Friday, February 28, 2014

Buying Individual Health Insurance at a Great Price

The age old maxim of an ounce of prevention is better than a pound of cure is particularly true when one is considering buying individual health insurance.

There are many self-employed people who are experiencing difficulty with purchasing insurance. With the recent global depression, which has left millions of people jobless, budgets have been stretched and people have had to tighten their belts. This has made a lot of individuals hesitant about purchasing health insurance.

Buying individual health insurance has its own pros and cons and you need to look at your own personal circumstances when arranging cover. If you are gainfully employed then your employer may well provide you with a policy under a group scheme. In this case your employer will either pay your premium in full or offer to pay a significant proportion of your insurance premium. However, if you are self-employed or unemployed then adding the full cost of an insurance premium for individual health insurance to an already tight budget may need some thought.

If you are faced with buying your own individual health insurance plan then you will find that there are insurance plans that have high out-of-pocket costs such as deductibles, coinsurance, and co-payments but which generally have relatively low premiums. You will also find that there are plans with low out-of-pocket costs which tend to have higher premiums. Also, health plans, such as HMO managed care plans, which require you to use a network of doctors and hospitals normally cost less than traditional policies. Depending on the insurance company chosen, there may also be an option to add ones children as dependents and have them fully covered as well, sometimes at no additional cost.

The costs of buying individual insurance for yourself and your family will be determined by a couple of factors:

First, you must take into account your family medical history and you might find it helpful to consult your personal physician before considering buying individual health insurance.

Second, in these difficult economic times, you will need to find a type of insurance plan that meets both your personal needs and those of your pocketbook and this can be a very challenging task. However, as long as you research the companies and schemes available in your area and speak to representatives from these organizations will find several options open to you.

Once you have found several plans which meet your needs do not be afraid to ask for free quotations and to compare these closely until you find a plan which you feel comfortable with. It is worth the time and effort if you consider that you will probably be on the plan or scheme for some time and during this period you will want to know that your medical needs are fully covered and that you will still be able to keep within you budget at the end of the month.

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