Company Medical Insurance and Employers
If you are a private practice therapist that accepts insurance, the odds seem to be in your favor when it comes to the Healthcare Reform Act. You see, I’ve already mentioned in a few other blogs that the new law will provide health insurance coverage for millions of people who wouldn’t be covered without this act. Of course the more people that have coverage, coverage that includes mental health and substance abuse, the more need there will be for psychiatric counselors that choose to accept insurance patients. Moreover, this new Act will directly affect you as it provides a “win win” for both the employer and the employee.
Health Insurance For Companies
Have you noticed at times when a patient’s coverage isn’t the best they will usually have an extremely high deductible? Some of the Health Insurance plans for small companies offer their employees a really decent group health insurance plan while others are extremely lacking. Often, smaller employers aren’t able to pay for a really decent insurance package. So, in order to cut their costs, yet still provide insurance, they do it at the expense of the employee. In many cases, I’ve filed claims for patients who would probably never be able to meet their deductible by the end of the year. So, this is a case where the employee has coverage. However, their high out-of-pocket responsibility could possibly keep them from using it.
Healthcare reform will allow small employers to opt out of their company medical insurance plan making it possible for employees to get their own health insurance. Industry insiders predict that this would be a positive move for both the employer and the employee. Without a doubt this will also have a positive effect on private practice therapists. I say this because I have seen many instances where the therapist tries to help the patient because the deductibles are so high. In fact, sometimes the patient and provider just decide not to even use the insurance. Having insurance that you can’t use isn’t really worth having, is it?
Private Practice Counseling and the Healthcare Reform Act
Let’s start with people who are unemployed, self-employed, or work for businesses that don’t offer insurance. Beginning in 2014, these people would be able to shop for coverage and examine different kinds of plans. However, patients can’t participate if their employer offers qualified group health insurance.
Moreover, many employers will find that they can save money by dropping their company medical insurance plans and their employees will still win because they can get the large government subsidy for individual coverage.
In conclusion, my recommendation is to stay connected to the world of insurance as you run your private practice counseling business. Yes, working with insurance can be work. However, being credentialed puts you right in line for assisting and working with your niche. Also, deciding to accept insurance into your practice can be quite profitable as I work with therapists that generate 6 figure incomes almost exclusively by treating insurance patients.
If you are struggling with the billing portion of your business or if you are new to the world of insurance, complete the box to the right of your screen and you can get my free e-book, Beginner’s Guide on Getting Insurance Companies to Pay Mental health Claims.