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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 still probably 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 professional association
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.
To find the best policy, contact a health insurance agent or broker who
will help you find the contract that gives you the most for your money. |
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