4 Things You Need To Know About Individual Health Insurance
Medical insurance may not seem like the most fascinating topic, but individual health insurance is one of the most important things to discuss and understand! Here are just a few of the most important points you need to know about getting health insurance coverage:
- It’s absolutely required now, under federal law, to have a health insurance plan. Many Americans receive health insurance through their employer, but the government also provides a marketplace where you can buy individual insurance plans. If you choose not to purchase a plan, you’ll have to pay a fine instead: either $325 per uninsured person in your house or 2% of your household income, depending on whichever amount is higher.
- The government healthcare marketplace provides a list of several different plans that are provided by individual health insurance brokers. These insurance plans all provide the basic health coverage requirements, but they might differ depending on which company you buy your plan from.
- Many people still mistakenly believe that their health status is a factor for how much they pay for health insurance; it’s important to know that the cost of your individual insurance plan doesn’t increase just because you have a preexisting medical condition. Instead, the price of your health insurance is determined by your age, the number of people covered under your plan, your insurance rating area (which depends on your geographical location and isn’t something you can change), and whether or not you use tobacco.
- Lastly, it’s important to recognize that health insurance is really important to have before you get sick! Not only will it cover the basic costs of visiting a doctor and getting treated for a medial emergency at the hospital, but many plans also provide financial coverage for preventative medical services like vaccinations and wellness checkups.
When it comes to being healthy this year, you definitely shouldn’t be taking any chances!