Individual Health Insurance
Individual health insurance provides healthcare coverage without an employer or government program such as Medicare. You purchase it on your own for yourself and/or your family, and receive benefits for various medical needs.
What Individual Health Insurance Does
Individual policies are also called personal health plans. Why? Because it’s just for you, not an entire workplace. In other words, you have a bit more control over your coverage, costs, and how you pay for it. It may not be as much of a given as employer-covered insurance, but you can easily find a plan that works for you, especially with the help of an insurance agent.
You can either decide to go with individual insurance over employer insurance (yes, it’s an option, even if your employer makes it seem like it’s not), or you may be eligible for a government subsidy. This means that your coverage may partially or fully be covered.
With a government subsidy, you may purchase an Affordable Care Act-compliant individual plan, which will save you lots of money. If your employer does not offer affordable health coverage and your household income is 400% above the federal poverty level, you may be eligible for this subsidized individual plan.
Long story short, if your employer coverage is lacking, or if you just want control of your coverage, an individual health insurance plan may work for you.
Individual Vs. Group Health Insurance
What’s the difference between individual and group health insurance? Group coverage comes through employers to their employees. Once again, individual health insurance can be purchased regardless of employment. But what are the real differences that matter?
Can you choose a plan that includes your preferred healthcare providers? With an individual plan, yes. With employer plans, your options may be limited.
Will you keep your coverage if you change jobs? With an individual plan, once again, yes. With an employer plan, you may not, it depends on the conditions of your employer plan.
Both cover pre-existing conditions. Employee plans can be paid pre-taxes, while individual plans are not. This means that your cost will not include taxes in the withdrawal from your paycheck with an employee plan, while it does not necessarily apply with an individual plan.
Individual plans may be government subsidized. For employer plans, employers will often contribute to costs. Either way, if you are trying to get help with your insurance costs, you will want to compare your options.
Benefits of Individual Health Insurance
Is an individual plan right for you? Well, one of the major benefits of individual insurance is the choice of the insurance company, plan, and options that work for you. You may have some options with an employer, but they may not meet your needs.
You can also review and make any changes you want to an individual plan. Your plan is not tied to your job, so if you’re concerned about your position, you won’t have to worry about also losing health insurance. You can also choose a plan that includes the doctors and hospitals you trust, and change your coverage later on if your needs change.
Making Insurance Better — Call Affordacare Insurance
Affordacare Insurance works with you to make your insurance work, and work well. To learn more, call us today.
