Purchasing Individual Health Insurance: What To Know
Approximately 20 million Americans will be purchasing individual health insurance in 2010 thanks to lost jobs and benefit cuts. Learn more to find a plan that fits your health-care needs.
You can find individual insurance plans through a broker, one of the many online sites, or by going directly to an insurer. In all cases, you’ll need to do some research to ensure you select the best health-care coverage for you. Provisions of the health-care reform will help make this process easier in the future, but for now it’s up to you to carefully review your options.
It’s a good idea to have a basic understanding of health insurance before you begin comparing different individual insurance plans. Sites such as healthinsuranceinfo.net and healthcarecoach.com can provide you with a good knowledge base.
Individual health insurance plan options
Essentially there are three types of plan options for you to choose from: fee-for-service, HMOs, and PPOs.
- With fee-for-service plans , the insurer will pay for part or all of your care according to the policy you purchase. You get to choose your doctor and medical facility. Fee-for-service plans are typically the most expensive option.
- Health maintenance organizations (HMOs) require you to pay for your health care in advance through a monthly fee. Deductibles and copays are usually less expensive, but you must use a provider and clinic within the plan.
- With prefered provider organiztions (PPOs) , you pay a deductible and copay (or coinsurance), but only when health care is received. You can utilize a network of providers and clinics for a discounted, negotiated rate. You can still see a doctor outside of your network, but it will cost more.
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