A Handy Tool To Assist You In Buying Individual Health Insurance
Around 57 % of the U.S citizens have health insurance cover from their employers while 29 % have it from the government
. A health insurance contract provides coverage for not only medications and preventive care but also for doctors and any other sort of medical expenses. For a person who is in self employment mode or who does not have any kind of health insurance from his employer, buying individual health insurance can really be a tricky and daunting job. You can find different types of health insurance plans on offers by various insurance companies.It will be quite shocking to know that around 137,000 U.S citizens die within a year owing to the lack of health insurance coverage. Inadequate medication and care are some the things that take people's life when they do not have any health insurance. Therefore, purchasing a health insurance plan is a necessity to avail the best medical attention when you require one. But, in order to buy a particular health insurance you need to consider not only the cost but also the kind of coverage it is providing.
Needless to say buying insurance entails greater premium compared to group plan. Plan premium relies on deductibles, type of coverage, networks and your health. Deductable is the cost that you need to pay to avail services covered in your health insurance. In searching for individual health insurance for yourself, you need to consider the annual amount of money that you can pay. Deductibles play a significant role in your premium. Increasing your deductible will lower the premium and vice versa.
Co- insurance and co pays is the second factor that you need to mull over while buying individual health insurance. The health insurance will pay a major amount of your medical bills, once you have met the deductibles. Of course, you are supposed to pay the remaining amount on your bills. Like for example, if the health insurance pays up 80 % of the hospital bills then the remaining 20 % is being paid by you. There is some co-insurance which is applicable only for hospitalization costs. The co-pay includes the amount that you are required to pay up for the doctor visits or the prescription, and the remaining medical expenses are being taken care by the health insurance.
Look for a responsible, reliable and trustworthy insurance company. You can look out for any customer complaints or review against any insurance companies in national association of insurance commissioners and in moody's. The next factor you should consider while buying individual health insurance is the type or kind of services that you think you would need in the near future. You can build up a list of medical services that you think you might require and take insurance for only those services. Thus, if you think you do not want any medical coverage for maternity you can take that out of your list. Also, keep in mind your present and future financial capability.
There are four ways in Buying Individual Health Insurance, you can directly go to an insurance company, work with professional organization, seek the aid of broker or go online. Thoroughly consider the cost as well as coverage of your individual health insurance. Make a list of what you need and what you can spend, so you can assess your options. It is equally necessary to check on the exclusion, the limits of the benefits, preventative care and overall exclusion of the individual health insurance coverage.
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