In this post I will be sharing my insights on all things insurance related for traveling nurses (and healthcare providers).
We will dive into health insurance, renters insurance and auto insurance and why this is essential for travelers.
Health Insurance
Health Insurance became an issue for me from the beginning of my travel nurse journey.
My first contract was with FA staff and while they do offer health benefits, it was very expensive, $200/week was just unreasonable for a healthy 25 year old. As I began to search for private health care plans I was surprised to find out thatmy staff job (I went from full time to per-diem before I left to travel) was required by law to offer me health benefits. This was because I was working full time the year prior and because of Obamacare the company was required to offer me benefits.
If you can keep health benefits while working as a staff part-time or even per-diem I’d definitely recommend keeping that position for the benefits (of course only if it is reasonable for you).
I have been travel nursing for 5 years and have taken insurance through both agencies and private companies.
I found that taking the companies insurance became an issue for me for a few reasons:
- I change agencies often and therefore would have to re-start my deductible from $0 each time
- I often take 1-3 month breaks between jobs – employers will offer you something called COBRA (see explanation below) which can be very expensive
- I get paid more weekly because I do not take health benefits from the agency and they can increase my pay package
- I do not have to worry about lapses in coverage if my contract gets cancelled early
What is COBRA?
The Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation coverage is offered to covered employees, their spouses, former spouses, and dependent children when group health coverage would otherwise be lost due to certain specific events. COBRA continuation coverage is often more expensive than the amount that active employees are required to pay for group health coverage, since the employer usually pays part of the cost of employees’ coverage and all of that cost is then charged to individuals receiving continuation coverage.
Tips for obtaining Private Insurance
I have used 3 different insurance companies while travel nursing. The first time I used a health insurance agent, which really didn’t make much of a difference. So, the second time I obtained private insurance directly–I just called the insurance company and purchased through them. You can purchase medical, dental and vision plans privately and you do not have to get them all with the same company albeit that is convenient but it does not always meet everyone’s specific needs.
Renters Insurance
I have always maintained renter’s insurance as a traveling nurse. I travel with many of my most valuable possessions and I like the piece of mind I get by insuring my belongings. A renter’s insurance policy protects your personal property from unexpected circumstances such as theft, a fire or sewage backup damage – and will pay you for lost or damaged possessions. It can also help protect you from liability if someone is injured while on your property. I have only had to use my renter’s insurance policy one time — when my car got broken into.
When someone breaks into your car, the damage to your vehicle will be covered by auto insurance, but unfortunately your valuables may not be covered. Renter’s insurance will cover the cost of your lost valuables (if your vehicle was parked at your policy address at the time it was robbed). So be sure that you update/ add your temporary address when you are traveling.
Some renters policies will cover theft no matter where you are which (ie: if your luggage and passport are stolen while traveling overseas. Furthermore if your stuff is stolen or damaged in a covered loss while being moved or stored, a renters policy can help repair or replace personal items.
Auto Insurance
When you are preparing for your upcoming or future assignment one of the biggest questions is where do you want to go? How will you get there? How will you get around once you’re there?
Most travelers find it convenient to bring their vehicle with them, they either drive it to their new location or have it shipped. For others it may be more cost effective to rent a car while out of state or take public transpiration. I have done both.
If you plan on leaving your vehicle at home
and nobody else will be driving the vehicle, you may be able to reduce your auto insurance costs. In this case, you can get a car storage insurance policy, which provides coverage for anything that may happen to vehicle while it’s stored or parked. You can do this with most existing auto insurance policies (you don’t need to go out and get a new policy or company).
While living in NYC I knew I would take the subway so I decided to leave my car in Florida. Since nobody else in my household would be driving my vehicle I placed my car in ‘storage mode‘. My monthly payment went from over $200 to just $30. You can easily do this by contacting your insurance company just be sure to call them at least 24 hours before you plan on driving the vehicle again so that you can reinstate coverage. It’s also great when I am out of town on (f)unemployment breaks between contracts.
If you plan on bringing your vehicle with you
on your assignment then there is no need to call your auto insurance company or update your policy.
I have seen some travel nurses being given a hard time by their insurance company about them living out of state. You can explain to them that you still live at your permanent address but will be traveling out of town/state for a few months with intentions to return home afterwards. There is no reason to update your policy address with every contract. You should only update your address if you are moving permanently. Otherwise, most companies will tell you it’s OK so long as you are not away from your home for more than 6 months out of the year. Most insurance policies will cover you in every state, no matter what state you are driving in. Always be sure to verify your existing coverage with your insurance provider.