My Employer Does Not Offer Health Insurance To Its Employees. What Kinds Of Individual Personal Policies Are Out There?
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UPDATED: Sep 15, 2020
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If you are unable to obtain health insurance through employment or as a member of an association, you should consider the purchase of individual health insurance. Although such coverage is typically more expensive than health insurance provided under a group plan, it is important for people to maintain good health insurance coverage since an accident, disease or illness could result in financial ruin.
One benefit of having your own individual health insurance coverage is selection. Often as an employee or member of an organization, you are forced to take the plan that is being offered. You may find that if you purchase health insurance on your own, you are able to obtain particular benefits more suited to your needs and situation. With a variety of individual health insurance policies available in the open market, it is a good idea to shop around and see which plan is best for you.
If you have the financial ability to cover your typical doctors visits and medicines out of your own pocket then you may consider a two part approach to health insurance coverage. Ask your agent about High Deductible Insurance plans. These plans require you to cover some level of medical expenses first ($5,000) out of pocket before they start to provide coverage. In exchange for the high deductible, you pay less in monthly premiums. Once, you have the High Deductible Plan, you can set up a Health Savings Account (HSA) to pay your out of pocket medical expenses with tax deferred income. You have to honestly assess your predicted annual medical expenses and ability to pay out of pocket before taking this approach and should consult with a licensed insurance agent.