Benefits Of Having Individual Health Insurance

While talking of health insurance rather a low cost medical insurance or an affordable health insurance majority of us get tied up with an employer-sponsored or employer-based insurance plan. And another small percentage of people might end up going for government-based insurance plans. But if you are self employed or if your employer is not offering health insurance then in such cases you should be looking at options such as private health insurance companies. Well, finding a good insurance company is an uphill task but you can consult friends, family or colleagues or go online to check out the top-rated health insurance companies that offer suitable individual health insurance plans. Here are the advantages of having a personal health insurance plan:

The very first and the most obvious advantage of an individual health insurance is the low cost and when compared to group insurance plans these are less burdensome on your finances and highly beneficial for you or your family. This is for the sole reason that individual health plans are underwritten thus being largely advantageous to people who are hale and healthy. Basically the cost of such a health plan depends on your personal health condition and your choice of benefits from the insurance.
The other important feature of individual health care insurance is that it can be personalized according to your needs/requirements; you might not want maternity or any government authorized benefits, which are generally present in group health plans and the best option would be an individual plan. The personal health care insurance plan can be literally tailor-made or customized to suit your needs; you can pick various benefits such as choose the deductible, benefit for prescription drugs and also decide on the maximum out of pocket payment.
Considering the factors of recession and job losses world over health insurance automatically becomes very vital for everyone and personal insurance cover gives you the luxury and liberty of being in total control of your job decision, as the policy is portable and if required it can be moved to a different state too.

Looking at the way incidence of dreadful diseases have gone up in the recent years and the huge costs one may have to incur for having treated the same, it makes so much sense to own individual health insurance. There are some companies that might ask you for a thorough physical, and if you are smoker or disabled, the cost of owning health insurance will be increased to over 30%, even so it makes sense to have one.

Employer-sponsored insurance plans most of the times are expensive and if the company is a large one the contribution made by the employees towards the insurance policy becomes larger, rather the premium will be higher when compared to personal coverage. Thus, purchasing a personal healthcare insurance plan would become a better option but one must consider the cost, rates of premium, coverage details besides the plan exclusions and limitations. And a must-know-fact is that if you are ailing from a certain medical condition and getting treated for the same then the premium rate is increased and a particular coverage will be altered/removed. Furthermore, your health issues need to be given in writing while applying for the policy. Once the formalities are done and your policy is processed compare between the personal and group plan, usually there is a stipulated time of ten to sixty days time to accept or cancel the policy.

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