In 2010, it became mandatory for every person to have some type of individual health insurance. Previous to this, providers could deny coverage to someone due to their medical status or charge them exorbitant amounts of money to cover them due to a medical issue.
Obamacare, which is also known as the Affordable Care Act, made it illegal to charge more in premiums simply due to medical status and they made it against the law for an insurance company to deny coverage to someone with a pre-existing condition.
Understanding Individual Health Insurance Product Options
There are a lot of options out there on the market for individuals to choose from regarding health insurance. The first and most talked about option is known as Obamacare.
Obamacare is available through your state insurance marketplace or via healthcare.gov and it offers a variety of different individual health insurance plans, as well as subsidies for some people to help cover part of the cost of health insurance. This is called on-exchange health insurance.
Off-exchange health insurance is via your employer or through a private source, such as directly from an insurance carrier. Depending upon the plan, this could be more expensive or cheaper than buying on the marketplace.
To ensure you get the right coverage, you should carefully evaluate the costs between the two and the plans that they offer.
Affordable Care Act or Obamacare Options For Individuals
There are different tiers or levels of coverage that are offered with the on-exchange or subsidy program that is known as Obamacare. This individual health insurance is separated into different metals, with bronze being the lowest level of coverage and platinum being the highest. For example, bronze coverage will pay 60% of your out of pocket costs, and platinum will pay 90%. Of course, the individual health insurance cost will vary depending on the coverage. the more coverage that you choose, the more it will cost you.
Obamacare houses insurance from a range of carriers that have different coverages and work better in different areas of the United States, due to doctor availability.
You can only apply to Obamacare during the open enrollment period, which normally runs from November through January, but if you have a qualified life event, such as divorce or death of a partner, you may be able to get coverage as soon as two weeks after applying.
Off-Exchange Health Insurance Options For Individuals
Off-exchange individual health insurance means that you are not getting a subsidy. This type of insurance is widely available through employers, as well as private purchases with the insurance carrier themselves.
You can purchase insurance for maternity care, disability, a high deductible catastrophic plan, and other plans that will both fit your needs and your budget.
Since the insurance carrier cannot deny you due to a pre-existing condition, this could be a great place to start your insurance search – especially if you are not in the open enrolment period for Obamacare.
Whether you look for coverage through different carriers to buy directly or you have a job that offers individual health insurance, it is important to note that the prices can vary, depending upon your gender and location of the plan that you are considering. This may mean that it will cost you much less to go with an employer-sponsored plan, as they pay a portion of the costs.
It is important to note that your employer may also have an open enrolment period, unless you have a major life change for which you may still be able to make changes in your coverage. Check with your insurance carrier or human resources department to determine if you may fall into that group.
Individual Health Insurance Is Essential
The Affordable Care Act allows individuals who were previously denied health care due to a pre-existing health condition to purchase an individual health insurance plan.The law has helped to ensure everyone has access to some type of healthcare that it is affordable for the majority of people.
Perhaps even more importantly, the Affordable Care Act made certain benefits free to those carrying insurance, such as wellness visits with the doctors to make sure everything is working properly, annual exams, such as gynecological, breast, and prostate exams, and free birth control. Individual health insurance is something that everyone deserves to have, even if they’re healthy.
Until recently, health care insurance in the US was mandatory but from 2019, there is no requirement for the public to obtain health insurance. Although there are no penalties, it is still highly recommended to avoid the possibility of high medical bills should you fall ill.
By researching your insurance options both on and off-exchange, you can ensure that you find the best individual health insurance possible. Don’t do without -find the right plan to ensure that you can keep yourself healthy and enjoy life.
Self-employed health insurance
To a newly positioned self-employed person, finding your own health insurance can be a daunting task after having the benefits previously organised by your employer. Thankfully, if you have chosen to be your own boss, it’s easy to find medical insurance for self employed.
The state/federal marketplace has a range of coverage options for self-employed persons. Affordable premiums are available for independent contractors, consultants, freelancers, and other types of independent contractors with zero employees.
If you are leaving a job where you had coverage under a group health insurance plan, it may be possible for you to stay on your employer’s health insurance temporarily with COBRA. You must make a monthly premium and there may be other eligibility requirements for you to meet.
Aside from the usual Medicaid and private health insurance options, those self-employed should also consider joining special groups such as The National Association for Self-Employed and The Freelancer’s Union. Certain groups provide members with medical insurance for self employed.