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health insurance companies for individuals
Individual insurance is a good option if you work for a small company that does not offer health insurance or if you are self-employed. Buying individual insurance allows you to tailor a plan to fit your needs from the insurance company of your choice. It requires careful shopping, because coverage and costs vary from company to company. In evaluating policies, consider what medical services are covered, what benefits are paid, and how much you must pay in deductibles and coinsurance. You may keep premiums down by accepting a higher deductible.
The primary distinction between supplemental and comprehensive major medical coverage is that supplemental plans distinguish between basic and major medical for reimbursement purposes. Comprehensive plans combine the two types to cover essentially all types of medical expenses.
Long-term care policies cover the medical care, nursing care, and other assistance you might need if you ever have a chronic illness or disability that leaves you unable to care for yourself for an extended period of time. These services generally are not covered by other health insurance. You may receive long-term care in a nursing home or in your own home.
If COBRA doesn’t apply and converting your group coverage is not for you, then, if you are healthy, not yet eligible for Medicare, and expect to take another job, you might consider an interim or short-term policy. These policies provide medical insurance for people with a short-term need, such as those temporarily between jobs or those making the transition between college and a job. These policies, typically written for two to six months and renewable once, cover hospitalization, intensive care, and surgical and doctors’ care provided in the hospital, as well as expenses for related services performed outside the hospital, such as X-rays or laboratory tests.
Let’s take a more in depth look at comprehensive major medical benefits. There are two types of comprehensive major medical plans, one with first dollar coverage and the other without. Just as the first term implies, first dollar coverage begins as soon as covered medical expenses are incurred. Without first dollar coverage, the insured must pay specified “deductible” amounts first. When that amount of expenses incurred has been paid by the insured, the policy begins reimbursing.
When considering a change in employment, scrutinizing the potential employers health care plan is a given. Sadly, many people look at everything about a new job except the health care plan, just lumping it together with a “benefit package.” This could be a huge mistake. Contracting a debilitating illness or becoming an unwilling participant in an accident is not something that anyone can foresee. This is particularly true with young singles. Life situations change and a health care plan that was adequate for a single person may not apply should he/she marry and even have children while employed. If their policy has no provisions for the addition of dependents in the future you can find your health care woefully inadequate. Take the time to project what your future situation might be and plan accordingly.
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