Without healthcare coverage through employment, individuals may seek to purchase private health insurance. Since you would be paying for those premiums yourself, you will want to know when it is actually necessary. If you are considering some form of individual private health insurance, consider a guide to help you in the process. Private health insurance is not offered by the state or federal government, or through an employer. Instead, individuals and families purchase these policies directly from insurance companies.
When Is this Coverage Required?
Private health insurance is generally required if you are:
- 26 years of age or older. Individuals can only remain on their parents’ health insurance policy until turning 26 years old, under the Affordable Care Act (ACA).
- A part-time employee.
- An employer.
- Retired (or spouse/parent retires). After retiring, you are most likely kicked off of employers’ plans.
Why it’s so Important
If you are involved in one of the above circumstances, you will want to be very careful to not go without coverage for even a day. Therefore, it is always best to prepare in advance for any big life changes, whether it be personal or professional. Being equipped with adequate health coverage is one of the most crucial life expenses.
Even a small emergency such as a simple broken bone can become financially devastating if you are not properly insured. Keep in mind that you are not always able to predict when an accident will occur, as no one would expect to get hit by a car while going for a walk or to fall down the stairs when carrying the laundry. But these things do happen, and the expense can be too heavy without health insurance.
Executives should consider this protection to safeguard their daily life. Top executives may not have help with this coverage, as it is commonly on them to take care of policy on their own. At a very minimum, it is in your best interest to be covered in the event of a major incident, such as the onset of a long-term illness or a broken bone that sends you to a hospital.
After determining the type of plan you want, you’ll need to determine a deductible with your provider that you are comfortable with. Note the plan’s out-of-pocket maximum. Once you meet your deductible, coverage will apply, up to that out-of-pocket maximum.
About The Rubin Group
Based in New York, The Rubin Group provides insurance in most of the 50 states. Our full-service insurance brokerage provides insurance and risk management services to individuals in all income brackets and businesses of all sizes and types. We understand that every client has unique coverage requirements, and we are passionate about providing the ideal individualized coverage for each customer. Each member of our team takes the time to truly understand your situation, the particular risks you anticipate – and the very real risks you’ve not yet contemplated. For all of your insurance needs, contact us at The Rubin Group at (877) 806-7239!