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Is individual health insurance expensive? What are my options?

Edward Neeman Published: June 14, 2018 Updated: January 26, 2018

Change in piggy bank

Health insurance is a necessity for everyone, but healthcare is expensive, and the costs of healthcare are continuing to rise year after year. The catch is if you don't have health coverage, you can end up paying a fortune in costly medical bills. When you think of the actual cost of each doctor’s visit, all of your medications, hospital visit, etc., you will realize that your finances could be in real jeopardy if you had to take on the costs on your own. 

Some people are fortunate enough to receive health coverage through their employer or another group. However, if you are a business owner, freelancer, independent contractor, part-time employee, or are unemployed, you are left to purchase your own health coverage.

The idea of having to purchase your own health coverage may be daunting due to the misconception that individual healthcare insurance is expensive. The misconception probably stems from the fact that most of us aren't health insurance professionals. Knowing where to begin your health insurance search is half of the battle, but the internet provides tons of free resources that let you make the best and most informed decisions when considering your healthcare coverage.

The Truth about the Cost of Individual Health Insurance

Contrary to popular belief, individual health coverage can even end up saving you money, which ultimately makes it the more affordable option. However, you must consider several costs before you conclude whether a health insurance plan is expensive or inexpensive. A common mistake many people make, which usually contributes to the notion that individual or private health insurance plans are the more expensive option, is they only consider the cost of the premium without considering the other costs. Your health insurance premium is just the tip of the iceberg.

When you have health coverage, you must also consider all of your out-of-pocket costs such as your deductible and copays, not just your premium. Having health coverage does not always save you from costly medical bills, which can quickly add up due to a bad policy. 

If you received health coverage from your employer, you might be paying lower premiums, but you may also pay higher deductibles and copays. If you had individual health coverage, you might pay slightly higher premiums, but you would pay lower deductibles and copays because of those slightly higher premiums, which would end up saving you more money in the long run.

How First Quote Health Can Help You Find Affordable Health Insurance

The fact that individual health coverage generally helps people save money in the long run, does not liberate you from having to spend time shopping for the most affordable health coverage plans. Health insurance companies and insurance providers have their own prices and policies regarding premiums, deductibles, and copays, so it is important that you find the one that will personally render you with the most affordable plan.

First Quote Health is your one-stop shop for finding affordable health insurance by giving you insurance quotes online. Health insurance costs vary by state, so in order to get the most accurate quote and see the best rates, you need to enter your zip code. From there, you will be able to select options about what features you are looking for in your prospective insurance plans such as a low deductible or a low monthly premium.

After you have selected your preferences regarding your prospective insurance plan, you will be able to receive online quotes for the best prices from renowned insurance companies such as Blue Cross Blue Shield, Aetna, Cigna, UnitedHealth, Anthem, and many others. First Quote Health provides you with a plethora of options to find the insurance provider with the right prices for you.

There is No Need to Fear Individual Health Insurance

The idea of having to purchase individual health insurance may strike as much fear in you as a roaring thunderbolt. The stigma surrounding individual insurance is enough for many people to pursue a full-time job in which they are unfulfilled just receive inexpensive health coverage. Stigmas are false information appearing accurate; therefore, they should not be enough to make your fear purchasing individual health coverage.

You should not fear to purchase individual insurance because of the so-called expense. Individual insurance being expensive is merely a misconception because it can actually end up saving you money in the long run if you put the time and effort into purchasing the right plan and taking into account the actual costs that are accumulated from the premium, deductibles, and copays.

Purchasing individual insurance is a task that requires a decent amount of time, effort, and calculating. However, First Quote is there to assist you every step of the way for free and in the comfort of your own home.