Do I Have to Get Health Insurance Through My Employer?

In modern days, essentially no business is worth working for if they don’t offer a solid health insurance plan. Healthcare is expensive and insuring through your employer can often be the cheaper option. 

There is no mandate stating that you have to purchase health insurance through your employer if you don’t want to, however.

Benefits of Individual Health Insurance 

There are many benefits to purchasing your own health insurance plan as opposed to purchasing through your employer. For one, you have more choice when it comes to insurance providers and coverage. Instead of being insured with the same policy as your fellow employees, you can more easily tailor your policy to fit you or your family’s needs. You also don’t have to stick with the insurance provider offered by your employer.

Another large benefit is having coverage even if you’re unemployed. If you lose your job, your health insurance can be gone in the blink of an eye. If you have your own policy, however, even if it’s simply supplemental, you don’t have to worry about losing your coverage if you lose your job.

Downsides of Individual Health Insurance 

There are certain drawbacks to insuring yourself. For one, purchasing your own health insurance policy can be more expensive than insuring with your business. It also means that you’ll have to deal directly with your agent and your policy rather than sending issues up the chain.

Every person and family are different. You will have different healthcare needs than your neighbor, so it’s important to make the right decision according to you rather than what is easiest or most common. It’s also critical that you compare prices. Depending on your employer’s plan, purchasing health insurance through your employer could actually cost more than buying a policy from a different insurance provider. The average cost of health insurance for individuals is around $440 while health insurance for families costs around $1,168. These prices seem to rise every year, so make sure to keep track of the rising rates.

Even if you’re insured with your employer, it doesn’t hurt to compare prices every so often to make sure you are getting the best deal. Always ask your employer or HR manager about their policy’s limits and restrictions, as no policy is created equal and many health insurance policies exclude things such as dental care.