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Common Mistakes Made When Buying Individual Health Insurance

Individual health insurance being among the many insurance policies offered by the insurance companies is taken by an individual rather than a group of people.  For this reason , it is very expensive to acquire. The reason for this is that, insurance companies argues that the cost of risk associated with an individual is not spread among a group of people

A case of an individual undergoing a medical surgery will obviously be very costly. Therefore the insurer will have to pay more for that single person which in turn means that the individual holder will have to pay more premiums on a monthly or yearly basis. If this cost is to be spread among the various people in a group, it will mean that each person will pay less amount of money for the same cover. This therefore proves why this kind of cover cost a reasonable amount of money. For this reasons, many insurance companies are out of trend in its provision as many people have opted a group policy.

An interest to individual health insurance  may subjects you to numerous processes before you finally acquire one. The insurer may ask you to provide your past medical records that shows your health problems. By this they will be able to evaluate the kind of risk prone to you hence determine  the exact amount of of premiums that you should pay monthly.

In situations where a per-existing condition is found, lets say a situation where the applicant is found to have cancer or a heart disease, the insurance company may reject your application on the argument that the chances of getting ill is higher than if you had no any sickness.  Other option that might be available for you in this condition is that the company may decide to offer a cover that is very expensive.

A very favorable plan under the individual health insurance is to opt for a catastrophe insurance plan. Though this kind of plan is quite expensive there are several advantages that comes with it.  The first thing is that you will be required to pay much less premiums than any other known health insurance cover.  The payments of your medical bills that are related to your major health problems will also  be catered for. This is quite interesting. Other advantages of this policy is that any individual can easily qualify for it.

Apart from this advantages there are main major disadvantages associated with this kind of insurance plan. Here individuals are required to pay a certain amount of money for their medical bills annually before the cover can be implemented. This is to say that, if you have a major medical conditions, you will be required to pay a certain amount annually of which the cover will now come into place. This is not so much favorable mostly because your set limit for annual medical payment might be very high such that you might not be able to afford it.

If you are looking for the best individual health insurance, it is necessary to do a good research before you choose a plan.