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Insurance Basics – Health Insurance

What Is Health Insurance?

Health insurance is a way to manage the cost of health care. Health insurance companies collect premiums and pay out benefits. Covered services can include preventive care like routine check-ups and treatment for illness and injury.

Individual health insurance is health coverage you purchase on your own directly from an insurance company rather than a group plan sponsored by an employer. While the name suggests it’s only for individuals, these policies can cover single people as well as families.

The Need for Individual Health Insurance

Usually, if you get your medical insurance through your employer, the employer will pay at least a portion of the cost. Some employers negotiate with health insurance companies to obtain discounted rates for their group of employees. However, many workers don’t have access to a group plan. Others don’t find employer-sponsored coverage to be affordable health insurance for them or the best health insurance for their needs. Of course, everyone still needs health insurance to help protect their physical and financial health, and you may have more insurance options than you think.


What Are My Individual and Family Health Insurance Options?

Though you can choose a number of supplemental insurance plans that can help round out any health care coverage, the main choices for health insurance are:

  • Affordable Care Act (ACA) insurance - Commonly called Obamacare, this major medical insurance can’t exclude you because of preexisting conditions and must offer specific health benefits.
  • Short Term health insurance - This is temporary medical insurance meant to help cover gaps in other coverage.
  • TriTerm medical insurance - This is a limited duration health insurance product that provides nearly 3 years1 of insurance coverage with benefits for preventive care, doctor office visits, prescription drugs and more.
  • Medicare - Major medical insurance for those 65 or older or with qualifying disabilities.

Learn more about these health insurance options

Of course, these options are all different in coverage, exclusions, even in the way you enroll. But that’s what individual health insurance is about - choice. It’s about you choosing to build the coverage you want. The information on this website and our licensed product advisors available at 1-800-273-8115 can help you start building the best health insurance coverage that fits your needs and budget today.

What about COBRA?

COBRA allows for continued group health insurance coverage after an employee is terminated, but the insured bears the full cost of the premium.

Learn more about COBRA

1 The coverage term is one day less than 3 years. In SC, plans are three 11-month terms. This coverage is not required to comply with certain federal market requirements for health insurance, principally those contained in the Affordable Care Act. Be sure to check your policy carefully to make sure you are aware of any exclusions or limitations regarding coverage of preexisting conditions or health benefits (such as hospitalization, emergency services, maternity care, preventive care, prescription drugs, and mental health and substance use disorder services). Your policy might also have lifetime and/or annual dollar limits on health benefits. If this coverage expires or you lose eligibility for this coverage, you might have to wait until an open enrollment period to get other health insurance coverage.

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