About Low Cost Individual Health Insurance
Many people find themselves going without health insurance coverage due to being self-employed, out of work, or an employee for a company that does not offer it as a benefit. According to healthinsurance.org, 47 million people in the United States are without coverage, which puts them at risk of financial catastrophe. If you are in this position, there are some options available that may help you find affordable coverage.
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Shop Around
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Premiums can vary greatly from company to company and the type of coverages needed. By making use of an online resource such as healthinsurance.org/quotes/ you will be able to obtain quotes from several different companies. A note of caution: Be sure that when comparing quotes, you are comparing "apples to apples" when it comes to coverages.
Educate Yourself
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Unless you work in the industry, health insurance can be confusing. That is why it is so important to educate yourself in order to make the best decision for you and your family. A good place to start is by becoming familiar with the industry jargon, by examining the glossary of terms located at healthinsurance.org/glossary/.
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Explore Alternatives
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If you have been laid off recently, you may have elected to take the COBRA (Consolidated Omnibus Budget Reconciliation Act) option from your employer as a way to continue health coverage. However, this can become quite expensive, since the employer no longer pays a portion of the premium. An alternative is to take out a short-term major medical insurance policy. These generally last from 6 months to 1 year and will guard against financial disaster if a major illness occurs, and they are relatively inexpensive to purchase.
Self-Employed
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If you are self-employed and do not have access to an insurance plan through an employer, there are options available. By joining a business association, such as a builder's association, you can gain access to affordable health insurance. In some cases, you do not have to work in the business that sponsors the association to become a member. You also may be able to deduct the cost of the health insurance premium from your taxes.
Choose the Right Plan
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Choose the type of insurance plan that best meets the needs of you and your family. As a way to reduce premium outlay, if everyone is in good health, a major medical plan may be a good choice since you are likely not going to the doctor very often and are more concerned about catastrophic coverage. Or, you may be better off to choose a plan that is designed to cover doctor visits and prescription drugs but has little or no coverage for major events.
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