Finding the Best Individual Health Insurance Policy
Health insurance for individuals is a hot topic. It’s an even hotter topic if you personally don’t have insurance! Or, if you do, the right kind of insurance. You’re definitely not alone, the statistics on the lack of coverage are staggering. That’s why it’s so essential to get insurance as soon as possible so you are covered by a good individual health insurance policy.
Statistics on Health Insurance
It’s important to understand that health insurance in the United States is undergoing some changes due to the health care bill. However, it can be a very difficult situation for the uninsured and underinsured until all of those changes take place.
Data as current as 2008 shows that:
- There are 43.6 million uninsured persons in the US under the age of 65
- Of those who are insured, 65% have private medical insurance (private insurance might be right for you, too!)
- 8.9% of children under 18 are uninsured
- 20% of adults aged 18-64 are uninsured
These statistics are interesting on a few different levels. The most important takeaway is that a shocking number of people are uninsured. You cannot let yourself be one of them. It’s critical to find the right individual health insurance plans as soon as possible.
What is Individual Health Insurance Coverage?
This is otherwise known as individual medical insurance. Now, a family plan will have all of your family members on it. This can be quite expensive as cheap family full coverage health insurance tends to be pricier than you expect, but is often the most cost effective option if you need to insure everyone. If you have different circumstances, then individual health coverage is probably best for you.
There are many people who do not need to turn to private health insurance. However, you might if you are self-employed, unemployed, or your employer does not provide adequate health coverage to its employees.
How Much Coverage do You Need?
As you start to investigate purchasing individual health insurance, you will no doubt notice that there is a wide range of prices. You might be tempted to purchase as little coverage as possible because you don’t want to end up paying a fortune for your health insurance. At the same time, you need to be absolutely certain you are covered.
Another issue is whether you have any pre-existing conditions. You might not be accepted to certain insurance programs at all. Fortunately, this is changing very shortly with the new health care bill but you might feel stuck in the meantime (Learn more about the specific issues around affordable health insurance for pre existing conditions).
This is no reason to despair. There is individual medical insurance out there for you. You just have to do your due diligence to find it.
First, consider what your current health is, along with your age. Those who are young can often get better rates. There are lifestyle factors to take into account as well, such as being a smoker or not, or whether you have pre-existing conditions.
Health Insurance Comparison
It’s important to do a thorough health insurance comparison. There are some excellent tools online that can help you do just that (and we have one here on this site too: Free Online Health Insurance Quotes) You might find that you get a better rate, or better coverage with one service over another. This is the best way to find affordable health insurance, over just going with the first company you come across.
If you’re confused by the options, you’ll want to get some health insurance quotes or perhaps talk to a broker for more information.
Here are some things you might be asked:
- Your age
- Employment status
- Marital and Family status
- Current level of insurance
- Current health
- Any pre-existing conditions (e.g. asthma, diabetes, etc)
Options for an Individual Health Insurance Policy
There are two main different health insurance options for you to consider (and some less common health insurance plans too). One might suit you better than the other, which is why it’s important to make the distinction before you go ahead with a plan.
Health Maintenance Organizations — HMOs work through a network of providers that have contracts to offer lower costs. You need to choose a primary care provider, and the cost of going out of network can be astronomical. Still, the cost savings might be important to you — especially if you like the doctors that are in your network.
Preferred Provider Organizations — PPOs work a little differently. You are not limited nearly as much as an HMO for treatment options. There is still a network of providers, and you can visit almost any other provider as long as you’re willing to accept less coverage.
Click here to get a free individual health insurance quote now
There are other plans as well, but those are most often chosen by those who need individual medical insurance. Point-of-Service plans require you to choose a Main Care Physician. The focus here is on prevention. There are Fee-for-Service plans that give you a lot of flexibility, but higher costs.
The point is that you’ll need to not only choose which individual health insurance provider you want to go with, but also what type of health insurance you want to get. The options can seem overwhelming, but you’re sure to find the one that is right for you.
Choosing a Health Insurance Provider
There are several other things you’ll need to consider before making your selection. There are some providers who are better tailored to family health plans than individual plans. Also, investigate your individual health coverage amount, deductible, and monthly premium. Pay attention to all the details before you sign on the dotted line.
Again, it can really be beneficial for you to go ahead and get an individual health insurance quote from companies you think might be a good fit. This is the only way to get some data that will be most accurate for your situation.
Don’t let yourself go uninsured. There are far too many things that can happen. One catastrophe and you could be financially ruined for life. This doesn’t have to happen to you as long as you have wonderful individual health care coverage.
Take action today to find the best health insurance for individuals. You will be able to breathe a sigh of relief knowing that you are well taken care of and that you’ve found the most affordable options for your individual needs. Remember to consider things like your coverage, monthly premiums, any exclusions, and anything else that will effect your health and the amount you pay. With some careful digging, you’ll end up with coverage you can count on.
