HEALTH INSURANCE

Many people today are self-employed. This means that they do not work for a company that can provide them with insurance. However, they still need to cover themselves and their family in case of serious illness or injury. People who have no other means of purchasing insurance through a company or organization should look into purchasing individual health insurance.

It is true that individual health insurance is one of the most costly types. Because you are not an employee of a company or work for a company that doesn't have any type of employee insurance plan, you will have to bear the entire brunt of the premiums. But, without individual health insurance, a person's finances could be completely ruined with one illness or injury.

Individual health insurance plans may come in one of two forms: HMO or PPO. HMOs limit the doctors you can visit – you must choose from a list of doctors provided by the insurance company. PPOs allow you to visit any doctor at any facility. What you will need to look at when offered the two choices as part of an individual health insurance plan is:

Cost – Ask what the premiums are for each plan. They may vary and one plan may be more affordable than the other plan.

Features – What does the individual health insurance plan cover? Does it cover any prescription drugs?

Access – Sometimes, with an HMO, because there are a limited number of doctors, it may take a while to get an appointment unless it is an emergency. Are you willing to wait a little to find an individual health insurance plan that might be cheaper?

Before you sign anything, look around and ask for different quotes from different insurance providers. Be sure to ask them all the questions listed above or anything else that is important to you. Read each plan thoroughly before signing on the dotted line to make sure you are getting and paying for exactly what you want.