Here is what to look out for when buying individual health insurance plans. You will discover that you will pay more for an individual health plan than for an employer based health plan because the simple fact is that insurance companies give good deals to companies on health plans.
Also, insurance companies make more on company health care premiums than they do on individual plans so they are able to give better rates to companies. So if you are not eligible for an employer health plan, then expect to pay more.
You will see many advertisements for low health insurance coverage with relatively low premiums. But, unless you are under 28 years old, in perfect health, have not been to the doctor in the last three years, are within your healthy weight percentile, and sign up for the highest deductible available, you will pay more for your coverage than you would if you had an employer based plan. Hardly anyone fits in such group.
Certainly, you should plan to pay more than you would for an employer sponsored policy. Employer plans have better rates because of economies of scale and working people are in better health than the general public.
Perhaps you still have a COBRA plan in effect. This is the insurance coverage you can purchase when you leave your employer based plan. You can keep your company based policy for up to eighteen months after you leave your job. You will have to pay for your part of the coverage along with your employer’s share. However, in most cases COBRA insurance will still be a lower rate than an individual health plan.
In some states, you can extend your COBRA benefits past the 18 month period. However, you cannot let your coverage expire or else you will not be eligible for an extension. If you do not qualify for an extension and you need to obtain individual health care coverage, and you currently have COBRA coverage, you have to apply at least sixty days before the 18 month coverage expires.
Please make sure to apply within such time frame. If you do not apply within this time frame, you can legally be denied coverage by an insurance company.
Your premium rate will depend on your risk factors. The health insurance industry refers to this as preexisting conditions. For instance, if you have hypertension, prostate problems, asthma, or any other medical conditions considered at risk by the insurance industry, your premiums will be adjusted up from a base rate.
Your base rate depends primarily on your age. From there ,your preexisting conditions are added to determine your month premium cost.
Some insurance companies allow risk factors to be removed from your premium cost once you have been taken off medication related to your risk factor or when your doctor determines you no longer have that particular medical condition.
If your health related issue is due to a poor diet or lifestyle, you have a great incentive to improving your eating habits and overall lifestyle. You could have your insurance premium reduced. There are many companies from which to choose. Make sure to look at all the plans available. If you want the lowest premium, then you should choose a plan with a high deductible. Also, review what prescription coverage is available as some plans offer more. If you are not currently taking medication this will not be important. But is are currently taking medication, this is part of the plan you certainly must take into account
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