What is individual health insurance?
Unlike group health insurance, individual health insurance is coverage that you obtain by purchasing on your own, rather than receiving coverage through an employer. You can buy it for yourself or your family.
Some individual health plans may be more expensive than group health plans, as the premium is now settled onto one person instead of divided among a group of people. However, these plans do have their benefits.
What are the benefits?
Several benefits come by choosing an individual health plan:
- Even if you switch jobs, you will not have to worry about losing your health coverage with an individual plan, as you would if you were covered under an employer group plan.
- You are not limited to certain policies. You have the freedom to choose which policy fits your needs best regarding coverage, costs, or network providers.
- Individual health insurance is available to all, regardless if there are pre-existing medical conditions.
Should I purchase individual health insurance?
If you are under 65 and wondering whether an individual health plan may be right for you, here are a few scenarios that may put one of these policies in more of your favor:
- Young adults can be covered under their parents’ health insurance plan until they turn 26. Then, they must find their own coverage.
- Suppose you are unemployed or lose your job, thus, losing your employer group coverage. In that case, you could purchase an individual health insurance plan.
- If you work part-time, you may not receive many health benefits. To receive coverage, you will more than likely have to enroll in an individual health plan.
- A self-employed individual could possibly be covered under their spouse’s insurance plan. However, if not married, they may have to purchase their own individual policy.
- If your existing insurer drops you for whatever reason, you can enroll in an individual plan.
If you retire and are 65 or older, you may no longer be covered by your employer group health plan and will more than likely have to enroll in an individual health plan. When you turn 65, you will be eligible for Medicare, which covers the individual and is not a family plan.
If you find yourself in one of these scenarios, an individual health plan may be the right decision for you. By giving The Health Agents a call, we can help you determine what you may qualify for and find a plan that fits all your coverage and budget needs.
Give us a call now at 281-300-8138 to get started.
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