According to the Bureau of Labor Statistics, driving a truck is a high-risk job due to its combination of sleep deprivation and long hours, not to mention the several-ton vehicle which is being driven for many hours every day too. It is estimated that approximately 70% of truck drivers have at least one serious health condition, and with an average age of 55, getting a good insurance plan for truck drivers is easier said than done.

So, with premiums tending to be on the steep side, what is the best insurance plan for truck drivers who want to keep their insurance affordable? Here we offer you some tips if you’re looking to find an affordable insurance plan for truck drivers.

Medicaid is not ideal

With the average truck driver salary right now standing at $43,464 per year, Medicaid will not offer you many financial benefits due to the thresholds which the government uses to determine your costs. You have to make less than $30,150 for the government to provide you with subsidized Medicaid care and cost sharing, the only option which would bring down your coverage costs considerably. If you’re starting out as a new truck driver and your salary happens to be below $30,150, then Medicaid may be financially savvy. For most truck drivers, however, Medicaid is not an option which makes sense. Also bear in mind that you may need a qualifying life event, such as a marriage or the birth of a child.

Consider medsharing plans

When it comes to decent insurance plans for truck drivers, medsharingplans make a lot of sense, especially if you make over $48,240 a year. This rings particularly true because those who make more than $48,240 per year have plans which are very similar no matter whether chosen inside or outside of open enrolment due to their lack of a government subsidy. This means that you might as well enrollfor them at any time of year, so you don’t have to spend any time being uninsured or spending unnecessarily on short-term health insurance.

Medsharingplans are a brilliant insurance plan for truck drivers, as they operate very similarly to traditional health insurance plans on the surface. However, your premiums are placed into an escrow account, with any claims being paid via the Members Shared Responsibility Amount. Medsharingplans also include many of the traditional perks, such as visits to the doctor, discounts on prescriptions, preventative care programs, and lots more.

Lower premiums with Medsharing plans

Medsharingpremiums tend to be much lower, about half that of ACA plans, due to their structure. You see, the premiums are based on your age and the bracket you fall into, so you can rest assured that your premiums will remain steady until you reach the next age bracket. Also, your premium funds go toward helping other people on the plan pay for their claims, as opposed to going toward lining the pockets of insurance companies.

Although you may be able to shop around with traditional insurance plans, you’ll have a difficult time as a truck driver finding affordable traditional health insurance. Nonetheless, we hope that these tips will assist you in your journey to discover an affordable insurance plan for truck drivers!

How to Pick the Right Health Insurance Plan (for Truck Drivers)? was last modified: by