7 Benefits of Individual Health Insurance 2020

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7 Benefits of Individual Health Insurance Plans 2020

7 Benefits of Individual Health Insurance Plans 2020

Key points:

  • Individual health insurance policy is the type of insurance for an individual for their personal requirements.
  • Generally, the self-employed people or individuals who don’t have the facilities of health plan sponsored by their employer or government purchase such insurance policy.
  • Earlier, people were familiar with only the job-based health insurance. However, with the changes in health schemes, more people are enrolling and buying individual health plan policies.

8 benefits of individual health insurance:

Some of the benefits of such plans are as follows:

  1. Helpful in times of switching jobs: There may be times when employees switch their jobs. In such cases, individual health insurance may be very beneficial.
  2. Choosing the best policy: Employees can opt for the best policy based on their requirements.
  3. Affordable health insurance: It is less costly and in some instances, a premium tax credit can be availed.
  4. Free of restrictions: Individual health insurance policies give facilities of all the essential health benefits and it can be enrolled by everyone with or without the existence of medical conditions.
  5. Premium free: Such policies are free from premium and thus one can get health insurance free of cost.
  6. Covers insurance for family members: In most cases, individual health insurance provides coverage to family members.
  7. No health check-ups: For other health insurance policies, a medical test is required for enrolling in health insurance. Individual health insurance on the other hand is free of such check-ups

How to apply?

Individual health plans can be availed through the Affordable Care Act (ACA) exchanges. And after enrolling, an individual never gets rejected. This is because of the health law that states that anyone who applies for individual health insurance should be accepted.

Let us discuss when and how can an individual buy the individual health insurance policies.

Open enrolment period: For the majority of the states, the open enrolment period is from Nov 1 to Dec 15 each year.

Let us discuss when and how can an individual buy the individual health insurance policies.

Open enrolment period: For majority of the states, the open enrolment period is from Nov 1 to Dec 15 each year.

The following are the extended dates for 2020 state-wise:

California
Oct. 15 to Jan. 15
Colorado
Nov. 1 to Jan. 15
D.C
Nov. 1 to Jan. 31
Massachusetts
Nov. 1 to Jan. 23
Minnesota
Nov. 1 to Dec. 23
New York
Nov. 1 to Jan. 31
Rhode Island
Nov. 1 to Dec. 23

Special enrolment period: The other time, when an individual can enroll is when there is a qualifying event. Such plans last for 60 days only.

The following are some of the qualifying events for which a special enrolment can be made:

  • Marriage
  • Having a baby, or adopting a child
  • Becoming a U.S citizen
  • Shifting
  • Losing job

Top health insurance plans:

The following are the average rate changes of some of health insurance policies that will be implemented by the next year by insurers offering plans through NY State of Health:

Name of the insurer
Rate of increase/decrease
Number of enrolees/members
Capital District Physicians’ Health Plan (CDPHP)
4.3% increase
7249
Emblem
3.8% increase
16,297
Health Plus HP (Empire)
16.6% increase
15,582
Excellus Health Plan
0.2% decrease
25,167
Fidelis
1.6% increase
118,3338
Healthfirst PHSP
2.5% decrease
39,980
HealthNow New York
2.8% decrease
9680
Independent Health Benefits Corporation
5.3% decrease
4,754
Metro Plus Health Plan
5% increase
13,943
MVP Health Plan
3.8% increase
34,897

Health Insurance Rates:

There are different kinds of metal tiers of health insurance. Metal tiers are based on what percentage of health care is required for the insurance plan to get covered. Catastrophic and Bronze plans are two different kinds of metal tiers that cover the smallest percentage and that have the highest deductibles and coinsurance. The platinum metal tier plan offer the largest amount of coverage, and 90 percent of all costs are covered with such a plan. The Platinum plans are the most expensive while the Bronze / Catastrophic plans are the cheapest.

The following table shows the average rates of different metal tiers for a 40-year-old applicant:

Health Insurance Rates

Thus, personal or individual health plan has many benefits and are much economical than traditional corporate plans. The smartest way is to buy individual health insurance along with the corporate plans. This will help a person to get benefits from both the plans.

Compare Individual Health Insurance
ASSET PROTECTION

Help protect your savings from the costs of care NOT COVERED
by traditional insurances or Government programs, like Medicare.
It helps you choose where you receive care and avoid the nursing home!

Compare Individual Health Insurance
OVERWHELMING STATISTICS
  • 40% receiving health insurance are working-age adults, ages of 18-64.*
    By 2020, this number is expected to exceed 12 million.*
QuickHealthInsurance.com
WHY US?

Financially strong A.M Best rated insurers with low complaint ratios related to claims will send you quotes directly and promptly. You may also have access to instant rate quotes, and side by side plan comparisons. The service is free, and comes with no obligation. Your privacy is our highest priority.

Compare Individual Health Insurance
DISCOUNTS AVAILABLE

Sample Health Insurance Savings Opportunities

Up to 30% Spousal/Partner Discount

Up to 15% Preferred Health Discount

Up to 5% Small Business Discount

* Discounts are not cumulative and vary by state.

Find Local Doctors & Most Popular Plans
14 Years of Integrity BBB Rating A+ SSL Certificate

Financially strong A.M Best rated insurers with low complaint ratios related to claims will send you quotes directly and promptly. You may also have access to instant rate quotes, and side by side plan comparisons. The service is free, and comes with no obligation. Your privacy is our highest priority.

