Categories: Solutions

When You Need Private Health Insurance?

Contents hide

1 When You Need Private Health Insurance?

1.1 A Young Adult of or older than 26 years

1.2 Unemployed

1.3 A Part-Time Employee

1.4 Self-Employed

1.5 A Business Owner which employees hired

1.6 Retired (or Your Parent/Spouse gets Retired)

1.7 Given up By Your Existing Insurer

1.7.1 Relevant Post

1.7.2 Our Social Presence

When You Need Private Health Insurance?

There are some situations which increase your chances for your need to buy your own private health insurance policy:

A Young Adult of or older than 26 years

As per the provisions of the Affordable Care Act (ACA), youngsters are given coverage as dependents under the health insurance policy given to their parents until the age of 26. After that, they have to purchase private health insurance policy for themselves.

Unemployed

In case of losing your job, you will be eligible to get the facility of coverage under your employer’s health insurance plan as per a program named the Consolidated Omnibus Budget Reconciliation Act (COBRA). COBRA offers the qualifying employees and their dependents the choice to carry on health insurance coverage in the even a person lose their employment or has to face a cut in their work hours due to any reason.

While coverage through COBRA works for around 36 months (under some conditions), yet the expenditure to get listed in COBRA is much higher. The reason is that the previously employed person pays the whole cost of the insurance. Most often employers pay a part of healthcare premiums on behalf of their employees, but that is a privilege, not a right. That can be denied on any basis.

A Part-Time Employee

It rarely happens that part-time jobs give the facility of health benefits. A part-time job is usually any job in which employees work for lesser hours than the full-time one, which is 40 hours per week. If you work part-time, you need to purchase your own insurance plan.

Self-Employed

A self-employed person either works as a freelancer or they run their own business. A self-employed person is qualified for health insurance if they are married and get insurance under their spouse’s plan. Otherwise, they need to cater to their own health insurance plan.

A Business Owner which employees hired

In case you launch a business and you hire employees, the requirement for you might be that you give them health insurance. In case, it’s not the requirement, you may choose to give private health insurance with intent to become a competitive employer who has the charisma to lure the capable and qualified job seekers. For this purpose, you will have to buy a business health insurance plan, which again is also known as a group plan.

Retired (or Your Parent/Spouse gets Retired)

In the event of your retirement, the chances are that you no longer will be qualified for employer-sponsored health insurance. If you are under 65 and not incapacitated, you will be expected to purchase individual private health insurance. You will be eligible for this at the age of 65 when you can apply for Medicare.

Given up By Your Existing Insurer

Although the ACA stops insurers from nullifying your coverage plan, there are certain situations when you may be denied coverage. It’s also expected that your insurance may become too costly for you to afford.

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