Health insurance is a big business today. With medical costs rising, everyone is constrained to subscribe to one health insurance plan or the other. If you are part of a group, you get substantial discount on insurance premiums. However, if you are out of a job or are self employed, it becomes a totally different ball game. The insurers get more choosey and the premiums are also jacked up.
We provide some classified tips to help you choose individual health insurance plan.
a)Shop around:
There is a wide array of companies offering different premiums for the same set of requirements. So much so that the premiums of one company can be lower than the other by over 50%. So study the market carefully and try to find a plan best suited to your needs and pocket.
b)Use COBRA Coverage:
Cobra in short means - Consolidated Omnibus Budget Reconciliation Act of 1985. It has a provision that when an employee loses his coverage, then the employees have the option to continue to be a member for a period of 18 months, but with payment of a full premium. Cobra serves as a safety net and the employee has a period of 60 days to make a decision, whether to enroll in the cobra or not. Cobra covers all members of your family. So if you find an individual policy which works only for you, go with cobra to cover the entire family.
c)Gauging your insurance needs:
Start analyzing in detail your health insurance needs. What is your age? What is the age of your family? Do you have any previous history of chronic ailments? Including and excluding certain treatments, will make a considerable difference in the premiums payable.
d)Your state of residence:
The laws of individual health insurance vary from state to state. In some states it is binding for the insurance companies to issue policies even to those people with history of previous ailments. So it would be prudent to find out information about the laws of the state in which you are residing.
e)Check for services online:
A lot of information is available online from self help groups and companies on individual health insurance plans. Depending on your budget, you may select the services you might need most.
