Buying Individual Health Insurance

The idea of buying individual health insurance for the very first time can be a scary, and an often confusing one.  There are so many variables that you’ve probably never had to worry about before.

Health insurance premiums are higher than they’ve ever been, and they continue to rise with each year.  It’s scary to think about where everything’s going, but buying individual health insurance is a necessity for those who may fit a number of different descriptions.  The following are certain groups of people who may benefit from individual PPO health insurance plans.

First and foremost, those who are self employed will need some kind of coverage.  While there are often associations that may offer group discounts, these are few and far between, leaving business owners in a position where they’ll need to find individual health insurance for the self employed.  Small business owners will fit the same bill often times, as the cost of getting a group plan for all employees simply may not be practical.

Students will also want to consider buying individual health insurance.  Depending on the state that you live in, you may have reached a certain age that deems you ineligible from your family plan.  If you’re in college, you may want to look into certain health insurance plans for students that your school offers.  If you’re looking for an independent policy, the good news is that health insurance premiums are generally lowest for young adults, a demographic that’s typically in good health as compared to the rest of the population.

Others who want to consider buying individual health insurance may be those who recently became unemployed.  This is an unfortunate situation, as the last thing you’ll want to do is pay more bills while there’s a lack of a steady income.  While COBRA health insurance is always available for an 18 month period after you’ve lost your group coverage, the cost of COBRA plans will often be over twice as high as the monthly group insurance payment was.  This is simply impractical, leading people with no choice but to consider buying individual health insurance.

If you can’t afford an individual plan and you find yourself in a situation where you’re unemployed, look into any state sponsored health care initiatives that may give you coverage while you fall into this category.  They do exist, as does Medicaid.

Others may simply feel that they’re overpaying for their group health insurance policies, and seek out something cheaper.  If you’re buying individual health insurance under this pretense and you generally consider yourself to be in good health, you may want to consider the idea of health insurance savings accounts, also known as HSAs.  These allow you to write off part of your medical contributions in the amount up to your deductible, and are generally geared toward those looking for catastrophic medical coverage.

The good news is that there are plenty of carriers fighting for your business.  Most states have Blue Cross Blue Shield individual health insurance, in addition to a number of other reputable carriers like Aetna, Humana, and many others.

Good luck to you in your efforts.  The most important thing is to know exactly what you’re getting as far as benefits, exclusions, and limitations go.