Are you considering an individual health insurance plan for you and your family? There are many benefits of enrolling in a private health care plan in lieu of employer-sponsored health insurance or group coverage.
Traditionally, group insurance has been more affordable than personal health insurance plans when it comes to health care costs. Employers and other types of large organizations offered plans at an affordable price because the risk of loss is spread out among policyholders. Most even paid their employees’ premiums, meaning low to no out-of-pocket costs for beneficiaries.
However, the cost of health care has been on the rise in recent years. In response, many employers are raising the cost of group health plans and cutting corners to try to save money. While it was once common to pay for employees’ premiums, it is very rare to find group coverage nowadays that does not charge monthly premiums.
Other negative changes to employer-sponsored health care include the following:
- Choosing plans that cost less for the employer, but more for the employee.
- Reducing family coverage options.
- Cutting spousal coverage.
- Reducing the number of full-time employees.
- Reducing employees’ hours to make them ineligible for coverage.
There are far more options for individual health insurance plans out there than what you are offered through an employer. In some cases, you may be able to choose from a few different plans at different price points. However, some employers may only offer one type of group insurance plan, which may not work for your wallet or your needs.
With private medical insurance, you can determine your own costs for coverage and choose the plan that works best for you. You can essentially customize your health insurance to ensure it works for both your budget and your medical needs.
In fact, the private health insurance cost per year could be hundreds of dollars less than group coverage costs, depending on your employer’s plan. Plus, you only pay for what you need; many insurance companies offer flexible plans you can customize to ensure you aren’t overpaying.
Not to mention, you may qualify for cheaper personal health insurance through federal subsidies. Also known as insurance tax credits, subsidies lower the cost of private insurance by reducing the cost of insurance premiums.
To learn more about subsidies for individual health insurance plans and to find out how to find the most affordable option, continue reading the next slide.
By Admin –