Individual Health Insurance Policy - What To Look For

I have seen all too many times a person leave their job that had covered them under a group plan only to find that due to a few health issues an individual insurance policy can cost much more then they were paying at work. People with serious health issues may not be insurable or will be insurable with limitations in the individual insurance arena. They need to consider this before leaving a job whenever possible. One mistake people make is when they come off of a policy, they have 63 days to get on another policy or they must wait one year to be covered for any major illnesses. They will be covered immediately for accident or injury. This is called continuation of benefits. A few items to consider when looking for an individual health insurance policy are as follows:

* Competitive price

* Coverage at work as well as any other time

* Price increases based on age only, not health problems

* Varying deductables that can offer affordability

* Accepted by majority of doctors and hospitals in your area

* Coverage outside of the state and country

* No preadmission authorization or referral requirements

* Flexible plan designs to fit your budget

* Prescription coverage

* Emergency room coverage

* Provisions for skilled nursing care, home health care, private duty nursing and hospice care

* Outpatient speech, physical and occupational therapy

* No rate ups or cancellations due to large claims or additional health issues

The fact that an individual insurer can offer no rate ups or cancellations due to large claims or additional health issues is a key ingredient in a individual health policy for keeping affordability. While some policies may start out costing less. They practice raising premiums due to health issues, the bargain price can become a nightmare of jacked up premiums. That could only be the beginning of the nightmare. If the individual tries to switch to a new insurer they will also be rated up on their current health condition.

The major medical side of a policy is also a big consideration. Some people who take on Health Savings Accounts with high deductables some times do not realize that while the insurer will pay 80% of the cost of a claim after the deductable is met, there really is no end to the individuals out of pocket expense if a large medical bill is incurred. Individuals should look for "stop gap" major medical coverage which limits their exposure of pocket expenses to the deductable and a maximum copay.

Keep some or all of these tips in mind when shopping for a individual health plan will help you get the best value for your dollar now and in the future. If you are not sure what a individual insurer is offering then ask for it in writing. If it can't be given to you in writing then the chances are they do not offer it.

For more information and tips for healthy living, check out Andy's healthy dark chocolate website.

About the Author: Andy Kassay is a licensed life and health insurance agent in the state of North Carolina.

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