Will your employees be covered if they fall ill and need to be admitted in the hospital and relatives need to travel to visit?
Government Contractor Defense
For decades, most FGC’s have depended on government protection to cover their primary exposures. More often than not, though not all time, government protection works well with the FGC. Filing a lawsuit is costly. Does your present insurance have you covered?
Group or Association Plan
If you’re hired together with other contractors within the same business, let’s say in a restaurant or tattoo shop, it’s possible you bargain the group rates if you pull your resources. Group plans are often much cheaper than independent plans and are restricted by the federal government pertaining to limitations they can put on pre-existing conditions.
Healthcare Sharing Ministry
Members of the clergy employed as government contractors could possibly get health insurance by means of healthcare sharing ministry. With this plan, you pay into a shared fund that covers both your share of group insurance along with a contribution when it comes to others who use the program. Some healthcare sharing ministry plans can accessible by members of certain churches, religious groups or organizations too.
Small Business Plans
A small business plan could be accessible if your contracting company has an associate or a part-time assistant. In most states, you can buy a small business plan even if you are the only worker in your organization.
Under ACA, the option is open for you as an individual to buy a health plan from a federal or state marketplace during open enrollment every year. For 2019 coverage, open enrollment ends on December 15, 2018, in some states. Your salary plays a big impact in what you’ll pay for premiums on Obamacare exchanges because tax credits can be accessible in the marketplace to counteract the cost of health insurance for low- to moderate-income earners.
A Health Savings Account (HSA) enables you to deposit funds in an account that you can use to pay for eligible medical costs. In most cases, you are granted a debit card that you use to pay for co-payments, medications or other expenses. Though it’s not technically insurance, considering that you need to combine an HSA with a high-deductible health plan, an HSA needs to be brought up.
Medical expenses can be a key attribute of whether or not you do have main healthcare insurance. If you need a lot of care or just need additional support just in case something goes wrong, then consider incorporating supplementary products to your healthcare plan. These might include dental, hospital indemnity or critical illness protection. As a self-employed staff, you’ll want to take additional safety measures since you don’t have the deluxe of paid days off.
General and products liability insurance
Includes third-party liability for physical injury or asset damage caused by a supposed design or production defect for producers of federal government products.
Business travel accident (BTA)
For this type of insurance, you want a reputable insurance company for 24 / 7 while your workers are under a deal and working within or outside of the United States.
For married people, if you have a partner and they acquire health insurance through their employer, you could possibly use a family plan at a lower cost. It’s no magic. If you can get health coverage under your working wife or husband’s family members plan, that’s certainly the way forward. Your partner may be asked to pay an additional premium, but it will possibly be lower than what you’d pay for your own plan.
In regards to the cost of health insurance, there is affordability in numbers. Professional networks like the Home Builders Association (HBA) may provide much better access to a wide range of affordable insurance plans, distinctive online discounts, and member incentives. Joining your local HBA could provide a major advantage in the pricing of health and other edge benefits.
For those not married, under a Government law, named COBRA Insurance, most employees are allowed to continue insurance under their previous employer’s health plan for up to 1.5 years after closure. The logic is you’ll have to pay your premium plus extra to cover management costs. But these costs, while they’re still high, will likely be lower than what you would pay on the open market.