Many of us have the option of getting health insurance coverage from employersponsored group health plans. This is, however, not the only option to get the medical cover.
I am self-employed, can I buy my own health insurance? I do my business,can I get my own health insurance? My employer does not offer group health insurance, can I purchase a health insurance plan on my own? These are some of the frequently asked questions about purchase of health insurance policy.
Also, several organizations are reducing the spend on group health insurance which is an employersponsored benefit. It has prompted many employees to enquire about individual medical insurance policies to adequately cover themselves and their family members.
So, yes. It is absolutely possible to buy a health insurance plan for yourself.
Let’s take a look at the benefits of having an individual health insurance policy.
Advantages of individual health insurance:
When you opt for employersponsored health insurance, the terms and coverage of the plan are not in your hands. The employer will determine your share of the total premium for the group coverage. The employer’s budget for the group insurance will also play a role in the final decisions on premium and coverage.
You are making the right choice when you buy health insurance on your own. Here, you choose the insurance company and the plan that fits your needs. It will be possible for you to pay for exactly what you are looking for and you can exclude the benefits you do not need. Additionally, you can verify the preferred hospitals, healthcare providers and medication that is included in your plan prior to enrolment.
Also, your coverage is not tied to your job. This means even if you change your job, you will remain adequately covered. You can also add riders to your health insurance plan to enhance the coverage.
If you have a medical history or pre- existing medical condition, you can add riders to ensure that you are adequately covered at all times.
Whether you are covered under an employer-sponsored insurance plan or not, it is important to have an individual health insurance plan. Your protection should not be restricted to the plan and coverage chosen by the employer. Instead, you can choose a plan that works best for you and provides optimal coverage.
When you start new job, you do not have to worry about looking for a health insurance plan. Certainly, there are some benefits of group health insurance, but they may not fit your needs. The coverage and plan will be solely dependent on the organisation and the employer. You will have no say in it, and you will not be able to enhance the coverage.
How can I buy health insurance on my own? The answer is simple. When you look for health insurance plans, compare the insurance companies and understand their coverage before making a buying decision. Be honest about your health conditions when you purchase the plan.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.