Nearly all businesses in 2021 offer health insurance benefits to qualifying employees. Indeed, most professionals will not consider taking an offer from a reputable employer unless that employer offers benefits. All in all, health care and health insurance are both expensive. Therefore, being able to get benefits through your employer will usually be cheaper than buying health insurance on your own.
Still, there is no mandate stating that you have to purchase health insurance through your employer if you don’t want to. Sometimes, you might find that your employer benefits are not actually the benefits that are truly right for you.
Benefits of Individual Health Insurance
On one hand, there are many benefits to buying your own health insurance, as opposed to choosing employer-sponsored coverage.
For insurance, you have more choice of coverage when you buy your own plan. Usually, your employer will only offer a small selection of plans from which to choose. By choosing your own plan, you’ll be better able to choose coverage that is the best fit for your and your family’s needs. You also don’t have to change insurers if you’re your insurer changes carriers.
Plus, with your own plan, you won’t have to worry about your plan going away if you are unemployed. If you lose your job, your health insurance can be gone in the blink of an eye. If you have your own policy, however, even if it’s simply supplemental, you don’t have to worry about losing your coverage.
Downsides of Individual Health Insurance
But all the same, there are downsides to going your own way when it comes to buying health insurance.
For one, purchasing your own health insurance policy can be more expensive than getting your plan through your employer. Employers frequently cover some (or all) of the cost of the plan, so that the employee doesn’t have to. As a result, your employer-sponsored plan will mean less of a blow to your paycheck than your regular monthly premium might.
Still, every plan is different. It’s critical that you compare prices when getting covered. Depending on your employer’s plan, purchasing health insurance through your employer could actually cost more than buying a policy from a different insurance provider. Even if you’re insured with your employer, it doesn’t hurt to compare prices every so often to make sure you are always getting the best deal.
When you become eligible for your employer’s health insurance benefits, always ask your employer or HR manager about their policy’s limits and restrictions, as no policy is created equal. All in all, you want the plan that will enable you to get the care you need in the most convenient ways.