Buying Individual Health Insurance

Buying individual health insurance entails the purchase of insurance through a private market, instead of paying for group insurance through an employer. Even though it is referred to as individual insurance, this single policy can cover an entire family. Many companies also offer the option to add on dental and vision plans as well.

The cost of individual health insurance is higher than group plans, but the same level of coverage is offered. Employers are able to provide a lower type of insurance with group coverage, but this benefit is only received as long as employment is current. Once the policy holder is no longer an employee, the coverage is lost completely.

Before making a final decision on health insurance, there are a few questions to answer:

What if I want a lower out-of-pocket cost?

Getting insurance that offers a lower level of out-of-pocket payments due means the monthly premium will be higher. The only way to avoid a lot of out-of-pocket expense is by using and HMO. On the other hand, a young person who is in excellent health and doesn’t have any kids might want to save money by taking out a policy that only pays for major illnesses and accidents. This would mean that out-of-pocket expenses would only be necessary for a routine doctor’s visit or for lab tests.

Can I keep my current doctor?

Some individual plans only work with certain doctors. This is definitely something to keep in mind when applying for insurance, if you are concerned about being able to continue seeing your current doctor.

How expensive will emergency care be?

When looking over the policy, be sure to check specifically for if emergency care is even covered. Some policies only pay for scheduled visits to the doctor and won’t pay for a visit to the emergency room. Co-pays are sometimes required for any services rendered.

Does the plan cover the cost of x-rays and prescriptions?

People who seem to constantly be needing prescription meds benefit greatly from plans that take care of this cost. Having kids often brings about quite a few trips to the doctor where an x-ray is required. Active kids can generate a lot of x-rays in a short period of time.

There are plenty of sites online that offer individual health insurance policies. The representative for the company the policy is through is knowledgeable about the type of coverage provided and can answer any question that comes up. It’s a good idea to check with a few different companies, instead of signing up with the first one that you come across. Many will offer the same exact coverage, but for a different price.

It takes careful planning when buying individual health insurance. Making sure that all the desired coverage can be obtained through the same policy will keep you from having future disappointment when the bill comes for an emergency room visit. There’s no sense in paying out big bucks each month and not have the right amount of coverage.