Individual health insurance is an insurance policy that an individual purchases for himself and/or his family. But, unlike a group health plan that you get through your employer, individual health insurance is something you select and pay for on your own. Essential benefits of an individual plan may include:
If something unexpected were to happen to you or your family member – such as a car accident or a serious illness – medical expenses can add up very quickly. In fact, unexpected medical expenses are the leading cause of personal bankruptcy today. An individual health plan can help lessen the impact of your medical expenses in the event you experience a medical emergency.
When can I enroll in an individual plan?
Health insurance has changed dramatically over the past several years. For example, before 2014, you could buy an individual health plan at any time of the year.
Today, except for special circumstances, you can purchase individual coverage only during a specific period of time known as Open Enrollment. Even the dates for Open Enrollment have changed. Open Enrollment for health plans has been shortened from 90 days to 45 days and will run from Nov. 1 to Dec. 15.
Type of Plans
HMO: A health maintenance organization generally doesn't cover care outside its provider network, except in special instances. You must select a primary care doctor in the network who coordinates your care and pay a low copayment for each office visit.
PPO: A preferred provider organization features a network of providers, but still provides some coverage when you see providers outside the network. You have more flexibility with this plan than with an HMO. You can see specialists, for instance, without a primary care doctor's referral.
POS: A point of service works like an HMO if you see providers in the network and get referrals from your primary care doctor to see specialists. But you can also see doctors and specialists outside of the network.
HSA: A high-deductible health plan with a Health Savings Account features a higher-than-average deductible and a lower-than-average premium. The accompanying savings account lets you set aside pre-tax dollars for out-of-pocket medical expenses. Unspent money carries over to the next year, and you can keep the account, even if you change health plans.
At Wampler Insurance and Financial Group, we offer a broad range of individual health-care plans to fit your individual needs and budget. Depending on the specific plan you choose, our plans typically cover routine doctor's visits, prescription drug coverage, preventative care and other medical services.
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