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Health Insurance for a Veterinarian

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The lowdown...
  • If you work as a veterinarian for an animal hospital or another large employer, you should be offered health insurance through your employer
  • If you only work part-time or for a small company that does not offer insurance, you can purchase a plan on the Healthcare Exchange Marketplace or through a private insurance company
  • You typically have to enroll in a plan during the open enrollment period
  • If you have your own veterinary clinic, you can use the Small Business Health Options Program to get insurance for you and your employees
  • Under the Affordable Care Act regulations, most American citizens are required to have health insurance
  • If you do not have health coverage, you may be responsible for paying the individual mandate penalty fine

Most large employers are required to offer health insurance to their full-time employees. According to the employer mandate regulations under the Affordable Care Act, any company with 50 or more full-time equivalent employees is required to offer health insurance.

If you work for a smaller company with less than 50 employees or you only work part-time as a veterinarian, your employer is not required to provide you with health insurance.

If your employer does not provide you coverage at all or does not offer coverage that is affordable and meets the minimum essential coverage requirements, they may be responsible for paying a fine.

Additionally, all employers with more than 200 full-time equivalent employees must automatically enroll new hires in the health plan and provide an opt-out for those who do not wish to enroll.

If you’re looking for affordable, better health insurance, enter your ZIP code above and compare at least three to four policies today!

Can I enroll in a Marketplace plan if my employer does not offer health insurance?

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If you are not offered employer-based health insurance for whatever reason, you can enroll in a plan through the Healthcare Exchange Marketplace.

You can choose to enroll in a Marketplace plan even if your employer offers adequate coverage, but you will not be eligible for tax savings through the Marketplace.

It is important to be aware of your network type, your plan category, and the total cost of your health insurance before enrolling in a plan. Our specialists can help you understand these factors and find the plan that works best for you.

What health insurance options are available on the Healthcare Marketplace?

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There are several types of plans available on the Marketplace. There are four tiers of plans you can choose from. They are categorized as:

  • Platinum
  • Gold
  • Silver
  • Bronze

Bronze plans typically have the lowest monthly premium, but they have higher deductibles and other out-of-pocket expenses.

With a bronze plan, your insurance company will usually pay 60 percent of your medical costs, while a platinum plan will cover 90 percent of your medical costs.

In many cases, a silver plan is the most cost effective. You have to purchase a silver plan in order to qualify for additional cost savings on deductibles and co-payments.

If your income is less than 400 percent of the federal poverty level, you might be eligible for tax savings on your monthly premium. You can qualify for tax savings with any of the metal tier categories.

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How do I apply for a Marketplace plan?

You can apply for a Marketplace health insurance plan in one of five ways. You can apply online by creating an account on the healthcare.gov website.

Additionally, you can apply over the phone, through the mail, or in-person with a representative’s help. You can also choose to purchase a plan through a private agent or broker.

Your coverage will not start until you pay your first monthly premium.

How do I provide health insurance for my employees if I own a veterinary practice?

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If you have your own small veterinary practice, you can search for insurance plans for you and your employees through the Small Business Health Options Program.

The Small Business Health Options program can help you purchase inexpensive group plans and qualify for tax credits to offset the costs of monthly premiums.

The program is for smaller businesses with less than 100 employees. Employers with less than 25 full-time employees who make an annual salary lower than $50,000 qualify for tax credits.

Are veterinarians required to have health insurance?

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Veterinarians are usually required to have health insurance even if they work part-time or for an employer who does not have to offer it.

If you do not have health insurance, you may have to pay the individual mandate penalty fine when you file your federal tax returns.

There are two ways the fee is calculated; you will be charged whichever of the two is higher. You either have to pay $695 per adult and $347.50 per child in the household or 2.5 percent of the annual household income.

Certain life circumstances might make you eligible for an exemption from the fine.

Veterinarians have several health insurance coverage options. If you work for a large employer, they are typically required to offer you a group plan. If your employer does not offer you health insurance, you can purchase a plan on the Healthcare Marketplace.

If you’re a veterinarian in need of health insurance coverage, start comparison shopping today by entering your ZIP code below!

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