Millions of Americans don’t have health insurance, many because they are unemployed or their employer doesn’t offer health insurance. If you don’t have health insurance, you need to look for a low cost individual health insurance policy to protect yourself from possible financial disaster. Otherwise, even a minor accident or illness requiring test or a trip to the hospital could wipe you out financially.
What to Look For in Individual Health Insurance
Individual health insurance plans offer more choices than employee-sponsored insurance plans, but at a higher cost. As you investigate individual health insurance plans, look for one that offers these features:
* Coverage that cannot be cancelled and is automatically renewed as long as you pay your premiums. Otherwise, your insurance can be canceled if you get sick and have too many claims.
* Time after paying the premium to change your mind. Most insurance companies give you 10 days to examine the policy and decide whether you want it. If you decide you don’t, you get your money back.
* Coverage you need. Make sure you understand what's covered, what's not covered, and when the coverage begins. If you have any pre-existing conditions, make sure they're covered.
* Portability. If there is any chance you will be moving, make sure your policy can move with you and that you will not be subject to a waiting period before coverage resumes.
Where to Look for Low Cost Individual Health Insurance
An insurance comparison website is the best place to look for a low cost individual health insurance plan. You'll complete one simple form in order to get multiple quotes. Then you can compare those quotes and choose the lowest cost individual health insurance plan.
The better comparison sites only work with A-rated companies so you know you're claims will be paid. The best of these sites even let you talk with insurance professionals so you can ask questions and make sure you choose the health insurance plan that best meets your needs (see link below).
The authors, Brian Stevens and Stacey Schifferdecker, have spent 30 years in the insurance and finance industries, and have written a number of articles on individual health insurance coverage.
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