Possibly save money on insurance
By comparing muliple insurance companies at once
Possibly save money on insurance
By comparing muliple insurance companies at once
Individual Plan
The main type of health insurance
purchased by persons that do not have access to a group health plan through an employer is an
Individual Health Plan. This type of coverage may include immediate family members. The
insurance contract is between the “applicant” and the insurance carrier and responsibility for
payment of premium is solely on that individual applicant. Other commonly used names for this
type of coverage include personal health insurance, family health insurance and child’s health
insurance.
Who Should Consider Individual Health Care Insurance
Any person or family that does not
have access to group health insurance, or not eligible for state sponsored programs for lower
income families, should consider purchasing individual healthcare insurance. Everybody should
have some form of health insurance, and this is the right option for permanent coverage for a
number of reasons. If you delay in acquiring a personal health plan, you may lose your
opportunity for qualifying for coverage because it is only available if you meet the guidelines
imposed by state regulations and insurance carrier policies.
Individual health insurance rates are
determined by many factors, including chosen plan type, age, gender, geographical location and
health status. Plan types range from HMO plans to high-deductible catastrophic
health plans. The more possible additional plan benefits, the greater the risk to the insurance carrier
in having to pay claims. Since rates are based on the risk to the insurance carrier, these plans
with more complete coverage will be the most expensive.
When shopping for an individual
health plan, you will find a vast array of plan and premium options. Naturally, you will want to
find the right coverage for the most affordable price. The right thing to do is set a budget for
your monthly health insurance costs and look for the right coverage that fits your needs for
that price.
Applying for Individual Health Insurance
Once you have found the right health plan for you and your family, you will need to submit an application for coverage. The application is fairly complicated, with many health related questions. Not every person that applies for individual health insurance will be accepted by the insurance carrier and not all insurance carriers have the same acceptance guidelines. An experienced licensed health insurance agent can guide you in your eligibility and the most trusted companies to apply with before you start the lengthy application process.
If you have had any current or recent health conditions that required medical treatment or medications, the insurance carrier may request review of your medical records before they can make a decision in regards to your insurability. This process can take several weeks. If you are currently uninsured, it would be advisable to purchase a temporary health plan while you are going through the application and underwriting process for an individual or family health plan.
If you learn that you are not eligible for individual health care insurance due to your medical history, your next option is to obtain coverage through an employer sponsored group health plan. If this option is not available to you, many states have high-risk pools available, but the monthly premiums for these state sponsored programs can be rather expensive.
Family Plan
Several changes took place on September 23, 2010, that significantly benefit families seeking coverage under a family health insurance plan.