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Individual Health Insurance
Very few people know about the advantages and disadvantages of Individual Health Insurance. Since most Americans who are employed are covered with the group insurance schemes of employer, they don't bother to know about the Individual Health Insurance. But trouble starts when some one changed the job and the new job does not have any health insurance schemes. The first big surprise for these people comes when they learned about the premium of Individual Health Insurance. It will be substantially higher then group health insurance premium. Most insurance companies afford to offer discounts in group health insurance since they will get large amount of business.
Who's interested in Individual Health Insurance?
Since there is no guarantee for individual's health condition, those who are not covered by employer's group insurance, self employed and unemployed are the people interested in Individual Health Insurance to guard themselves with possible financial catastrophes that will come with sudden hospital or Doctor's bill.
Premiums for Individual Health Insurance
Every state has slightly different rules and regulations for Individual Health Insurance. And the premiums are also varies considerably for different state and insurance companies, but in general the premiums of Individual Health Insurance is determine by considering many factors like how healthy and how old are you, health care costs, preferences of consumer benefits etc. The premium of Individual Health Insurance is higher for old and not so healthy people similarly there is a vast difference for the medical care cost in California and new jersey so premiums of Individual Health Insurance is also vary accordingly. Find out what is the best plan by considering the cost of premiums and other things the plan covers.
Different plans and benefits covered by Individual Health Insurance
You may not know but most Individual Health Insurance companies offer more or less same plans as group health insurance, like POS that is Point of Service plans, PPO or preferred provider organizations plans, Indemnity plans, Health Maintenance Organization (HMO) plans and Health Savings Accounts or HAS plans. Apart from this there will be other benefits in Individual Health Insurance like prescription drugs, mental health, maternity and others. Most of the plans cover case management services which help the policy holder to receive coordinated care.
Most Individual Health Insurance also gives life time benefits of one million dollar depending upon the premium and the policy selected. According to the America's Health Insurance Plan's survey an average of around five million dollar plan was selected by most of the people with Individual Health Insurance in the year 2004.