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The Pros And Cons Of Individual Health Insurance

It can be extremely costly to have a decent health care plan and if you think you can do it without insurance; you may be driven to financial bankruptcy. We are going to look at methods we can make the best out of a murky situation by considering the advantages and disadvantages of individual health insurance and maybe help you in making informed choices surrounding your health care options.

Disadvantages of Individual Health insurance

The most apparent disadvantage of the private insurance to anyone looking to get a reasonable deal is the price. Health insurance prices are costly to individuals as opposed to employer-paid insurance. The official procedure and paperwork can be extremely frustrating not to mention the amount of time and energy it consumes to make it official. This is mostly owing to the fact that the insurance companies have to be extremely thorough in determining the exact state of your medical history so as to avoid risk of nullification of the health coverage in the future. This may lead to insurers demanding medical examinations to determine your health status prior to intake. Family members to be covered in the health plan have to submit detailed records of their health and medical history too. This excessive analysis of your past medical history may lead to higher deductibles and premiums should you be found to have pre-existing conditions or even deny you any coverage at all. Lifestyle choices are made an issue in this heath plan e.g. heavy drinking, smoking or even occupational hazards may raise your policy premium or lead to a complete denial.

Advantages of Individual Health Insurance

The law makes it impossible for group health insurance to cover pre-existing conditions if someone has not had any insurance during a period of the past 2 months. At this point, an individual medical insurance or even short term insurance will be the best option. This will ensure that you have basic medical coverage as opposed to none at all. Also, one has more health care coverage options and more insurance company options. You do not have to take relatively cheaper policy that does not include coverage you are certain you do not need e.g. maternity coverage. One can opt for an economical catastrophic insurance coverage only. The cost can be pushed further down by specifying hospitals and doctors of your choice. Federal laws protect the investment of an individual health insurance policy holder should the individual be unable to pay a premium. The insurance company can only cancel the policy. Also, they cannot exclude children from the parents health cover owing to pre-existing condition, a policy that will be offered to parents under the ACA come 2014.

The most crucial point is that this heath insurance option will help you in case of medical emergencies and avoid tragedy. It is in the best interest of both you and your insurance provider that health care is provided for you. To compare the different options you have in individual health insurance or to receive a free quote, enter you zip in the granted space at the start of the page and make an evaluation.