Individual Health Insurance

Most people get health insurance through a health plan subsidized by the employer or buy one at an insurance company. If you must buy insurance on your own, there are different types of individual health insurance policies on the market, but not all offer the same benefits if you are out sick.

The cheapest policy is not always the best.

The most striking feature of any policy is the premium, i.e. the amount you pay (usually monthly) to an insurance company by a health insurance policy. However, as important as the cost of the premium is what you have to pay when receiving services. Examples include:

• The benefits offered
• What you pay before insurance coverage takes effect (a deductible)
• What you pay for services after deductible
• What you must pay in total if you get sick (of-pocket maximum)

In considering this compensation, remember to buy the policy with the cheapest premium or the maximum out of pocket expenses higher coverage can waive many services and treatments. This may expose you to high medical bills if you become ill.

Find coverage that fits your health care needs and your budget can be challenging. Higher health insurance coverage tend to be more expensive. These are tips that might be useful:

1. Do your best to find a logical relationship between the cost (premium) of the policy and the protection it offers.

2. Determine what you will pay for covered services (deductibles, coinsurance, co-payments and cost-of-pocket limit).

3. Calculate the costs of medical care that not covered (or limited services not included in the policy) and charges (rates that exceed those covered by the plan).

4. Avoid policies that do not have some kind of maximum out-of-pocket limit on cover charge.

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