If one of these situations fit your reality – recent graduate, newlywed, early retiree, between jobs or disastisfied individual health insurance plan holder – then taking the time to learn more about individual health insurance plans will be of great benefit.
Until recently, most people got their health insurance from their employer. People with low income either got their health insurance from the government or just went without any health insurance coverage at all. Nowadays, more and more people are buying private health insurance plans that are specifically made for individuals.
Individual health insurance coverage can actually be affordable for most people. First decide exactly what coverage you need, and then go comparison shopping. You need to find coverage that is a good financial fit for your budget, and comparison shopping is the only way to discover it.
The four most common types are HMO, PPO, HSA and FFS.HMOs (Health Maintenance Organization) – HMOs are one of the most affordable health plans available that offer comprehensive coverage. Most HMO networks consist of thousands of health care professionals. PPOs(Preferred Provider Organization) are an affordable health plan with an added benefit – you’ll have coverage with any health care provider. That means you can see any doctor or specialist you want. Health Savings Account (HSA) Plans consist of two parts: a high-deductible health plan and a Health Savings Account. The high-deductible plan provides catastrophic coverage and features low monthly premiums. The HSA is a tax-free savings account where you save money to pay routine medical expenses. Fee For Service (FFS) Plans are the traditional forms of health insurance. It works very simply – you pay upfront to get the health care you need, then you’re reimbursed for a percentage of the cost.
Obtaining your own individual health insurance coverage keeps you from becoming dependent upon any employer for health benefits. Should you need to change jobs, a common scenario these days, then your healthcare coverage remains intact and unchanged. Individual health insurance coverage is meant of single individuals, either self-employed or employed by small companies offering limited or expensive healthcare coverage. Although comaprison shopping does take time, it is time not wasted.
Discover more about individual health plans and how to choose affordable health plans in general.
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