Facts and Choices - Individual Health Insurance

How do you find the best individual health insurance for you? You start by doing your research and comparing the plans. This article will start you on your way to doing just that.

Individual Health Insurance Facts

-Individual health insurance premiums are always more expensive than going with a group or company plan

-Co-payments are usually more expensive too, as are deductibles

-Private plan coverage is based on your age, weight, whether or not you're a smoker, and your current health issues (as well as your past health history)

OK, so I know all of those facts sound pretty negative. Don't let that get you down. Yes, you're better off if you work for a company that offers great group plans, but if not, there is a way to find individual health insurance.

And remember, if you are a member of some type of trade association, it may offer group plans and insurance discounts. Check these out before going off on your own. (Even some university alumni organizations offer group plans...)

Your Choices

-Begin by looking at your budget before you begin looking at plans. What can you afford to pay each month? If you're healthy, don't smoke, and under the age of 45, you should expect to pay around $150 to $220 per month.

-If you are with an employer and have the option to sign up for COBRA, do so. That way, even if you're fired, you'll get benefits for several months. This will give you time to search for the right plan for you.

-Find a reputable company that will give you free individual health insurance quotes. Don't waste money on those that charge for them.

-Take the risk of a higher deductible. This means that if you get hurt or ill, you will have to pay a larger out-of-pocket expense, but your monthly premiums will be a lot lower. If you are generally healthy and put a little money (a few thousand dollars, typically) aside for this higher deductible, do it!

-Read the fine print before you sign on the dotted line! Know what you're getting into, how much you should have saved up for a deductible, and what the individual health insurance plan does or doesn't pay.

Finally, be confident that you CAN find the right plan for you - it just takes a little work!