Often individuals in between jobs, graduating students, and self-employed business people have something in common – the need for health insurance.

However, with other pressing issues in their lives, taking the time to research their options to find coverage that fits their needs and budgets can become less of a priority. The reality is that it should be a top priority. In today’s health care environment, your exposure for a simple accident or health issue when you are not insured can quickly escalate into thousands of dollars.

Who Needs Individual Health Insurance?

Purchasing insurance in the individual market works well for many groups. It is available to everyone; however, you may not need it if you are able to take advantage of group coverage from your employer. After that, there are a variety of scenarios that may prompt an individual to consider an individual plan.

Your employer offers company-sponsored health insurance that is too expensive for you to afford, or your company does not offer medical benefits at all.

The group medical coverage you’re provided with may simply not be enough coverage for your comfort, and you may choose to purchase a secondary medical policy.

You may be lacking supplemental insurance coverage, such as dental or vision, and you want to consider adding that coverage to your already-instituted medical coverage to obtain full spectrum health coverage.

You are a part-time employee and do not qualify for your employer’s group plan.

You are self-employed and rely on individual health benefits to protect yourself and your family.

You are a recent graduate and no longer eligible for coverage under your parent’s group plan; however, you need insurance during your job search.

You are considering early retirement; however, your group insurance will terminate with your employment.

You have recently experienced a job loss and are paying for coverage under COBRA. You may find suitable coverage, with a lower premium with an individual plan.

Whatever your situation, obtaining health insurance and ensuring that you are protected is essential in today’s economy. It may be tempting to go without insurance to save money, however, you may be risking more than you realize if you become extremely ill or suffer an injury and have no coverage. With health costs on the rise, having health insurance in place enables you and your family to remain protected if and when you get sick, need medication, or have to visit the doctor for preventive care.

According to Jonathan Amato, a local benefits specialist, “an individual health plan offers you a great amount of flexibility and peace of mind. Multiple carriers have solutions to help individuals and families when they don’t have employer-sponsored health insurance available to them.”

Choosing the Right Coverage

Selecting individual health insurance is an important decision, but it doesn’t necessarily have to be a difficult or expensive one. Many carriers incorporate technology that allows you to receive instantaneous quotes for policies with varying coverage options and monthly payments to choose from. Unlike group insurance, typically offered by employers, which may allow only one or two coverage options, purchasing individual health insurance lets you select coverage and associated monthly premiums based on criteria that are most important to you.

Age and overall health obviously affect the cost of coverage, but you can always optimize your insurance coverage and premiums with your choices of deductibles and other benefit features. In general, here are several factors to consider when selecting individual health plans:

How much are you willing to pay out-of-pocket before insurance begins to pay for services?

What is your ideal co-payment for doctor visits and other services?

Are there any specific benefits that you need to address?

What prescription drugs are covered under the plan or do you need to have covered?

Is there an annual or lifetime cap on the benefit payments?

Does the health plan have pre-existing conditions clauses that may affect your coverage?

Will you have to change health care providers or use providers from certain networks?

What is the quality of primary and follow-up care provided under the plan?

Which insurance provider offers the best plan to meet your needs?

The last question is one of the most important and is often overlooked. There are a variety of providers who sell insurance coverage directly to consumers, but it can be difficult to identify which carrier to choose. A little known fact is that an experienced, independent benefits broker can help you obtain quotes from several carriers.

If in doubt, a broker can also help you identify an individual health plan that best suits your needs. “An independent broker works for you rather than the carrier” says Larry Kennedy, a long-time benefits manager. “In fact, brokers act as your advocate and have a responsibility to personally serve you in resolving any insurance issues beyond your level of expertise. In a way, it is like having your own human resources team to help.”

While no one knows what will become of the health care reform, we do know that now, more than ever, health coverage is an absolute necessity for everyone. Whether it is to provide preventive care for you or your family or to help subsidize your out-of-pocket costs, an individual health plan can offer many options to meet your unique needs.

Consult with a health insurance broker today to discover how you can be on your way to achieving peace of mind with health insurance.