When to Consider Individual Health Insurance

Employee group benefits

Choosing health insurance can often be a difficult process — it’s not as simple as choosing basic benefits and coverages. There’s individual health insurance, group insurance, and many different types of benefits plans. Those who are not covered by an employer or who are not part of a group plan may seek out individual health insurance (such as the elderly or those unemployed), but there are a few things to take under consideration when seeking out individual health insurance. You may also want to think about supplemental insurance to really protect yourself, even if you are part of a group plan. So in what scenario would you need this type of insurance? Why does insurance matter so much? And how do you go about choosing the right insurance plan?

The Importance of Health Insurance
For many people, their health insurance simply covers the general check-ups, dental cleanings, and eye exams that ought to get done yearly, and think no more of it. For others, however, having health insurance is crucial in keeping their medical costs at a reasonable and affordable level. Health and dental emergencies can quickly rack up the bills, sending families into debt when unexpected costs arise. Having good health insurance can help protect families from this during an already stressful time.

Furthermore, studies have shown that those who do not have health insurance seek out less medical care, receive it in a less timely fashion, and ultimately have poorer health outcomes than those with health insurance.

From a business perspective, health insurance is often part of a full-time employee benefits program, which can help attract potential employees and keep them at the company, if the packages is good enough. Almost 70% of employees who worked at companies that offer 11 or more benefits say that their employers provide a great place to work. And, health insurance can make employees feel more engaged, valued, and more likely to do the kind of work that benefits the company overall.

When Might You Need Individual Health Insurance?

If you’re a teen or young adult who is no longer covered under your parents plan, but you don’t yet have a job that offers benefits, you may want to consider getting on an individual plan. Accidents do happen, and if you wait until you find yourself in the middle of one, finding health insurance will be next to impossible.

Similarly, the elderly should seek out individual health insurance, as part of managing their financial situation. Any unplanned accident or illness could be quite costly without the aid of health insurance.

If you work part-time and are not eligible for insurance through your employer or if you are self-employed, seeking out individual health insurance is also a good idea. The bottom line is that you want to be covered for all eventualities, even if you are hale and hearty today. Preparing for tomorrow is what will serve you in the long run.

How Do I Choose the Right Insurance Plan?

If you’re seeking out individual health insurance, seeing a a benefits specialist or health insurance adviser will be extremely useful. They can help explain the various advantages of disadvantages of various plans, assess what you can afford, and suggest options to you. They can explain terms like co-pay, deductibles, coinsurance, maximums, etc., and help you get your immediate family set up with a plan, if necessary.

Taking your needs, budget, and age into consideration when choosing an insurance plan is important.

If you’re operating under an employer’s plan, they may already have a health insurance group that they work with, so you won’t have as much as a choice. However, you can always add supplemental insurance, as mentioned above, if there’s an aspect of your insurance that you feel is missing.

Health insurance is one of those things that you should not cut costs on. You never know when you may need it and having it there as a safety net can make a huge difference when you need it the most.

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