Can I buy an individual policy?
Yes. If you are unemployed, self-employed or decide to return to school, you may want to buy an individual health insurance policy.
Here are a number of options that you may consider:
- Ask your insurance company if you can convert its group policy to an individual policy. You will pay a higher rate than you did before and your benefits may be limited, but the terms will most likely be better than if you buy your own policy.
- If you are married, see if your spouse’s employer will add you to its group plan.
- Try to join a group health plan through a trade association or alumni group, or seek out a professional association that may offer reasonable rates. If you are over age 50, you can join the American Association of Retired Persons (AARP), which offers an extensive plan. Even some credit card companies offer health insurance coverage.
- As a last resort, you can buy an individual policy. The rates will be high and coverage limited, but it is important that you be protected against financial catastrophe if you or your family are hit with a major illness or injury. If you are self-employed, most of the health insurance premium will be tax-deductible.
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