Individual Health Insurance
Looking for Individual Health Insurance?
Individual health insurance can be tough to understand. If you have never bought a coverage plan before there are some things you need to keep in mind when searching for a plan to meet your needs.
Individual health insurance is a way to manage your health care costs. You’ll pay monthly premiums to insurance companies so you don’t have to pay for all of your medical expenses out-of-pocket. Health care can be expensive and individual health insurance can lower those costs drastically.
You can also find individual health insurance plans to cover your entire family. Health insurance prepares you for medical needs for yourself and your family.
Important: The Affordable Care Act has made it mandatory for all individuals to have health care coverage. If you are over 26 or not otherwise covered by a spouse or parent’s insurance plan, you must obtain coverage in order to comply with the Affordable Care Act. If you do not have health coverage, you may be fined with a tax penalty.
Benefits of Individual Health Insurance
Free Preventative Care
Many preventative services such as immunizations and vaccines, routine checkups, health screenings, as well as services for pregnant or expecting mothers can be received free of charge when you have a health care plan. Click here for a full list of free preventative services.
Get help with medical bills
Depending on the tier of the healthcare plan you choose, 60-90% of your health care costs will be covered. Those who are uninsured may end up with unforeseen high medical costs that may turn into debt down the road.
Those who go without a healthcare plan are subject to tax penalties. For 2016, those tax penalties were $695 per adult, plus $347.50 per child (with a family maximum of $2,085) or 2.5% of annual family income, whichever amount is higher. The 2017 penalties are expected to remain at 2.5% of annual family income, but the flat fees will rise with inflation.
Metal Tier System
Coverage levels, simplified.
Depending on which tier plan you choose, your health expenses can be covered up to 90%. The state of Washington has developed a tier system that meets the ACA requirements. Bronze, the lowest tier, will cover 60% of your health expenses. This will leave you to pay the remaining 40%. Silver tier plans will cover 70%, gold will cover 80%, and platinum will cover 90%. As the tier level increases, so will your premium, your monthly bill.
What will you pay out of pocket?
Your total costs will vary depending on multiple factors, determined by your specific plan. To estimate your total costs, keep in mind not only your monthly premium, but also your deductible, co-pay, and co-insurance amounts. However, regardless of these amounts, there is still an out-of-pocket maximum of $6,850 for individuals or $13,700 for families. Keep in mind that this amount does not include your monthly premium or out of network services.