Individual Health Insurance
Health insurance is a means of paying for unexpected or preventative medical care costs. Like car or home insurance, health insurance allows you to choose from a variety of plans that meet your healthcare and budgetary requirements.
Whichever health insurance plan you choose, you’ll pay a monthly premium to maintain health insurance coverage. You may also make a co-payment or co-insurance payment each time you require medical attention. In general practice, the higher your premium, the lower your deductibles and out-of-pocket costs, but this is not always the case. The health coverage you receive is not necessarily equal to the premium you pay.
Health insurance plans vary in coverage and payment amounts. “Cost-sharing” is the term often used to describe the costs covered by your insurance that you pay out-of-pocket such as deductibles, co-insurance and co-payments and doesn't include premiums, balance billing amounts for providers who are not included in your network or the cost of services that aren’t covered. When the amount you pay reaches the out-of-pocket maximum, the insurance company pays for all covered services.
The reasons to acquire health insurance are many: nobody plans to be involved in an accident or get sick. Health insurance will pay medical costs whenever the indeterminate time of emergency or illness occurs.
Health insurance also contributes to better overall health. Preventative care services and wellness programs offered by health insurance help to avoid health issues altogether or detect illness earlier and defray the cost of higher medical bills.
Qualified applicants may also receive assistance with health insurance premium payments.
Overall marketplace applicants saved an average of $263 a month with a tax credit in 2014.
Lastly, health insurance is required for everyone under the law of health reform or risk incurring a monetary penalty.