Why Should I Get Individual Health Insurance?
Individual health insurance, unlike group health insurance, does not depend on your employment. Unfortunately, even hard-working individuals are let go from employment for various reasons. If you lose your job, you can lose your health coverage, too.
That’s not the case with individual health insurance. With individual health insurance, it’s yours regardless of employer or employment situation. You’ll also get more freedom to choose the extensiveness of your coverage, with a plan that addresses more of the needs specific to you.
With individual health insurance, you also get to make decisions based on trust. For instance, you can have the assistance of a reputable insurance agent who will find you a policy from a company that offers the greatest customer satisfaction. From there, you can find a plan that offers the highest discounts for the physicians you already have an established relationship with.
The downside, however, is that these premiums may be higher than what you’d pay for your group health insurance. You may also have higher costs due to pre-existing conditions as well.
What If I Have Lower Income?
Thanks to the Affordable Care Act, you have the ability to get government-subsidized care that will make medical costs reasonable. In Hawaii, you have the option to take advantage of this. However, it should be noted that if you are enrolled in Medicare, you will not be able to obtain an Affordable Care Act plan through the state.
It should also be noted that individual health insurance is used to refer to insurance covering one person – not a person plus his or her spouse or dependents.
You’ll have different policies to choose from, such as Health Maintenance Organization (HMO) plans or Preferred Provider Organization (PPO) plans. The premium costs will also be determined based on other factors, such as your age and whether you use tobacco.
You have the option to choose between four types of plans according to their costs and level of coverage – this is Bronze, Silver, Gold, and Platinum. Bronze is the least expensive, but leaves you with higher out-of-pocket costs. Platinum is on the complete other end of the spectrum, as it has the highest costs, yet it also provides the most coverage.