Individual Health Insurance
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The wide range of Health Insurance available in today's market tends to be divided into two areas; Individual Health Insurance, products providing health insurance on an individual basis and Group Health Insurance, products on offer to a collection of people, such as a work groups or types of organizations. |
Individual Health Insurance is designed for those who do not have a health plan provided by their place of work or other group or association, or those who are looking for a specific plan. Because Individual Health Insurance generally offers greater flexibility of choice, costs tend to be higher than Group Health Insurance. Without an employer to pay a percentage of the Insurance premium, the individual is responsible for the entire premium cost. Individual Health Insurance gives the insured access to a wide range of plans rather than just HMOs (Health Maintenance Organizations) and Managed Care favoured by Group Insurance Plans. Whilst they include the above, other plans on offer include PPOs (Preferred Provider Organizations) and POSs (Point of Service), both similar to HMOs, but offering greater flexibility in different ways. Fees for Service Policies, such as Catastrophic Insurance and Major Medical Plans offer policies with lower monthly premiums but greater out of pocket expenses. They are designed for individuals who want to only pay for the services they actually use, rather than the ones they might not. Many Individual Health Insurance Plans use deductibles. A deductible is a pre-agreed amount that the insured must pay before they are eligible to receive payouts from the insurer. Other plans also use co-payments and co-insurance. Co-payments are specific payment fees toward the cost of services. Co-insurance requires the insured to pay a percentage of service costs. The Internet makes research into the many Health Insurance products available simple and straightforward. However, before deciding upon a plan, it is important to assess your particular healthcare needs, including current state of health, average annual medical expenditure, types of healthcare services you may need in the future and financial implications of the plan in terms of your situation. Also take into account which healthcare services on offer are suited to your lifestyle. Certain individuals may be interested in receiving fitness benefits, wellness products or alternative therapies. Others maybe looking for cover which cater for regular doctor visits or a hospital visit.
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Individual Health Insurance
