Can I Purchase My Own Health Insurance?

Can I purchase my own health insurance?

Can I buy health insurance that is not Obamacare?

You are not alone to have such questions in mind. We come across many employees who want to know individual health insurance options outside of their employer’s group plan or government-sponsored programs. Whether you’re self-employed, working for a company without health benefits, or simply looking for more control over your coverage, purchasing your own health insurance can provide you with the flexibility to meet your unique healthcare needs.

We are here to help you understand all the options available when buying private health insurance and answer common questions like, “Can you buy your own medical insurance?” and explaining how these plans differ from employer-provided group health insurance or government programs like Obamacare.

Why Consider Purchasing Your Own Health Insurance?

Many individuals choose to purchase their own health insurance for various reasons, including:

• Flexibility: You can select a plan that fits your specific healthcare needs and budget.
• Independence from employers: If your employer does not offer health insurance or you are a freelancer, self-employed, or between jobs, buying your own plan ensures continuous coverage.
• Customization: Employer-provided or group health insurance plans may not always offer the specific benefits or network you prefer.

But before diving in, it’s essential to understand the types of health insurance available and how they work.

Types of Private Health Insurance

Marketplace Health Insurance (Obamacare)

Marketplace plans, established under the Affordable Care Act (ACA), are a popular option for many individuals. These plans provide standardized coverage and include essential health benefits such as preventive care, maternity care, and mental health services. Depending on your income, you may also qualify for subsidies that reduce your premiums or out-of-pocket costs. 

However, if you’re wondering, “Can I buy health insurance that is not Obamacare?”, the answer is yes. There are several alternatives to marketplace plans.

Short-Term Health Insurance

Short-term health insurance is a temporary solution designed for individuals in transition, such as those waiting for employer-provided coverage to begin or people who missed the ACA open enrollment period. These plans are usually more affordable but offer limited benefits. They often exclude pre-existing conditions and may not cover essential health benefits required by ACA plans.

Health Sharing Plans

Health sharing plans are not traditional health insurance but rather a system where members pool their money to cover each other’s medical expenses. These plans often appeal to individuals seeking alternatives to ACA plans for religious or personal reasons. While they may offer lower monthly costs, they are not legally required to cover essential health benefits or pre-existing conditions.

Catastrophic Health Insurance

Catastrophic health insurance is another alternative for people under 30 or those with a hardship exemption. These plans have low premiums but high deductibles, making them suitable primarily for major medical emergencies rather than routine care.

Private Insurance Outside the Marketplace

If you want to know, “Can you buy your own medical insurance?” The answer is, of course you can. Many private health insurance companies offer plans outside of the government marketplace. These plans may include options for broader provider networks, tailored benefits, or unique coverage options. They can cater to individuals who don’t qualify for subsidies and prefer alternatives to marketplace plans.

Company Health Insurance Private Plans

Some individuals opt for private plans that are separate from their company’s group health insurance. These can include supplemental policies such as dental, vision, or critical illness insurance. While these plans may not replace comprehensive health insurance, they can provide valuable additional coverage.

Key Considerations When Purchasing Your Own Health Insurance

Before choosing a health insurance plan, it’s essential to evaluate your specific needs and priorities. Here are some factors to keep in mind:

1. Cost
   A lot of people that ask, “can I buy my own health insurance?” are actually looking for an answer in terms of cost. Look at both the monthly premium and out-of-pocket costs like deductibles, copayments, and coinsurance.
2. Coverage Options
   Consider what services you need most. For example, if you have ongoing prescriptions or specific healthcare needs, ensure the plan covers those expenses.
3. Provider Networks
   Some plans limit coverage to a specific network of doctors and hospitals. If you have preferred providers, make sure they are in-network.
4. Plan Types
   Understand the different types of plans available:
   • HMO (Health Maintenance Organization): Typically lower-cost but requires you to use in-network providers and get referrals for specialists.
   • PPO (Preferred Provider Organization): Higher premiums but offers greater flexibility in choosing providers, including out-of-network care.
   • EPO (Exclusive Provider Organization): A balance between cost and flexibility but requires staying in-network.
   • POS (Point of Service): Combines features of HMO and PPO plans with a focus on primary care referrals.

Frequently Asked Questions

1. Can I buy health insurance that is not Obamacare?

Yes, you can purchase private health insurance directly from insurance companies, short-term plans, health sharing ministries, or catastrophic plans. These options are outside the ACA marketplace and may not follow all ACA regulations, so it’s essential to review their benefits and limitations carefully.

2. Can I buy my own health insurance if my company offers a group plan?

Absolutely. Many people opt for individual plans because they prefer the flexibility, network, or coverage options available through private health insurance. However, keep in mind that you may not qualify for subsidies if your employer’s group plan meets affordability criteria under ACA guidelines.

3. Can you buy your own medical insurance while on COBRA?

Yes, you can purchase your own health insurance while on COBRA or use it as an alternative to COBRA coverage. Often, individual plans are more affordable than COBRA because you’re responsible for the full premium cost under COBRA.

4. What are the benefits of company health insurance private plans?

Private health insurance plans outside of group coverage can offer tailored benefits and often include additional support like dental coverage and vision coverage. They provide more control over your plan’s features and network compared to traditional employer-sponsored plans.

Steps to Purchasing Your Own Health Insurance

1. Assess Your Needs: Consider your medical history, budget, and the level of coverage you require.
2. Compare Plans: Use online tools or consult with a licensed advisor to compare costs, coverage, and network options.
3. Review Policy Details: Make sure to understand exclusions, deductibles, and other fine print before enrolling.
4. Check Enrollment Periods: While ACA plans have open enrollment periods, private insurance and short-term plans may allow you to enroll at any time.

Get Started With Us Now

So if you want an answer to, “Can I purchase my own health insurance?”,  absolutely you can. Whether you’re considering ACA marketplace plans, private options outside the marketplace, or alternatives like short-term and health-sharing plans, there’s a solution that fits your lifestyle and budget.

However, it’s better to stick to company health plans to save additional costs. If you’re planning to change your group health plan, let our experienced team help you. We can help you find a health insurance plan that fulfills the needs of your employees. Get in touch

h with us now.