Individual Health Insurance

Individual Health Insurance Doesn’t Have to be Difficult

Consumers are facing a challenge when it comes to their healthcare. With the drastically escalating cost of healthcare expenses, the thought of tackling the issue without health insurance can seem overwhelming. On the other hand, the rising cost of health insurance can make the purchase nearly impossible. But don’t give up, there are solutions… first, start with a dedicated advisor who will work with you to navigate this increasingly complex market.

Unfortunately, as the number of people losing their employer-provided health insurance continues to grow, individual health insurance policies are becoming more prevalent since many of these consumers are not eligible for Medicare or Medicaid.

Considering “pre-existing conditions,” skyrocketing premiums and policy exclusions, the situation becomes even worse for consumers. With the constant changes in the health insurance industry, it’s never been more important to have an experienced, trusted insurance advisor working for you. Whether you’re working with a specific budget or need certain coverage included in your policy, you deserve to know how your policy will respond when you need it.

What You Need to Know: Health Insurance for Individuals

There are several important sections of most health insurance policies that you need to understand:

• Premium: obviously, you know what you’re paying each month, but you need to know that failure to make your payment will result in your health insurance being canceled.
• Deductible: this is the amount you must pay before your health insurance kicks in… unfortunately, minimum deductible amounts are on the rise.
• Co-payment: you make these payments for a specific type of visit, or for a prescription. They’re paid each time you make a visit or fill a prescription.
• Coinsurance: this is the percentage, 20% for example, that you must pay for your care. If you have a $10,000 surgery, you might pay $2,000 and your health insurance would pick up the remaining $8,000.
• Exclusions: this section of your policy is hugely important, it will tell you what is NOT covered by your health insurance plan.

Keep in mind, these are just the basics. For a more thorough explanation on a specific question, make sure you’re working with a Licensed Insurance Advisor.

Once you need your insurance, it’s often too late to correct any mistakes.

For more information about Individual Health Insurance, visit our Resource Center or contact one of our Licensed Advisors, we’re here to help!