Health Insurance Options for Nannies
Nannies – Do You Have Health Insurance? (You Need It!)
Working as a nanny is not a conventional office job where you work from 8am-5pm and receive standard benefits such as paid time off and health insurance. While many nannies do receive some of those things from their employer – not all do. According to a 2017 study conducted by the International Nanny Association, approximately 17% of nannies receive full or partial health insurance coverage from their employer/family. But, whether you receive health insurance from your employer or not, it is important to have health insurance coverage to protect your health and because it is legally required by the government.
Should Nannies Opt for Traditional Private Health Insurance Plans?
We are in an ever-fluctuating health insurance climate and there are many different coverage options, plans, and carriers from which to choose for your health insurance. If you do not receive health insurance from your employer, you may be looking into what type of health insurance is best for you. The one trouble many nannies run into is if you are independently shopping for health insurance, you will soon find that premiums can be quite high. The reason for the disparity between private health insurance and health insurance you obtain from your job at a corporation or other company is that, when a business obtains health insurance they receive lower price points based on the number of employees enrolled. With private health insurance, it is just you and that can leave you looking at a steep price tag. What type of health insurance you need will depend on your budget, age, health status, and more. But, if traditional private health insurance is too expensive or just not the right fit, there is fortunately an alternative – a health insurance share program.
Health Insurance Share Programs May Be the Ideal Solution for Nanny Health Insurance
While health insurance share programs are somewhat untraditional if you are not familiar with them, they are not new and there are many different programs from which to choose. Liberty Health Share is one such program and they elaborate on how their health insurance share works, “Each member contributes a monthly share amount through his or her online ShareBox account. With our advanced ShareDirect bill payment system, the amount in a member’s ShareBox is automatically transferred directly to another member’s ShareBox for any eligible medical expense. Your contribution pays directly for another member’s eligible medical cost, according to our Sharing Guidelines…Member contributions are shared with you when you have an eligible medical need. You are free to choose your own doctor — no networks in this membership! You decide the direction of your healthcare. Liberty HealthShare℠ works with both members and their medical providers to keep costs fair and reasonable for the good of the entire community. A health insurance share program, such as Liberty Health Share, is a great option for nannies that are relatively healthy, are non-smokers, and do not abuse drugs or alcohol. The monthly/annual savings by opting for a health insurance share rather than traditional health insurance can often be quite significants without sacrificing quality of care. If you are a nanny, or a family with a nanny, and you need health insurance, consider all insurance options, including health insurance share programs.
As an employer you may be wondering if you are required to offer your nanny health insurance. The answer is no… It is not a requirement however many families offer it and it is a huge bonus attracting top candidates to those positions. So you may be asking how you can assist your nanny in ensuring she has the proper coverage for her healthcare? Many employers will add their nanny on to an existing health care policy, pay their nanny’s healthcare premium directly, or offer a health insurance stipend each month. This contribution is non taxable income and can have some huge tax saving benefits for both parties. Homepay has a wonderful article that breaks down the ways you can save money while contributing to your nanny’s health insurance.
We hope that all nannies have access to comprehensive healthcare to ensure they are able to take care of themselves. Wishing everyone a happy and HEALTHY 2019! Happy New Year!