Individual Health Insurance
Individuals present a unique paradox in searching for health insurance coverage. Purchasing an individual policy may be necessary if you are between employer coverage, self-employed, or have previously been determined an ineligible candidate for group policy. To focus on lowering your cost as much as possible, your biggest decision for individual insurance will be your choice of deductible. The higher your deductible, the lower your premiums will be and vice versa.
Your choice of options will affect the price of your monthly premiums as well. Think about how much you’ll be spending per year on health expenses. Make sure you have the maximum coverage per claim and per lifetime at a level that makes sense for your situation.
Prices will also be determined by your medical conditions. Some pre-existing condition claims will not be covered on your new policy. Also, most policies have the right to look into your medical history for six months to two years directly before you applied for insurance with them when you make a claim in the first year. What they are checking for is an undisclosed pre-existing condition. If they decide that your claim pertains to an illness or health problem you acquired before be covered under them, they will deny coverage of any claims related to that illness.
To lower your premiums, do the following:
- Quit smoking
- Raise your deductible
- Research and compare options before choosing
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