Health Insurance Coverage Under the age 65
Most Americans get their health insurance coverage through their employers. Group health coverage is less expensive and easier to get than private health insurance. However, if your job is terminated, you retire, change jobs, or are fired, you can lose your group health insurance. And, you won’t qualify for Medicare until you are 65 unless you are under age 65 and qualify because of a disability or certain health conditions.
The increasing cost of healthcare could mean unspecified monthly out-of-pocket costs. Being without any form of benefits leaves you in a precarious situation. So, if you find yourself without creditable health insurance and you are still under 65, these options may be available to you.
Individual Health Insurance
Perhaps you are self-employed. Or, maybe your employer doesn’t offer health insurance coverage, or you retired before turning 65. If you are relatively healthy, then an individual health insurance policy may be the right option for you. While an individual health insurance policy looks just like an employer health insurance plan, you won’t have access to employer support, which helps reduce the health insurance cost. That is why the individual health insurance policy is usually more expensive than the group health insurance policy.