Day trading is the selling and buying of stock on the same day. Day traders are concentrated on capitalizing on small moves in the market and then quickly cash out. This involves research, time investment, and luck to avoid losing their money. All of these stressful activities have an impact on the health of traders.
Health Insurance for day traders is the sole solution.
Day traders may get a good health insurance plan as self-employed or group insurance by a trader organization. The government-funded insurance premiums for those who pay taxes or whose income is 100 %to 400% of the poverty level. Health insurance costs depend upon the company, plans, and type of policy.
You can get PPO, EPO, HMO, or POS plan type depending on your budget and condition.
Let’s check which will suit you.
Why Health Insurance Is Necessary for Day Traders
Perhaps, as a day trader, you think,’’ there is no need for health insurance because I am young and healthy at the moment.’’ But remember, medical crises, accidents, and illnesses usually come unannounced.
Medical emergencies, diagnosis, tests, and treatment are pretty costly. The intensive care unit’s expensive surgeries, medicines, and bills can empty your pocket. So, dear, taking some insurance policy to mitigate your loss is necessary.
So, let’s check why you should get a health insurance policy.
- A wholesome health cover
- Combat the rising price of medical facilities
- Tax benefits
- Save your money (saving)
- Supply the best healthcare benefits
- Protection in the future
What Are Important Points to Gets Health Insurance for Day Trader
Day trading is a highly stressful job that needs all your attention. Does this challenging job need good health? Yes, this job needs good mental and physical condition. You and your family must have a secure and healthy future.
For a healthy life, health insurance or getting a cover is essential. It transfers the risk of your illness to your insurance company. To get this cover, you have to pay a premium.
Before getting a good cover, some points must keep in your mind:
- What plans suit you as an individual, family, or group health insurance?
- What is your budget? How much did you spend on this?
- Do you have any previous medical history?
- Do you participate in any health risk issues?
- Are you addicted to any drug or smoking?
- Do you suffer from any allergies?
- Does your selected company have a good reputation?
- Are you trusted with your company in a disastrous condition?
How Can I Get Traders Health Insurance
You can easily apply for health insurance. Generally, someone gets it in two ways.
- First, call an independent broker or agent specializing in health insurance. You may ask your friends, colleagues, peers, or any other day trader who already has a health insurance policy.
- Search online for your State’s health insurance exchange, built under the instruction of ACA. If your state does not have this service, visit the federal government site and click on ‘’Get Coverage.’’
For Low-Income Day Trader Government Subsidy
If you are a low-income day trader, you may benefit from premium or cost-sharing subsidies. If you qualify for these, you can get these facilities only through the federal or state health insurance exchange. This type of facility is called Medicaid and CHIP (Children’s Health Insurance Program).
- Premium subsidy is the tax credits, but they can be taken in advance and paid directly to your insurance company monthly to compensate for the premium you have to pay.
Day traders whose income is 400% of the poverty level can avail of this facility.
- Cost Sharing Subsidy
The second type of government subsidy is the cost-sharing subsidy which lessens the enrollee’s out-of-pocket cost in deductible, copayment, and coinsurance during healthcare services.
Day traders with an income of 100% to 250% of the poverty level can qualify for this subsidy.
Self-Employed Health Insurance
Good medical coverage is excellent because more than 30 companies offer health insurance with 3 to 4 plans. Day trading falls under self-employment. A self-employed job is one in which you have a business that earns, but you have no employees.
So there is a variety of individual insurance you may choose for yourself.
Best Health Insurance For Day Trader
The best health insurance for a day trader is selected after a careful survey examining the company’s service facilities and past reputation. Usually, day traders are considered self-employed, so their health insurance is like self-employed insurance.
