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Health insurance provides protection against the high cost of health care. Today, more than ever, more people are turning to individual health insurance policies to provide coverage for them and their families. Individual coverage allows the applicant to select coverage that is best suited to meet their specific needs. Often Individual policies can be purchased at a price that is lower than comparable group health insurance policies.
Individual health insurance is needed when a person is:
- waiting for an employer’s coverage to beginThrough leading insurance providers, we offer you and your dependents access to excellent individual health coverage at affordable monthly rates.
- ineligible for an employer’s insurance plan
- no longer an eligible dependent (ie. age or divorce)
- seeking an alternative - opted out of their employer’s plan
The federal government generally requires employers with 20 or more employees to offer COBRA continuation coverage when you or a dependent lose eligibility for the group plan. COBRA coverage is available for a limited time (18 months or 36 months in most cases) and can be quite expensive. Individual health insurance coverage may offer you several advantages as an alternative to COBRA, including:
Individual coverage can be much less expensive than COBRA depending on your age and general health.
Individual coverage has no legal time limit, you can continue it for as long as you need.
Individual coverage is not based on employment. It can stay with you through a change of employers.
You can wait until your COBRA coverage ends to purchase individual coverage, but if your health status changes while on COBRA then individual coverage may become much more expensive or not available at all. Purchasing your individual insurance while you are healthy ensures that you’ll have access to coverage at the most affordable rates.
Want to know more? Please contact Prosperity Benefit Systems.