Individual health insurance is health coverage that is purchased by an individual or a family and is not tied to a job or a group of policyholders.
Many people get health insurance through their employers. However, if you do not currently participate in your employer’s health plan, or if your employer doesn’t offer coverage, obtaining individual insurance is a good route to go to ensure that you and your family will receive affordable routine health care and will be protected from very high costs in the event of a medical emergency.
Beginning in 2014, having some form of insurance that provides minimum essential coverage is more important than ever. That’s because the Affordable Care Act (ACA) requires most individuals to obtain coverage or pay a penalty. In 2016, the penalty is 2.5 percent of your income or $695 per person, whichever is greater, and $347.50 per child up to a $2,085 family maximum.