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Health Insurance Plans |
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Health Insurance Plans |
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Health InsurancePricing is probably the most bewildering aspect of individual health insurance policies, so it's worth your while to shop around. For instance, the premiums for similar products from different insurers can vary by as much as 50 percent for the same person. What's more, the rules and regulations about individual health insurance vary from state to state, making comparison-shopping a bear for the uncertain consumer.
Heath Insurance is in the numbers.
There's strength in numbers, particularly when you're
buying health
insurance. As part of a group plan, you can enjoy a
significant discount on
premiums as well as comprehensive policies.
In addition, there is no guarantee that an insurer will take you on. That's because unlike group plans, if you have health problems, individual plans are medically underwritten and the insurer may reject your application or attach exclusions to your policy. However, some states don't allow this practice and require that any insurer selling individual health insurance plans must offer you a policy, no matter what medical problems you have.
Finding the right balance of coverage and cost can be challenging, but it's a necessity. So take your search one step at a time. The first step is to evaluate your needs and understand your health insurance options. For some, that may mean buying COBRA coverage from their former employer.
When you leave a job, you don't necessarily need to leave your health insurance behind. Thanks to COBRA (the Consolidated Omnibus Budget Reconciliation Act of 1985), certain employers that provide a group health insurance plan must offer most employees who would lose their coverage the option to continue it for up to 18 months. The catch is that the employee will have to pay the full premium, up to 102 percent of the employer's cost. The extra 2 percent is an administrative fee. What are my health insurance goals?If you want a comprehensive plan — and don't want a lot of out-of-pocket expenses — an HMO provides a very cost-effective way to cover you from womb to tomb. But if you're in your 20s or 30s, have no children and some extra savings, you can save by buying a policy that covers only catastrophic illnesses. Remember, though, you'll have to pay out of your own pocket for every routine doctor's visit or laboratory test.If you can afford to pay for routine care on your own, look for comprehensive inpatient/outpatient plans with higher deductibles rather than trimmed-down hospital/surgical plans. A hospital/surgical plan might cost up to 40 percent less, but if you end up in the hospital, the last thing you need is to worry about how you're going to pay for your follow-up care once you get out of there. Finding a cost-effective individual health policy can be tricky but it's not rocket science. Talk to other people around you who are in the same circumstances. Do your homework and you'll find the health insurance policy that's right for you
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