Whether you live alone, in a roommate situation, or even if you are an adult living with family, you will be responsible for your own medical care. Individual health insurance is one of the most important things that you will buy every year. It ensures that you have coverage for the unexpected, and it also prevents you from falling on the wrong side of the law.
If you haven’t yet started comparing your health insurance options for 2019 then now is the time to start. Enrolment period is coming up soon, and there will be some very real consequences if you don’t arrange your health insurance before December 15th this year.
When is the Enrolment Period for Individual Health Insurance?
The enrolment period has changed for 2019. For most people, the new dates will be more flexible. Enrolments begin on November 1st and continue up until December 15th. Your coverage will run from January 1st, 2019, up until January 1st, 2020.
Although you can’t yet purchase your insurance for the next calendar year, you can start to research the options that are available. Mutual Health Partners can help you to find the perfect individual health insurance plan for your needs, no matter what your budget is.
The earlier you start comparing the plans that are available, the better prepared you will be for enrolment season and the year ahead.
Are Individual Health Insurance Plans Different to Other Plans?
Purchasing insurance for yourself is not fundamentally different from purchasing for a couple or even for a whole family. Of course, you will have benefits like less expensive insurance, and there will be some differences in how you choose the insurance.
As an individual, you are probably more flexible than a family or a couple, which means that you could save money by choosing insurance that most families wouldn’t.
- An HMO individual insurance plan could be ideal if you are single, you don’t travel a lot, and you are in good health and don’t have any existing medical conditions. With an HMO you will always need to have your treatment from within the network. As an individual, this would likely be less inconvenient than it would be for a family.
- An Exclusive Provider Organization or EPO plan is another good option for individual health insurance. Like an HMO, your coverage will be limited to the inside of a specific network. The benefit is that premiums will usually be much cheaper than other plans, such as a PPO. Again, an EPO is not overly flexible, but if you are in good health then this might not be a problem.
When you purchase individual health insurance you will get access to the same providers and plans that families use, with the bonus being that your insurance will be much more affordable. With new rules introduced by President Trump, you may even find that your 2019 individual health insurance is even more affordable than the previous year, depending on the plan that you choose.
What to Look for When You Choose a Health Insurance Policy
At Mutual Health Partners we can provide you with access to several policies that are suited to your needs. This will allow you to compare different options from different insurers, with different types of coverage.
To make the right decision you will need to know what all the individual components of insurance are. There are also some simple tips that you can use to help distinguish between different policies, particularly when comparing between several different insurers.
- Plans are often marketed under Bronze, Silver, Gold, and Platinum categories. Many of the largest insurers use these designations. Think of these terms as being indicators of the quality of the plan. A Bronze plan would provide the most basic coverage (usually for the lowest cost), whereas a Platinum plan would include comprehensive coverage for higher premiums.
- Look at more than just the premiums. The total cost of insurance includes the premium as well as any deductibles. It’s important to find a balance between the two. If you generally don’t get sick and haven’t visited a doctor in the last year, then a low premium/high deductible plan would be best for you.
- If you have a history of numerous medical consultations and procedures required within a calendar year, then you will likely get more value from a high premium/low deductible plan.
- Remember, a deductible is what you will pay as out of pocket expense whenever you receive medical care.
You’ll also need to remember the different types of insurance and what they are. At Mutual Health Partners we have covered the different plans extensively, and we recommend that you read all our resources so that you are fully up to date with all insurance terms. As a quick refresher for your individual health insurance, most plans will fall under the following categories:
- HMO – A Health Maintenance Plan gives you coverage under one provider network and all care must go through a Primary Care Physician.
- PPO – A Preferred Provider Organization plan will give you coverage through a network of preferred providers, while also offering some coverage for consultations and care provided outside of the network. The biggest savings (lower deductibles) come when you get care inside the network.
- EPO – An Exclusive Provider Organization plan is like an HMO. Insurance is only covered within the exclusive network.
- POS – A Point of Service plan is another type of plan where insurance is only provided for within the network, and all care must be approved through a primary physician.
Discover the Best Individual Health Insurance Plans Today
With Mutual Health Partners, you will have the easiest way to compare the plans that are available today. Get access to the most affordable health plans with the most comprehensive terms. Whatever you are looking for in an individual health insurance plan, we can help you to get the right one.
Contact us today to begin the consultation process and prepare yourself for 2019.