Buying an individual health plan – now that does not sound like a profitable proposition to anyone. But for those who are self-employed or are not included in their family’s coverage, it is the only option they have, i.e. if they do not want to be fined for being without a health plan.
An individual plan is not a favourite among the residents of the America because of their costs. They also come with specific benefits and freebies are usually not a characteristic of an individual plan. However, going in for an individual medical plan is that you start your insurance battle on a losing note. Individual plans are affordable, if not downright cheap and they are effective even if they do not come with a long list of health benefits.
Affordable individual plans are not hanging on display that one can just buy them off the shelf. One has to look for it. Here is what one needs to do when buying individual health plans?
1) Get a quote comparison. And getting it online is the best and the easiest way to do it. Comparing will give you a fair idea about the kind of plans that are available in the market and you can choose the one that suits your pocket and health needs the most.
2) It is important to know about your current medical needs. This is important for two reasons – a) your policy application will have questions about it which you compulsorily need to answer and b) the premiums of your plan will be decided on the basis of your current medical status. Filling wrong information about your health can either lead to your application getting rejected or even your claims being denied when asking for a reimbursement.
3) Determine what kind of health plan can you afford and do you need. There are two types of individual plans – Managed healthcare plans and Indemnity Plans. Indemnity plans are expensive but are quite flexible. Managed healthcare plans come with a string of restrictions attached. Nevertheless they are more popular as they are cost effective and provide all the basic and necessary coverage that a person might commonly need.
Buying an individual health plan is a cake walk once you are clear about all the relevant information. However, just deciding a medical plan just by the face value of could lead you to more troubles. It is important that you go through the finer details of each policy shortlisted. One should be aware of all the clauses mentioned in the details – the treatments covered, the medical expenses excluded, grounds for denial of a claim, the additional benefits, etc.
Buying an individual health insurance is not easy. However, it is not difficult either. All one needs to do is to put in the right research at the right place and be careful about all the information that is being exchanged between the insurance company and the beneficiary. And one will end up with an individual plan that is not only affordable, but is cheap, comprehensive and perfectly suited to your needs as well.