What is Individual Health Insurance?

What is Individual Health Insurance?

Individual health insurance is health insurance that covers only one person. It’s also a great option for people who do not have group health coverage through employment or are between jobs or looking for something different from their current coverage options. However, it’s important to understand how the policy works before making any decisions about your future healthcare needs.

Let’s go into more depth about why you should consider individual health insurance.

Why Would You Need Individual Health Insurance?

There are several reasons why you may want to consider investing in individual health insurance. Not only can it help protect your wallet from unexpected medical expenses, but it also has other benefits that will improve your quality of life, such as giving you peace of mind knowing that even if something happens, you’ll be covered!

Having individual health insurance can also be beneficial if you currently don’t have coverage through your employer because you retired or only work part-time and are not eligible for full-time benefits. Other instances that may have you considering individual health insurance include:

  • Turning 26 and no longer being covered by your parent’s insurance
  • Being self-employed
  • Being unemployed
  • Being dropped by your current insurer

What Does Individual Health Insurance Cost?

The costs associated with individual health insurance can vary depending on many factors, including the specific plan you choose, your age, where you live, and your income. All of these things can ultimately determine what your premiums, deductibles, and other out-of-pocket costs may be. 

Remember that the costs you pay for a plan may also directly correlate with the provided coverage. For example, a plan with a lower premium may not provide as much coverage as a plan with a higher monthly premium.

If you find yourself with a plan that has a high monthly premium, you may be able to qualify for government assistance, such as a subsidy, which could lower your overall monthly premium. 

How Do I Know What Is Right For Me?

Choosing the right individual health insurance plan can be a complicated process, but it doesn’t have to be. Here are a few questions you should ask yourself to determine what it is you’re looking for in a plan and which plan meets all of those needs or comes close to meeting those needs:

  • Do I need prescription drug coverage? If I don’t need it now, would it still be useful to have in case of emergencies? Which plan offers prescription drug coverage?
  • Will I have a copayment for office visits, ER visits, or specialized services? If so, how much should I expect to pay with a particular plan?
  • Are there plans available that will allow me to keep my current primary care physician? Are there plans available that require me to use their in-network plan providers?
  • Do I want a plan that provides me with additional benefits, such as dental or vision coverage?

With these questions in mind and an agent from Kannonball Insurance Solutions on your side who can help you answer these questions, you’ll be able to find an individual health insurance policy that meets all of your needs. We will help you compare plans and quotes to ensure you get the coverage you’ve been looking for!