About Individual Health Insurance

About Individual Health InsuranceIndividual health care insurance provides coverage for only oneindividual, or family. In general, individual plans are moreexpensive than group insurance. You can obtain individual plansdirectly from a company who offers them. The company with whomyou apply will evaluate you from a health standpoint, in termsof how much risk you present to them. Usually, they'll provide aquestionnaire for you to fill out, asking various questionsabout your current and past health history. They will determineyour risk accordingly, from which a premium will be generated.Things to look for: Most individual plans fall under managedhealth care plans. Under this, you can opt for an HMO, PPO, orPOS plan.Guaranteed renewable: Your insurer cannot cancel your coverageif you become sick. If you continue to pay your insurancepremium, coverage continues.If available, group insurance is generally a better option,since it is usually more comprehensive and less expensive thanindividual insurance. However, individual coverage is ultimatelybetter than being uninsured in the event of illness or injury.Although you may think you can do without health insurance, youare taking a major risk if you choose not to get coverage. Anunexpected illness or serious injury can put you and your familyunder financial stress.In a group insurance situation, the provisions of the policy arenegotiated between the insurer and master policy owner (usuallyan employer or association). With individual insurance, you are directly in control of yourpolicy. You can negotiate to have certain provisions included orexcluded, and you can often choose your deductible amount andco-payment percentage. Keep in mind, however, that these thingswill have an effect on your premiums.