What is individual health insurance?
Health insurance is a good way to help you manage your health care costs. You pay health care companies premiums – a set amount of money each month - and you get benefits to pay for your eligible health care expenses. This can include regular doctor checkups or injuries to treatment for long-term illnesses.
Even though it’s called individual health insurance, you can also find plans to cover your family. Because health care can be expensive, it’s a smart idea to have health insurance so you’re prepared for when you or your family have medical needs.
Finding the right family and individual health insurance is probably one of the most important decisions you will make. Your life is unique. It only makes sense that your insurance needs are unique, too. You need more than a cookie cutter health plan. You want insurance that fits your life and makes sense for you and your family.
WHAT IS HEALTH INSURANCE?
Health or medical insurance is a way to manage the cost of health care. Health insurance companies collect premiums and pay out eligible benefits. Covered services can include preventive care like routine check-ups and treatment for illness and injury.
Individual health insurance is health coverage you purchase on your own directly from health insurance companies rather than a group plan sponsored by an employer. While the name suggests it’s only for individuals, these policies can serve as family health insurance, too.
One key distinction between group coverage and individual health insurance is choice. Some people who receive medical insurance through an employer-sponsored plan pick their plan from a short list of options. On the other hand, people who purchase medical insurance on their own get to choose a health plan from a wide range of health insurance companies and policies.
Why should I have individual health insurance?
Prepare for the unexpected. You never know when you’ll need medical help.
Staying healthy. Many preventive care services – like checkups - are covered at 100%.
It’s the law. Under the Affordable Care Act, you may pay a penalty if you don’t have qualified health care coverage.
WHAT IS OPEN ENROLLMENT PERIOD?
The time when you can choose to enroll in a health plan or re-enroll in a health plan you are already in. You can usually do this without waiting periods or proof of insurance.
If you are eligible for Medicare, the open enrollment period is the time of year you can enroll or make changes to your Medicare coverage.
Also known as: annual enrollment period, annual election period
WHAT IS THE AFFORDABLE CARE ACT (aca)?
A health insurance reform law aimed at expanding health insurance coverage for people living in the U.S.
Learn more about the Affordable Care Act.
Also known as: Patient Protection and Affordable Care Act, Obamacare, health care reform