Individual Health Insurance

Individual health insurance offers a valuable alternative for single adults or parents to receive medical coverage independently. Individual health insurance is purchased by a single person, by a couple or by a family. Rates for individual coverage such as student health insurance are based on the applicant's health status and lifestyle factors such as smoking rather than on the combined risk of a large number of members.

As the costs of insurance rise, financial responsibilty for health insurance costs have shifted more towards the individual. Some consumers may prefer to carry individual health insurance rather than participate in other costly plans. Regardless of your reason for choosing individual health insurance, it pays to compare offers from several insurance providers before you choose a policy.

Buying an Individual Policy

Individual health insurance is widely available through private health insurance companies. Many of the major providers offer a range of individual plans for members who pay for coverage independently. You can apply for a policy online through a provider's website, by mail, over the phone or by visiting an agency. If you purchase a plan through an agent or broker, you may pay more for your policy, but you may also have a wider range of options to choose from.

The type of plan that's best for you depends on a number of factors. Your medical needs, the degree of flexibility you require and your budget are among the most important things to consider. If you have complicated medical needs, a managed care plan may be the most suitable option. With a managed care program, such as an HMO or a PPO, your care is coordinated by a single practitioner, who orchestrates your treatment by referring you to specialists or ordering diagnostic tests, procedures or therapies.

Managed care plans generally require that you pay a monthly premium and a copayment for specific services, and that you see only doctors within the providers network. More flexible managed care options may allow you to go outside of the network at an additional charge. If you require frequent monitoring or disease management, or if you have a spouse or children who require frequent care, an HMO or PPO may give you the most extensive, affordable treatment.

If your medical care is usually limited to routine checkups or occasional diagnostic exams, a fee for service policy may suit your needs. High deductible individual health insurance plans are popular among individuals who want to insure themselves against a major illness or a serious injury, but who don't want to pay high monthly premiums. High deductible plans may require that the individual member pay a certain percentage of coinsurance for outpatient or inpatient treatment after the deductible has been met.

A high deductible plan may be combined with a Health Savings Account, or HSA. An HSA is a tax advantaged savings fund that allows policyholders to reduce their tax obligations by contributing to an account that they may use to pay for their medical expenses. With a high deductible plan and an HSA, you may gain greater control over your medical treatment and a wider range of options in the practitioners and facilities you can choose from. Compare several plans before you make a decision about the individual health insurance that's right for you.

High Risk Individual Insurance

If you are not eligible for coverage through other policies and you've been turned down for individual coverage, you may qualify for a high risk policy. High risk programs cover individuals who are considered medically uninsurable because of a serious condition like heart disease, cancer or HIV/AIDS. High risk programs are administered through private insurers working with the state government, or through the state government itself. Not all states offer a high risk option, but these programs are available in many areas.

Because high risk pools are made up of members who have complicated chronic diseases, premiums are generally high. If you have a low income and you cannot afford to participate in a high risk pool, your state may offer a more affordable alternative to consumers who meet certain income requirements. Consider all of your options through private insurers or public agencies to find the coverage you need.

Physical wellness is one of your most important assets. Affordable individual health insurance is within your reach if you evaluate your options carefully. Consider offers from several providers to find a policy that fits your lifestyle. Look for coverage that will address your concerns and give you access to the practitioners you need to see in order to maintain optimal well being.

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