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Under US law, your employer might be required to provide you with health insurance to avoid facing penalties. Whether or not they will be required to offer health insurance depends on how many full-time employees they have. Therefore, if your company is very small or if you are not classified as a full-time employee, you might not be eligible and will need to purchase your own health insurance plan. However, even if your employer provides you with health insurance, there might be a reason why you might want to obtain your own health insurance plan.
How Health Insurance Mandates Work
Some employers only provide minimum essential health insurance to satisfy the requirements of the Affordable Care Act (ACA). In addition to the nationwide mandates, some states have also published their own individual mandates. The policy will need to be a form of major medical coverage. For example, the following policies might not qualify:
A health insurance plan must provide minimum value. For example, if the plan does not pay a substantial portion of the medical costs associated with getting treatment, it might not be considered to provide enough value. It must provide substantial coverage for both inpatient care and treatment received by a physician.
Make Sure You Have Enough Coverage
Regardless of whether or not you think your employer is providing enough coverage and is satisfying the mandate, you will want to purchase health insurance if you believe you are not sufficiently covered.
Health Insurance Saves You Money
If you are not covered enough, you may find that you are unable to pay for your medical expenses if you become sick or injured. Medical expenses can be shockingly high and are a common cause of bankruptcy.
While it is expensive to become sick even when you are covered, not having coverage can be devastating. Even if you do not have an emergency, you will pay less money for the care you receive within your network.
You May Be Eligible for Free Services
A health insurance policy will also provide you with free preventative care such as:
These services are provided for free because preventative care is less expensive than being treated for a condition that could have been treated sooner. The best part about a health insurance plan is that it provides you with peace of mind.
Contact an insurance agent for more information about health insurance plans.Share