Why People Should Buy Private Health Insurance
If one’s employer doesn’t offer health insurance as part of the employee benefits program, it’s a good idea to buy private health insurance. While health insurance may seem unnecessary, especially if one is healthy and doesn’t visit the doctor too often, it’s important to remember that a single medical emergency can result in a big expense — there are, in fact, people who have lost their life’s savings due to an unexpected hospitalization. Here’s a look at a few scenarios when people may want to consider buying private health insurance.
After One Has Turned 26 Years of Age
As per the provisions of the Affordable Care Act (ACA), one can be covered under their parents’ health insurance plan, provided they are under the age of 26. Once they turn 26 years, they will have to seek out their own medical insurance plan. So, young adults over the age of 26 should apply for a private health insurance plan if they’re not covered by an employer-sponsored plan.
When One Is Unemployed
People who lose their job may be eligible to maintain the medical insurance coverage they received through their employer for a certain period of time via a plan called COBRA, which stands for Consolidated Omnibus Budget Reconciliation Act. COBRA allows all eligible employees as well as their dependents to continue their health insurance plan at their own expense. While this coverage can be maintained for around 36 months, the cost involved in enrolling for COBRA is pretty high. In such a case, the unemployed individual may be better off buying a private health insurance plan.
When One Is a Part-Time Employee
Part-time jobs don’t usually offer health benefits. Typically, any job that requires people to work under 40 hours a week is considered a part-time position. People who work part-time may have to pay for their own health insurance.
When One Is Self-Employed
Some self-employed people may be eligible for health insurance coverage through their spouse’s medical insurance plan. If one doesn’t qualify for this, it’s a good idea to purchase private health insurance. Similarly, entrepreneurs and solopreneurs can also consider purchasing private medical insurance to cover their medical expenses.
