#individual health insurance
Individual Health Insurance
If you do not receive health insurance through an employer-sponsored plan or a government program, individual health insurance is the way to go. Individual health insurance is appropriate for those whose employers do not offer a plan, as well as those who are self employed. Buying individual health insurance can be a confusing process, but with the right guidance, you will be able to select the individual health insurance plan right for you. This website will help you compare several individual health insurance quotes at the same time.
Health insurance for individuals is generally more expensive than a group plan. This is due to several factors. Health insurance companies base their rates on risk pools. A large group, such as a corporation, serves as a large risk pool. Health insurance providers earn their profits when the majority of the pool s population is healthy and paying premiums. Their premiums go towards paying claims for the handful of sick individuals. The cost of those medical claims is then spread across all of the policyholders; the greater the number of policyholders, the lower each individual health insurance premium becomes. Large groups are also able to buy health insurance in bulk, reducing individual healthcare costs.
On the other hand, those buying personal health insurance do not have that buying clout. As a result, medical services like doctor s visits and hospital stays may be charged to an individual health insurance plan at a higher rate. In addition, when individuals enter the health insurance market, they are part of a far smaller pool. Since the expense of their claims cannot be spread among as large a population, more of the cost is passed onto the holder of individual health insurance policies. Of course, your health is a significant factor when calculating an individual health insurance quote. Unhealthy habits could lead to you being seen as higher-risk and receiving rate adjustments. Low cost individual health insurance will be harder to find if you are significantly overweight or a smoker, for example. Premiums also vary between states and zip codes.
Individual health insurance plans also tend to have stricter underwriting standards. Pre-existing conditions have the potential to wreak havoc on your access to individual health insurance. Chronic conditions that would most likely slide by in an employer s group plan, such as arthritis or diabetes, may be enough for some risk-averse individual health insurance providers to deny coverage. Other health insurance companies may be willing to provide you with individual health insurance coverage with a rider that excludes that particular pre-existing condition, reducing the value of the plan. Nobody should delay buying individual health insurance until they develop a chronic illness or condition. Health insurance companies use riders to discourage the practice, as it eats into their profits; more importantly, going without affordable individual health insurance may result in worse health in the long run.
Many different types of affordable individual health insurance are available including pre existing health insurance for individuals. VitalOne can help you find and choose the best individual health insurance for your needs and budget.
Health Maintenance Organizations (HMO)
A HMO is the least expensive type of individual health insurance. However, you have to give up some flexibility with HMO health insurance. In order to receive medical services at a discounted rate, you need to use the primary care doctors, specialists, hospitals, etc. included in the HMO health insurance plan s network; if you use a provider that isn t in their network, you ll have to pay full price. Also, you will generally have to see your primary care physician for non-emergency referrals to a specialist. Some HMO networks are larger than others.
VitalOne can help you when buying individual health insurance by comparing the coverage and rates of various health maintenance organization plans.