When to Purchase Private Health Insurance

Written by on September 3, 2012 in Health - No comments | Print this page

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One of the benefits of having a job is that you get employer sponsored health insurance coverage. However, there are situations wherein purchasing private health insurance becomes a necessity. While this can certainly put burn a hole on your pocket, being left with a not-so-comprehensive policy can be more expensive especially when you factor in the rising cost of health care. Here are those circumstances wherein buying private health insurance becomes a must:

Graduation. Fresh graduates have been covered under their parents’ plan when they were still in college but now that they’ve donned that toga and are thrust into the world, they gain independent status and lose coverage.

Unemployment. This is one of the common causes that individuals need to purchase private health insurance but depending on how you were terminated, you have two options. If you were a victim of downsizing, then you have the option of continuing your employer’s plan through COBRA only that you are now responsible for paying for your employer’s part. In essence, you now have to pay the entire cost of the policy and once it expires, you need to purchase a new policy. If you were fired, this option is not applicable.

Part-Time Job. Most of the part-time jobs open do not offer that many benefits so chances are that you’ll still have to buy private insurance even if you’re technically employed.

Self-Employed. Individuals who are self-employed have two options: they can be covered under their spouse’s policy as long as they are W-2 employees or they can purchase private health insurance.

Operating a Business. According to the laws, you need to offer health insurance to your employees. While this isn’t always required of all business owners, it’s one of those tactics which legitimizes your business and you as an employer. To help you with this, you can always check out group plans.

Retirement. Once you go on retirement, you’re dropped from your employer-sponsored health insurance policy. This can be a difficult predicament for retired individuals especially since with their age and the manifestation of various medical conditions, qualifying for an affordable plan can be difficult. Those who are approaching retirement should start checking out health insurance comparisons online.

Dropped. While you may never have had problems with paying your insurance premiums, there are instances wherein individuals are dropped essentially because of the number of medical claims which you have filed. Getting health insurance comparisons for policies which are tailored specifically to your condition can be a logical recourse.

This is a guest post.  Brian Foster is an underwriter for 20 years. He shares the best tips and ideas about health insurance.

Image by Stuart Miles: FreeDigitalPhotos.net

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