Individual Health Insurance
“Individual Health Insurance” is a term used to describe the health insurance that is not connected to a business and is not a part of a Group Health plan. Usually those who do not have access to Group Health coverage sponsored by employer (people who are self-employed, leave their job or start another job that does not provide adequate health insurance, or those who run out of COBRA benefits) and do not qualify for public programs, have to buy Individual Health Insurance coverage.
Individual policies are more expensive and sometimes people with chronic or serious conditions may experience difficulties trying to enroll. With Individual Health Insurance you often get fewer benefits than with Group Insurance.
Insurance companies rely on a person’s health condition, age, gender, their medical history and other criteria in their decision. In case you have serious health problems, like diabetes, some insurers may deny your application.
With Individual Health Insurance, premium costs are likely to be rather high. Since the rules and regulations of Individual Health Insurance considerably depend on the state of your residence, it is important to know well what your rights are. In some states, medical underwriting is illegal and insurers cannot reject applicants due to their health condition or charge higher premiums. Other states arrange a designation of one or several insurance companies as “insurers of last resort.” Such companies guarantee issue coverage. In a number of states only those residents who have a continuous coverage history can purchase Individual Health insurance on a guaranteed issue basis.
If all other attempts at getting health insurance haven’t worked out, one can apply to high-risk pools as the last option, public programs covering “uninsurable” people who were rejected by private insurers. Usually it is a chance to purchase health insurance for people who have been refused coverage by one or more insurance companies due to their health problems. In order to find out if your state has a high-risk pool program, contact your state insurance department.
Health Insurance is a necessary investment and going without it is unwise and risky. For example, you can ask your insurance company to convert their Group policy to an Individual policy. If you are married, it can be a good idea to join your spouse’s Group Health plan. If you are over 50, you can join extensive health plan of the American Association of Retired Persons (AARP).
Meanwhile you should be looking for a suitable Individual Health Insurance policy. With Individual Health Insurance, it is important to find the right coverage at a reasonable price, which can be a difficult task. Generally, the individual health market offers the same options as the group health market, and you can choose between Fee-for-Service Insurance, Managed Care Plans, such as Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), or Point-of-Service (POS) Plans, Open Enrollment in Managed Care Plans, Association-Based Health Insurance and High-Risk Pools.
Open Enrollment in Managed Care Plans
In order to learn the rules in your state, contact your state insurance department.
Association-Based Health Insurance
Members of some professional, community and religious organizations can enjoy an opportunity to get health insurance coverage at group rates.
In case you cannot make up your mind as to what health insurance plan fits your needs best, you can opt to apply to an independent health insurance broker.
Posted in Healthcare Professionals, Healthcare Services