Individuals often find themselves overwhelmed when they try to purchase health insurance. Getting the right plan remains crucial, as the plan has a direct impact on your overall wellbeing. Men and women need good coverage to ensure they receive the highest level of care without accumulating a significant financial burden. The health insurance policy protects the individual from most healthcare costs. What options are available for individuals in need of healthcare coverage?
Employer Plans
Many people receive healthcare coverage through their employers. The business typically covers a portion of the premiums with these insurance plans, and the consumer benefits from a group rate. As a result, many people find they get a higher level of coverage than they would receive if purchasing an insurance policy on their own.
Individual Policy
A person has the option of purchasing a policy on their own. Individuals cannot be denied coverage today if they have a pre-existing condition. This protection was included in the Affordable Care Act, which helps many Americans who were previously denied coverage due to one of these conditions.
A Parent’s Policy
Children under the age of 26 may remain on their parent’s insurance policy. Young men and women find this gives them time to secure a job with coverage or finish their schooling before embarking on a career without worrying about high healthcare costs. There are exceptions to this, so a person must learn whether they can get or continue coverage on their parent’s policy before making a choice on which insurance to buy.
COBRA
Individuals who lose their job find they may be eligible for health insurance through the employer for up to 36 months following their separation from the company. Children who age out of their parent’s plan are able to continue their coverage under this law as well. Contact the company’s human resources department or the local Department of Labor for more information on this option.
Insurance Exchanges
The Affordable Care Act established insurance exchanges to allow more individuals to purchase healthcare coverage at a reasonable price. Individuals and small businesses may use these exchanges to research different coverage options and learn who is eligible for tax credits when purchasing private insurance. This exchange makes it easy to compare and enroll in both private and public health insurance plans.
Medicaid
Certain individuals find they qualify for Medicaid, a government-funded health insurance plan. Low-income individuals and those who have been diagnosed with a disability often receive this benefit. However, enrollment criteria vary by state, so a person must speak with a health insurance provider to learn more about this option and whether they meet the guidelines. These guidelines change, so research this option even if you did not qualify in the past.
Medicare
Individuals over the age of 65 become eligible for Medicare. This federal health insurance program also covers those who are disabled, blind, or suffer from end-stage renal disease or permanent kidney failure. The Centers for Medicare and Medicaid Services oversees the program. However, men and women must be aware that Medicare only covers reasonable and necessary medical expenses as determined by the federal government.
