Having health insurance is an integral part of maintaining your health and wellness. Even if you take steps to maintain a healthy and safe lifestyle, injuries and illnesses may eventually prove to be inevitable. With that in mind, it’s essential for you to ensure that you have access to essential medical services that can help you prevent, treat and recover from ailments. As such, the right health insurance plan can make all the difference.
What Is Individual Health Insurance?
Individual health insurance refers to health plans you shop for, purchase and maintain on your own. These policies can cover both individuals and families and provide alternatives for coverage aside from employer-sponsored plans or government-operated programs, such as Medicare and Medicaid.
By having adequate individual health insurance, you and other parties listed in your policy can access various essential services, including preventive care (e.g., regular checkups and vaccinations), doctors, specialists and hospitals.
When shopping for an individual health insurance plan, you should select a plan that suits your needs and budget. To do so, consider the following key terms:
- Premium—This term refers to the amount you will pay regularly (e.g., monthly) to maintain your health insurance throughout the policy’s term.
- Deductible—This is the amount you will need to pay out of pocket in a given plan year before your policy will begin to provide financial assistance, although certain preventive care may be covered without reaching it.
- Co-pay—This establishes a fixed amount you will have to pay out of pocket for certain medical services, such as visiting specialists.
- Out-of-pocket limit—This is the maximum amount you will be required to pay for medical services in a single policy year before your coverage takes over in full.
Who Needs Individual Health Insurance?
Individual health insurance offers crucial coverage options if you cannot access a plan through your employer or a government program. This may include the following:
- People who are self-employed
- Employees of small businesses not required to offer group health insurance
- Employees of businesses that do not offer health insurance
- Retirees not eligible for Medicare
How Much Does Individual Health Insurance Cost?
The cost of adequate health insurance can vary significantly depending on your acquired coverage. Furthermore, insurance companies must consider your unique circumstances before being able to provide you with an accurate quote for a policy. In general, the following factors may influence your premiums:
- Location
- Age
- Tobacco use
- Plan tier (e.g., bronze, silver, gold)
- Policy details (e.g., deductible)
Under the Affordable Care Act, health insurance prices can no longer be influenced by your gender or medical history.
Get the Right Coverage
Your health and wellness are critical in many aspects of your daily life, including family, career and social relationships. An unexpected illness or injury can wreak havoc on your life as you know it and derail your future. Acquiring adequate health insurance, such as an individual health plan, can be invaluable.
At the Laymon Group, our agents have the expertise and dedication to help individuals and families in the Wilmington area understand and address their health insurance needs. Contact us today to get started.