How to Obtain the Best Individual Insurance Coverage Health insurance is a type of insurance where the insurer pays for the medical expenses of the insured when the insured becomes sick due to illness or injury. Today, there are several types of health insurance to choose from. Individual health insurance, group health, worker’s compensation, and government health plans such as Medicare and Medicaid are some of the different types of health insurance plans. Individual health insurance plays a significant role in the health care system of the United States. It is an ideal option for people who do not have access to job-based coverage. Of the different types of health insurance, individual health insurance provides coverage for an individual or to an individual and their family. Fee-for-service insurance, managed care plans, open enrollment in managed care plans, association-based health insurance, and high-risk pools are some of the different individual health insurance options available in the market. Compared to group health insurance, individual health insurance is highly expensive. Benefits of individual health insurance are fewer than group insurance. Individual health insurance plans can be obtained directly from insurance companies. The insurance company to whom you apply will ask you to provide personal information, including your medical history. Based on your health status, the company determines whether you qualify for an individual health insurance plan or not. Once you are qualified, a premium is charged based on your age, income, and medical history. Choosing an individual health insurance plan is an important decision. You must choose a plan that meets your needs as well as budget. Prior to buying individual health insurance coverage it is necessary to consider several options. It is very essential to compare the coverage and cost of insurance plan as it may vary from company to company. Also, make sure that the selected insurance plan provides the kind of coverage that's right for you. Finding an affordable individual health insurance is a bit confusing and time consuming. So it is advisable to consult an insurance agent or a broker who will help you to find the individual health insurance that suits you. Individual Health Insurance vs. Group Health Insurance: Individual health insurance is very different from group health insurance in some respects. Many people have had group health insurance from a large corporate group plan and that is all that they have ever known. Many have never had to actually pick and choose between different insurance companies and different health plans as all of the decision making was done on their behalf by their employer. Here are a few quick things to keep in minding when searching for individual health insurance. The underwriting for individual health insurance is different than the underwriting for group health insurance. This is great news if you, your spouse and kids are healthy as individual health insurance rates are much cheaper than a comparable group health insurance plan. It could be a cause for concern if you have some health issues in your past as there is the possibility that the application will be declined due to what is called "pre-existing conditions" in your medical history. Most individual health insurance companies will look back into your health history going back about 10 years. If the application is on a fully underwritten basis and there are major health issues such as cancer, diabetes, heart disease, etc. then the application will be declined. (What do you do at this point? Make sure that you keep your current coverage and elect COBRA benefits or any other form of continuation coverage and when that coverage expires you will want to look for a HIPAA eligible health insurance plan). Individual health insurance is much cheaper than group health insurance. Think of it kind of like; in individual health insurance the insurance company gets to pick and choose who they will extend coverage too. They choose those who are healthy and have the lowest risk to the company. Therefore, the rates are much lower than in a group health insurance plan where no matter who applies for coverage, whether healthy or unhealthy, they are offered coverage (and of course everyone that is unhealthy wants health insurance - this principle is called the law of adverse selection if any super technical people just love knowing the actual name of insurance principles). A good way to think about it is if you are healthy and on a group health insurance plan, then you are in a sense subsidizing the cost of all of the unhealthy people on the group health insurance plan. Getting quotes for individual health insurance is very easy. Obtaining group health insurance quotes is sometimes a long drawn out process of filling out a census form with all of the employee information and other administrative time consuming tasks. With the ease of the Internet and the simplicity of individual health insurance rates all it takes is a few moments to enter in basic health insurance information and you can view individual health insurance rate quotes online.
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