November 2021 Questions and Answers

QUESTION

What is Direct Primary Care (DPC) and how does it work?

ANSWER

DPC has been around since the mid-2000s, and it’s a financial arrangement directly between a patient and healthcare provider. It cuts out the insurance providers. Instead of paying monthly insurance premiums, you pay your doctor a monthly fee that will generally cover typical primary care services like check-ups, preventative care and basic lab tests. But it won’t cover costs for catastrophic events, so it also makes sense to have a high deductible health plan to prevent financial devastation due to a medical emergency or serious health problem. Consider owning a Health Savings Account (HSA), which has triple tax benefits.

QUESTION

Do I need workers’ compensation insurance for my company?

ANSWER

Workers’ comp insurance provides financial benefits to employees who have been injured on the job, and laws governing its requirement vary from state to state. Several states require employers to have it in place when the first employee is hired. Others have head-count thresholds. For example, Florida mandates workers’ comp when you have four or more workers and aren’t in the construction industry. And typically, business owners can elect to be exempt from coverage. If you use subcontractors, make sure they have their own coverage. If they get injured at your location you may be responsible for paying for their workers’ comp benefits.