With all the health insurance options available through the government and private insurance companies, there is no one-size-fits-all answer when it comes to coverage. Read on to learn who would be best served by individual health insurance and the kind of considerations you should take before you purchase a plan.
In general, individual insurance can be better for certain types of people. You may want an individual plan if you are:
· An entrepreneur, a freelancer, or self-employed because a group plan is not available to you. While there are freelance unions with group insurance, you must live in an area where there is coverage.
· No longer covered by your employer because you are a part-time employee or are eligible for coverage.
· An employee of a small business that does not offer insurance.
· Not eligible for coverage from a government program. The federal and state governments have insurance programs available if you meet age and/or income requirements.
· Not able to sign up with your spouse’s employer-based insurance. Businesses must provide coverage to their employees’ dependents but not their spouses.
· Someone who switches jobs frequently. If you are in a profession that causes you to switch between companies or move around the country, you can keep the same coverage consistently with an individual plan.
· Dissatisfied with your employer-paid group plan. Cheap health coverage plans from your employer can cost you more than they are worth when you have high out-of-pocket costs.
· Unable to afford your employer’s insurance premium. Businesses must provide insurance but do not need to pay employees’ premiums.
· Covered but your family members still need insurance. You can have an individual family plan that covers your spouse and dependents.
Individual insurance plans can have countless benefits that more restrictive group plans don’t offer. So, what are these benefits?