Is individual health insurance dead?
Well, sort of.
Under Obamacare (the Affordable Care Act), individual health insurance is only available during the open enrollment period each year. For 2014, that period ended March 31.
So health insurance plans available on the government exchange with possible subsidies are gone for this year. What many people don’t realize is that so are individual health insurance plans off the exchange or on private exchanges.
So the individual health insurance market is basically closed for business. So what can you do if you need coverage?
There are actually three ways you can get major medical health insurance now:
1. Group health insurance coverage. This is obviously not an option for everyone, but small group health insurance is still alive and well. If you have a chance to get on an employer plan, it’s worth considering. If you are a small employer yourself, you can still set up a small group health insurance plan.
2. Short-term health insurance. I’m often surprised at how many people have never heard of this option because it is much more affordable than Obamacare health insurance and provides solid and reliable catastrophic health insurance. It’s not fancy, and there will be some people who cannot get it, but this clearly is the most cost-effective way to get catastrophic health insurance.
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3. Have a qualifying event. There are exceptions to the open enrollment rules. If you have a “qualifying event” – something like losing group coverage, moving, getting married/divorced, having a child – you will have a special enrollment window during which you can get an individual health insurance policy.
There are other alternatives of course (like our Nobamacare plan), but these are the only three ways you can get major medical health insurance in 2014.
Got questions? Let’s talk.
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