|
 Individual health insurance
is for those people that can’t get their health insurance
coverage thru a group insurance plan. Individual health
insurance can be purchased for individuals, and their
families. Individual health insurance is usually more
affordable then group health, however individual health is
underwritten on an individual basis. There are many
different insurance companies out there on the market today,
with even more plans to choose from. How is anyone to
decide which company and plan will fit your needs. Here is a
few things to keep in mind while looking for insurance.
Here are a
few different options for individual health insurance:
HumanaOne |
Assurant Health |
IMG |
Basic Health |
Golden Rule |
Anthem |
HSA
1. What type of insurance
do I need?
2. Do I need 24/7
coverage?
3. What kind of deductible
do I want?
4. How much is the
co-insurance, and what is the limit?
5. What is the lifetime
maximum on the plan?
6. Are my Doctors and
hospitals in the network?
7. Is an HSA “ health
saving account” right for me?
8. Should I buy a discount
plan?
What type of insurance do I need:
What is the best insurance plan for me? There are many
different insurance plans on the market today the best way
to find the right policy for you is to contact and set up an
appointment with one of our insurance specialists.
Back to Questions
Do I need 24/7 coverage:
Most individual health insurance coverage is a 24/7 type
coverage so you can have coverage on and off the job 24
hours a day 7 days a week. This is beneficial for the
self-employed and farmers. If this 24/7 type of coverage is
not taken you would not be covered on the job for any
accidents. The exception to this is if you would purchase a
workers compensation policy. This would cover you in cases
of injury on the job but very expensive for a sol
proprietor.
Back to Questions
What kind of deductible do I want:
The deductible is the amount that you pay before the
insurance company pays any of your insurance bills. The
typically deductible is a per person per calendar year. Most
insurance companies limit the amount of deductibles at two
or three per household.
Things you will need to decide is do you want a low
deductible, so the insurance company pays out sooner, or a
higher deductible and save money on your monthly premium.
Back to Questions
How much is the co-insurance, and what is
the limit:
The co-insurance is the amount that is agreed upon between
you and the insurance company to split the medical bills.
This is usually a 50/50%, 70/30%, 80/20% or even 90/10%
split. When the co-insurance has been paid the insurance
company will then pay 100% of the remaining covered medical
expenses.
Back to Questions
What is the lifetime maximum on the plan:
The lifetime maximum is the amount the insurance company has
agreed to pay out for the lifetime of the insurance policy.
Most insurance companies maximums are between three to eight
million dollars.
Back to Questions
Are my Doctors and hospitals in the
network:
When you join an insurance network with your health
insurance plan it will give you a discount on your
healthcare costs, if you go to the doctors and hospitals in
that network. Check with your agent to see if your doctors
and hospitals are covered.
Back to Questions
Is an HSA “ health saving account” right
for me:
HSA’s are a great way to lower your monthly premiums and
save money tax deferred for future medical expenses. To
learn more about HSA’s please check out our HSA page. Every
insurance companies HSA insurance plans are different.
Back to Questions
Should I buy a discount plan:
There are many different discount plans available on the
market today. A discount plan offers you a discount on your
medical expenses.
My personal opinion is that these plans are over priced and
useless in today's market. Most individual insurance
policies in today's market have re-pricing already built
into them. This is called a PPO discount or re-pricing. If
you can’t afford health insurance you can negotiate a
discounted price on those medical services rendered. So why
would you want to pay a company a premium for a discount
when you can negotiate that discounted price for free. A
discount on your $50,000 medical procedure is still a lot of
money, that is why most insurance companies have a limit on
what you will pay out before the insurance company pays 100%
of the remainder of the bill.
Back to Questions
Get a Personalized Insurance Quote
Contact
Ulrich and Associates |