Get 2 Books Free - Health Insurance & Preventing Dementia
PLUS, Receive 2 FREE Books -
Health Insurance & Preventing Dementia

7 Benefits of Individual Health Insurance Plans 2020

7 Benefits of Individual Health Insurance Plans 2020

Key points:

  • Individual health insurance policy is the type of insurance for an individual for their personal requirements.
  • Generally, the self-employed people or individuals who don’t have the facilities of health plan sponsored by their employer or government purchase such insurance policy.
  • Earlier, people were familiar with only the job-based health insurance. However, with the changes in health schemes, more people are enrolling and buying individual health plan policies.

8 benefits of individual health insurance:

Some of the benefits of such plans are as follows:

  1. Helpful in times of switching jobs: There may be times when employees switch their jobs. In such cases, individual health insurance may be very beneficial.
  2. Choosing the best policy: Employees can opt for the best policy based on their requirements.
  3. Affordable health insurance: It is less costly and in some instances, a premium tax credit can be availed.
  4. Free of restrictions: Individual health insurance policies give facilities of all the essential health benefits and it can be enrolled by everyone with or without the existence of medical conditions.
  5. Premium free: Such policies are free from premium and thus one can get health insurance free of cost.
  6. Covers insurance for family members: In most cases, individual health insurance provides coverage to family members.
  7. No health check-ups: For other health insurance policies, a medical test is required for enrolling in health insurance. Individual health insurance on the other hand is free of such check-ups

How to apply?

Individual health plans can be availed through the Affordable Care Act (ACA) exchanges. And after enrolling, an individual never gets rejected. This is because of the health law that states that anyone who applies for individual health insurance should be accepted.

Let us discuss when and how can an individual buy the individual health insurance policies.

Open enrolment period: For the majority of the states, the open enrolment period is from Nov 1 to Dec 15 each year.

Let us discuss when and how can an individual buy the individual health insurance policies.

Open enrolment period: For majority of the states, the open enrolment period is from Nov 1 to Dec 15 each year.

The following are the extended dates for 2020 state-wise:

California
Oct. 15 to Jan. 15
Colorado
Nov. 1 to Jan. 15
D.C
Nov. 1 to Jan. 31
Massachusetts
Nov. 1 to Jan. 23
Minnesota
Nov. 1 to Dec. 23
New York
Nov. 1 to Jan. 31
Rhode Island
Nov. 1 to Dec. 23

Special enrolment period: The other time, when an individual can enroll is when there is a qualifying event. Such plans last for 60 days only.

The following are some of the qualifying events for which a special enrolment can be made:

  • Marriage
  • Having a baby, or adopting a child
  • Becoming a U.S citizen
  • Shifting
  • Losing job

Top health insurance plans:

The following are the average rate changes of some of health insurance policies that will be implemented by the next year by insurers offering plans through NY State of Health:

Name of the insurer
Rate of increase/decrease
Number of enrolees/members
Capital District Physicians’ Health Plan (CDPHP)
4.3% increase
7249
Emblem
3.8% increase
16,297
Health Plus HP (Empire)
16.6% increase
15,582
Excellus Health Plan
0.2% decrease
25,167
Fidelis
1.6% increase
118,3338
Healthfirst PHSP
2.5% decrease
39,980
HealthNow New York
2.8% decrease
9680
Independent Health Benefits Corporation
5.3% decrease
4,754
Metro Plus Health Plan
5% increase
13,943
MVP Health Plan
3.8% increase
34,897

Health Insurance Rates:

There are different kinds of metal tiers of health insurance. Metal tiers are based on what percentage of health care is required for the insurance plan to get covered. Catastrophic and Bronze plans are two different kinds of metal tiers that cover the smallest percentage and that have the highest deductibles and coinsurance. The platinum metal tier plan offer the largest amount of coverage, and 90 percent of all costs are covered with such a plan. The Platinum plans are the most expensive while the Bronze / Catastrophic plans are the cheapest.

The following table shows the average rates of different metal tiers for a 40-year-old applicant:

Health Insurance Rates

Thus, personal or individual health plan has many benefits and are much economical than traditional corporate plans. The smartest way is to buy individual health insurance along with the corporate plans. This will help a person to get benefits from both the plans.

Compare Individual Health Insurance
ASSET PROTECTION

Help protect your savings from the costs of care NOT COVERED
by traditional insurances or Government programs, like Medicare.
It helps you choose where you receive care and avoid the nursing home!

Compare Individual Health Insurance
OVERWHELMING STATISTICS
  • 40% receiving health insurance are working-age adults, ages of 18-64.*
    By 2020, this number is expected to exceed 12 million.*
QuickHealthInsurance.com
WHY US?

Financially strong A.M Best rated insurers with low complaint ratios related to claims will send you quotes directly and promptly. You may also have access to instant rate quotes, and side by side plan comparisons. The service is free, and comes with no obligation. Your privacy is our highest priority.

Compare Individual Health Insurance
DISCOUNTS AVAILABLE

Sample Health Insurance Savings Opportunities

Up to 30% Spousal/Partner Discount

Up to 15% Preferred Health Discount

Up to 5% Small Business Discount

* Discounts are not cumulative and vary by state.