HOW TO WORK WITH AN INDEPENDENT HEALTH INSURANCE COMPANY

 

Let’s face it, seeking insurance is probably not on your list of fun things to do, yet it’s something everyone needs and is an essential part of life. If your employer doesn’t offer you health insurance or you’re self employed you may be in search of purchasing your own health insurance through an independent health company. Here’s some more information, according to Investopedia. 

How Buying Private Health Insurance Works
Some Americans get insurance by enrolling in a group health insurance plan through their employers.

Medicare provides health care coverage to seniors and the disabled, and Medicaid has coverage for low-income Americans.1

Medicare is a federal health insurance program for people who are 65 or older. Certain young people with disabilities and people with end-stage renal disease may also qualify for Medicare. Medicaid is a public assistance healthcare program for low-income Americans regardless of their age.

If your company does not offer an employer-sponsored plan, and if you are not eligible for Medicare or Medicaid, individuals and families have the option of purchasing insurance policies directly from private insurance companies or through the Health Insurance Marketplace.

Scenarios When You Might Need Private Health Insurance
There are certain circumstances that make it more likely that you will need to purchase your own health insurance plan:

A Young Adult 26 Years of Age or Older
Under the provisions of the Affordable Care Act (ACA) of 2010, young people can be covered as dependents by their parents’ health insurance policy until they turn 26 years old. After that, they must seek out their own insurance policy.

Unemployed
If you lose your job, you may be eligible to maintain coverage through your employer’s health insurance plan for a period of time through a program called the Consolidated Omnibus Budget Reconciliation Act (COBRA). COBRA allows eligible employees and their dependents the option to continue health insurance coverage at their own expense. 

A Part-Time Employee
Part-time jobs rarely offer health benefits. A part-time job is any position that requires employees to work a lower number of hours than would be considered full-time by their employer, or 40 hours per week. If you work part-time, you usually must enroll in your own health insurance.

Self-Employed
A self-employed person may work as a freelancer or own a business. Some self-employed people can get health insurance through a spouse’s plan. If not, they must provide their own health insurance.

A Business Owner Who Has Employees
If you start a business and you have employees, you might be required to offer them health insurance. Even if it’s not required, you might decide to offer health insurance in order to be a competitive employer that can attract qualified job candidates. In this situation, you will be required to purchase a business health insurance plan, also known as a group plan.56

If You Retire (or Your Spouse/Parent Retires)
When you retire, you will likely no longer be eligible for employer-sponsored health insurance. If you are under 65 and not disabled, you will need to purchase individual private health insurance until you turn 65 and can apply for Medicare. Many retirees choose to purchase private Medigap or Medicare Advantage plans in addition to Medicare as a way of guaranteeing more comprehensive coverage. Some retired people may also decide to completely replace Medicare coverage with a private Medicare Advantage plan.

While coverage through COBRA can be maintained for up to 36 months (under certain circumstances), the cost of enrolling in COBRA is very high. This is because the formerly employed person pays the entire cost of the insurance. Typically, employers pay a portion of healthcare premiums on behalf of their employees.

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Sources:
https://www.investopedia.com/articles/pf/08/private-health-insurance.asp