Individual Health Insurance
Here are some facts and tips on individual health insurance to help educate you on the subject so you can make an informed decision next time you shop for insurance.
- Make sure the policy protects you from large medical costs.
- Make sure there is a “free look” clause. Most companies give you at least 10 days to lookover your policy after you receive it. If you decide it is not for you, you can return it and have your premium refunded.
- Beware of single disease insurance policies. There are some policies that offer protection for only one disease, such as cancer. If you have health insurance, your regular plan probably already provides all the coverage you need. Check to see what protection you have before buying any more insurance.
- Before purchasing any individual health plan, it is important to verify that the carrier and agent are licensed
- Individual coverage may be purchased as either an indemnity or managed care plan. Indemnity plans are sold exclusively by insurance companies, and will generally cover services from any licensed health provider as long as treatment is consistent with the terms of the policy.
- Typically, managed care plans are more affordable than indemnity plans, but indemnity plans provide members with the most flexibility in obtaining health services. The trade off is essentially choice versus cost.
- Sometimes individual health insurance consumers have the option to pay extra for coverage of additional services like maternity coverage. This extra coverage is referred to as an optional rider. These are usually not covered on the basic individual health insurance plan.
- If the insurance company is unable to obtain information necessary to accurately determine the risk of a particular applicant they will assume negatively.
- Once the company has determined your health status, you will be assigned a rate class by the company and put into a pool of other insured individuals with similar health status. Your premium will be the rate charged to that entire class of customers.
- In some states, you can receive credit against a pre-existing condition waiting period if you have had prior health insurance coverage within a specified number of days. The amount of the credit against the waiting period is generally proportional to the length of the prior coverage.
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