Individual Health Insurance

A lot has changed over the past few years in the private health insurance industry- people no longer obtain their health insurance coverage through their employers or through government-assisted insurance plans. Today, more and more people are purchasing private individual health insurance plans which are specifically tailored to their own specific needs and circumstances.

Putting together the right insurance is about selecting an individual health insurance policy which is affordable and fits into your budget while still providing you with the personalized coverage you require. Comparing rates from different health insurance carriers is an easy and smart way to get the information you need when formulating your own personal health insurance policy.

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What Types of Private Health Insurance Plans are Available?

There are many individual health insurance plans from which to choose. To make the process less overwhelming, the most common plans are described below. Remember to consider your personal situation, including your overall health, monthly budget, specific medical needs, etc., before making a final decision on health insurance coverage.

  • HMOs (Health Maintenance Organization). One of the most affordable individual health insurance plans is an HMO. While HMOs do offer comprehensive coverage, it is required that most or all of your health care needs be obtained through a network provider. Most HMO networks contain thousands of health care professionals which gives insured individuals easy and convenient access to medical care when needed.
  • PPOs (Preferred Provider Organization). Another affordable individual health insurance plan is the PPO. A PPO plan consists of a network of “preferred” providers and you are free to choose from anyone within that network. PPOs provide comprehensive and flexible health care coverage.
  • Health Savings Account (HSA) Plans. A health savings account (HAS) is basically a tax-advantaged medical savings account available to consumers who are also enrolled in a high deductible health plan (HDHP). This high deductible plan features low monthly premiums and provides for catastrophic coverage.
  • Fee For Service (FFS) Plans. The FFS plan is an example of traditional individual health insurance coverage. Its premise is simple- the policy holder pays for the service at the time it is rendered and is reimbursed with a percentage of the fee.

A Guide to Understanding the Costs of Personal Health Insurance Plans

What health plan costs do you need to be aware of when choosing an individual health care plan?

The Premiums Simply put, your premiums are the payments you make, usually once a month, to keep your insurance coverage in effect. When you choose a policy, the insurance company determines the cost of your premiums by using the information you provide including: health status, medical history, age, and lifestyle factors (smoking, alcohol use, etc.).

The Deductible The deductible is the actual dollar amount the policy holder is required to pay before the individual health insurance plan benefits will begin to reimburse for medical services.

A low deductible increases the monthly premiums while a higher deductible reduces the monthly costs. It is important to consider personal circumstances and needs when making a decision on the deductible amount.

Copayments and Insurance A typical HMO plan might require you pay $15 for a routine examination with your primary care physician. This is considered the copayment amount.

Coinsurance is normally a percentage amount that is paid by you and your insurance carrier. For example, if your policy provides a coinsurance rate of 80/20, meaning you would have to pay 20% of the bill.

Some Considerations of Individual vs. Employer-Provided Health Insurance Coverage

More than 13 million people are now opting for an individual health insurance plan rather than obtaining it through their employers for their medical and health needs.

Why are people making this choice? There are some advantages which consumers might want to consider when making this important decision:

  • Customized coverage. With individual health insurance plans, consumers can pick and choose the exact coverage they need, tailored to their personal situations rather than having the same type of coverage with the same rates (group coverage) or ending up paying for coverage you don’t need (employer-sponsored coverage).
  • Mobile (Continuous) Coverage. An individual plan provides protection, no matter what changes occur in your employment situation. That’s good news in this volatile economy where employers are constantly cutting back.

Deciding Which Individual Health Insurance Plan is Right for You

When choosing an individual health insurance plan, it’s good to ask yourself some questions such as, “What’s the right plan for me?”

If you are relatively young and in good health, a high deductible PPO plan along with a Health Savings Account might be a smart option. This choice is best for people who don’t require frequent visits to a physician, but still want major medical coverage.

For consumers who want more comprehensive health insurance coverage, a PPO or HMO plan with a lower deductible is a viable option. This will give you enough coverage for preventive care and routine doctor’s office visits, but will require co-pay.

These are a few examples of individual health insurance policies available to consumers. To find a health insurance plan which is tailored to your specific needs, speak with one of our professional agents today. You will receive free quotes and expert advice to help you make an informed and smart decision when choosing your health insurance policy.

 

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