Individual Health Insurance Plans Considerations
As more and more employers and corporates are unwilling to pay for health insurance of employees due to the prohibitive cost, people are opting for individual health insurance plans. Further, self-employed people like lawyers, artists, freelance writers, small business men have no other option but to opt for a health insurance plan. A health insurance is a must for a secure and safe future. The objective of a health insurance is to safe guard an individual from financial risk of illness, accident and medical costs. There are thousands of plans available online and through agents today. Health insurance quotes are easily available on the internet after furnishing basic data about yourself. Some of the important points that need to be examined are discussed below.
Premium: Premium is the amount you pay periodically; usually monthly to the health insurance company for the health insurance policy. The higher the premium usually the more benefits included in the plan, but it is not necessary. The premium depends on the age of the individual, health, whether smoker or non-smoker, pre-existing condition etc.
Duration of Coverage: Longer duration coverage usually has more premium than shorter duration coverage.
Type of Coverage: Basic coverage covers basics like hospitalization and surgery. Comprehensive coverage covers preventive care, routine medical checkups, prescription drugs etc. The premium for comprehensive will naturally be higher.
Deductibles: Deductible is part of the medical bill which you have to pay and the rest is paid by the insurance company. The higher the deductible, the lower the premium.
Flexibility: If the health insurance plan is flexible that is it allows you to visit a specialist without going through a primary care physician then the premium will be higher.
Preferred hospital or Physician: Most insurance companies have tie-ups with doctors’ networks to reduce their costs. If your preferred hospital or physician is present in the network, then it is an added reason to opt for the health insurance plan.