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Individual Insurance Plan - The Dangers of an Individual Insurance Plan

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Crushing financial debt can result from an inadequate individual insurance plan. More than ever, people around the country are finding themselves in a financial dilemma regarding health care. Company layoffs and pay cuts are leaving numerous people without any health insurance. Those that do have coverage are paying premiums that are enormous. Unfortunately, consumers are having to navigate the waters of getting an individual insurance plan. Recent health care reform seeks to make this process easier; however, currently, there is no oversight. Companies are able to sell policies with inadequate coverages, and the consumer is given paperwork that hides many of these clauses in fancy legal talk. Most people do not realize until it is too late that a major medical illness can leave them riddled with debt.

As a result of poor coverages, people are not able to afford the health care services that they need. Health care insurance is not regulated adequately. Consumers do not really have an advocate looking out for their needs and interests. Thus, they make choices regarding individual insurance plans that are not good. People have not really had to worry about this problem before now. Previously, a person would get a job and the company would provide health insurance coverage. Companies tended to look out for their employees when it came to health care insurance. Now, this is not necessarily true. The downturn economy has led to massive cut backs in corporations all over the country. Employers are striving to simply keep their doors open, so consumers have to be aware of their options when it comes to health insurance.

Information is power; therefore, the consumer must be savvy when it comes to purchasing an individual insurance plan. No quick decisions should be made. It is best to compare at least three companies. Also, examine the company’s track record paying medical claims. Paying a little more for a well established company is definitely worth it. Saving a few dollars with a less reliable company can be disastrous. If you have a friend or relative that is good with reading legal talk, there is no shame in enlisting their help. It is crucial that you know exactly what you are purchasing. A major medical illness is not the time to discover that you do not have the coverages that you should have.

Furthermore, when looking at a policy, it is important to understand any exclusions. A health insurance company can refuse to cover certain pre-existing conditions. Read the fine print to see if this clause will apply to your individual insurance plan. Next, look at the deductibles. Oftentimes, the coverage will not kick in until the patient’s portion is paid. If you can not afford the deductible, no payments may be made on the claim. It is very important to understand this.

Next, examine what services are covered. Many policies on the market exclude maternity and mental health care. If these conditions apply to you, the cost may come totally out of your pocket. Choosing a health insurance policy should be based on your unique needs. There is not a one size fits all. A policy that works for one person may not be a good fit for someone else. Another important element is the choice of doctors. Many plans have very limiting choices when it comes to doctors. Most require that you use the doctors in their network. If you have a long-standing relationship with your physician, this could be a problem for you. Look at the consequences that will result from going out-of-network. It can be very expensive.

In conclusion, choosing an individual health plan is a big decision. Your life could hinge on this decision. It is critical to fully understand what you are purchasing. Do not let someone force you into choosing a policy that will not benefit your health interests. It could be a waste of money and a hazard to your health. Research companies and plans before committing to anything. With the right information, it is possible to make a smart decision regarding your individual insurance plan.

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