Insurance Quote Health Insurance

Document Sample
Insurance Quote Health Insurance Powered By Docstoc
					              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.

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:24
posted:8/30/2012
language:English
pages:2