Individual Health Insurance Plans
If your place of work doesn’t supply group health insurance coverage or if it does, but it’s quite limited in what it offers, you may want to look into individual health insurance plans.
You can buy several types of individual health plans, but it’s a good idea to compare them all so you know exactly what’s covered and what isn’t. They generally don’t offer as much coverage and as many benefits as group health plans. It’s also a good idea to shop around and compare prices with a few providers as they can vary quite a bit.
If you buy a non-cancelable individual health insurance plan, which is also known as a guaranteed renewable policy, this means you’ll be covered as long as you keep making the monthly payments. The insurance company may try to raise the price, but they can’t cancel the coverage. Some individual health insurance companies sell a conditionally renewable policy, which means the company can cancel all of its policies, not just yours.
Basically it means if they want to cancel your policy they have to cancel everybody’s. However, it’s still possible. But President Obama’s new health care plan will have to be thoroughly looked into to sort out the current American health insurance industry to see exactly what changes are going to come into effect in the coming few years.
When looking at individual health insurance plans you really need to be careful and understand the differences in them. You need to be sure that you’re covered from huge medical costs. If you don’t understand the policy, make sure you ask to have it explained and clarified to you before you buy it as you need to have the health coverage that’s right for you.
It’s also important to know the date the coverage starts as some individual health insurance plans have a short waiting period before they take effect. Try and get a policy that offers a trial period. Many providers give you up to 10 days to look over the policy after buying it and will let you cancel it if it’s not suited for you.
Most importantly, make sure you know exactly what the plan will pay for and what it won’t.