We discuss the top six companies best in their respective fields:
- United Healthcare (best Network)
- Blue Cross Blue Shield (Best in General)
- Cigna (Best for comfort)
- Kaiser Permanente (Best In Preventative care)
- Oscar (Best Customer Service)
- Molina Healthcare (best for Underserved parties)
Here we introduce these companies briefly.
| Company
| Plane Types | Providers in the Network | States in which service is present |
| United Healthcare | 4 | 1,300,000 | 50 states |
| Blue Cross Blue Shield | 4 | 1,700,000 | 50 |
| Cigna | 4 | 1,500,000 | 13 |
| Kaiser Permanente | 3 | 23,000+doctors | 8 |
| Oscar | Varies by States | Not stated | 22 |
| Molina HealthCare | Varies by States | Not stated | 18 |
Most Advanced Health Insurance for Day Trader
1. Sole trader Health Insurance
A day trader has a very tough timetable. When time is like money, the hardest thing for you is time off sick. Sole trader insurance companies try to save your time on medical treatment.
Instead of spending time in a clinic, you can talk to a GP when it suits you with ultimate access to AXA Doctor at Hand online GP service powered by Doctor Care Anywhere.
With this service, you have the advantage of
- Can audio or video call at any time of day or night.
- No waiting room or rush appointment.
- No need for a prescription; they deliver your medication to your door.
- Appointment on the same day, within a few hours, 24 hours a day, seven days a week.
- GP provides private specialists referral when needed.
For Low Income, the Best Insurance companies
In case of loss or change in income, in some instances, day traders must inform their insurance companies. These companies can change the plan for low-income day traders. Best companies provide the best offers for such persons.
The top six of these companies are
- Best for immediate help and assistance. Cigna is not present in all states of America.
- Best for nationwide coverage: Blue Cross Blue Shield
- Popular for their large network: United Healthcare
- Best for coverage for elderly people
- Great in case of affordability: Molina Healthcare
Best PPO for Health Insurance
PPO stands for Preferred Provider Organization plan and is the second common largest plan available on the Marketplace. It offers access to more providers and doesn’t require any referral to see specialists to cover service.
In the different health insurance plans like PPO, HMO, and EPO, PPO is much better for day traders. HMO plan is generally cheaper than a PPO plan, but PPO offers more flexibility than HMO.
1. Multiplan PHCS
It is the world’s largest investment PPO and the most comprehensive and independent program. It gives a huge infrastructure of 700, 000 healthcare professionals and 2,500 hospitals.
2. Blue Cross Blue Shield
This company won the title for best PPO plans. This gives the highest-rated silver PPO in 20 states. Its 3.64 score out of 5, shows the greatest customer satisfaction.
How to Get Group Health Insurance
Although day trading is basically like self-employment, when you see the cost of individual insurance, you immediately think about group health insurance which is more affordable.
- You should take membership in some organization like a trader organization, union, alumni, or the local chamber of commerce.
- Search online membership organizations or membership benefit health insurance. Search for an organization that is more fit for you.
- Explore those institutions, websites and check their facilities or benefit section to see if they offer health insurance.
- Note the membership cost in the form of membership fees and check if their health insurance suits you.
Frequently Asked Question
What is the broker’s role in choosing a good health insurance service?
A good broker is professional and knows everything about his field. It can assist you and guide you in picking coverage that suits you. He also updates you about policy changes, increases in fees, new coverage opportunities, and different surcharges.
What will be the benefits you should check in your health insurance policy?
You need to find out the policy which gives you the following benefits.
- Look for the policy that should not have a Copay clause.
- Look for pre-existing disease clauses.
- Carefully check if your policy has a disease waiting period.
- Have careful look for sub-limits.
- It’s good to check which diseases, conditions, and medical services are excluded from the policy.
- If you do not claim the whole year, companies offer you a No Bonus claim bonus (NBC).
Final Words
Day trading is not an easy job. It will make you depressed and age before time. There should be some advantages that secure day traders from other problems. One of the biggest issues is health, which can drain all the savings in serious conditions.
A best health insurance plan is a solution to this. This will transfer the risk of medical emergencies to the company; in return, you have to pay a monthly premium. The best cover gives you benefits in the future and makes you happier and more secure. So please search for good plans right now.
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