Why having Health Insurance is Important

For the many Americans who do not have health insurance provided by an employer, there are some important things to understand when it comes to ensuring that you and your family are protected from a sickness or injury’s potential financial impact. When it comes to basic health insurance, you should not go without it. Two-thirds of people who file for bankruptcy cite medical issues as a key contributor to their financial downfall. So how do you ensure that you are protected? The answers can be different depending on several factors, including your age and income. If you need help, you can work with a local independent insurance agent who will talk with you to understand your needs and budget and work with you to identify the right health insurance plan while staying within your budget. To find a local insurance agent approved to sell policies on the marketplace, visit the find local help section of healthcare.gov

For those under age 65, there is the Health Insurance Marketplace
The health insurance marketplace is where you can find and enroll in an individual or family health plan. Depending on your income, you may also qualify for assistance in the form of reduces premiums and out-of-pocket costs like deductibles, coinsurance, and copays. The following are the

• You live in the United States.
• You are a U.S. citizen or national or be lawfully present in the U.S. (Information on other eligible immigration statuses can be found here.)
• You are not currently incarcerated.

For those over age 65, you qualify for Medicare
We won’t go into too much detail on Medicare in this article, but if you are over 65, you can enroll in Original Medicare Part A and Part B and choose to enroll in a Medicare Supplement, Medicare Advantage, or Part D (prescription drug) plan.

Once you have enrolled in a health plan that provides your medical basic health insurance, you should consider a few other things.

Workers Compensation
In most cases, if you are injured on the job, your health insurance plan won’t cover the health care you need. Workers’ compensation would instead cover it. For independent contractors, this can be tricky. Almost every state requires employers to offer workers’ comp insurance to employees, and who it covers can also vary from state to state. Some states require different types of employees, including independent contractors, to be covered by workers’ comp; some don’t. If you’re a sole proprietor, your state may not require buying workers’ comp insurance for self-employed businesses. If you work as a general contractor or a subcontractor, you may have to purchase workers’ comp insurance if the contract you signed requires it. Because of this issue’s complexity, it is best to talk with a local insurance agent who can help you determine what coverage you need.

Income Replacement

Another consideration if you are an independent contractor is the need to have some kind of income replacement policy if you are injured or sick and unable to work. There are several types of policies that can provide income replacement, including:

• Short term disability
• Long Term Disability

Take Advantage of Local Resources with Insurance Expertise

One of the best resources you have available to you when considering the many insurance options is using an independent insurance agent. Finding a local agent can prove to be invaluable as you navigate the health insurance landscape, trying to identify what coverage you need and can afford. In most cases, independent insurance agents are paid a commission from the insurance company, so you won’t need to worry about it costing you any money.