What Is Health Insurance?
Health insurance is a way to manage the cost of health care. Health insurance companies collect premiums and pay out benefits. Covered services can include preventive care like routine check-ups and treatment for illness and injury.
Individual health insurance is health coverage you purchase on your own directly from an insurance company rather than a group plan sponsored by an employer. While the name suggests it’s only for individuals, these policies can cover single people as well as families.
The Need for Individual Health Insurance
Usually, if you get your medical insurance through your employer, the employer will pay at least a portion of the cost. Some employers negotiate with health insurance companies to obtain discounted rates for their group of employees. However, many workers don’t have access to a group plan. Others don’t find employer-sponsored coverage to be affordable health insurance for them or the best health insurance for their needs. Of course, everyone still needs health insurance to help protect their physical and financial health, and you may have more insurance options than you think.