Many people simply don’t consider individual health insurance to be a viable option for them. While this is true for some, for many others it is a misconception that largely results from some myths. The truth is individual health insurance could be a very good health insurance option for you — and one that could save you a considerable amount of money without sacrificing coverage. Let’s unpack the five most common objections, which we call the “five myths of individual health insurance.”
Myth #1: There aren’t a lot of choices for me …
The Truth: Depending on where you live, there’s somewhere between 5 – 10 different reputable health insurance carriers offering individual health policies, each of whom has at least 5-25 different plans to choose from (and sometimes MANY more). Even if you have pre-existing conditions, you may have options – it’s at least worth exploring!
Myth #2: It’s hard to lower my cost without giving up benefits & coverage …
The Truth: Most people believe this, but with all the different plans and companies around (see above), it’s often possible to find similar coverage and lower your cost. Just like your term life insurance or your car insurance, it’s important to check around regularly to be sure you have the most cost-effective and appropriate plan.
Myth #3: If I change plans, I’ll have to change doctors …
The Truth: While that’s certainly possible, it’s not usually true. Most doctors participate in most of the major insurance company networks.
Myth #4: Changing plans is hard and time-consuming …
The Truth: Not in the “Internet Age.” By going online you can get quotes, compare plans and options, and complete the enrollment, usually within 10 – 15 minutes. Approvals used to take weeks (or longer), but most people are done in 3 to 5 days (or less). The truth is, you could choose a new plan and save money within days.
Myth #5: Individual health plans are more expensive than group health plans …
The Truth: Most people are shocked to learn that individual health insurance is almost always cheaper, and often a lot cheaper. Group health plans are required to take everyone who is “eligible,” but individual health plans are still underwritten, which means they are allowed to consider each person’s unique situation (age, sex, location, health, etc.). Because of this (and certain other considerations), they are generally able to offer health coverage at a much lower price.
Don’t believe us? Run some numbers yourself and let us know what you think. We’ll be happy to talk with you more about it!
