Affordable Individual Health Insurance: An Overview

Posted by Hannah Punitha on Mon, Jan 18, 2010  
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No one can deny the importance of being healthy. With recent advances in medical science, it has become easier to stay healthy. However, many of the medical procedures are extremely costly and if you do not make provisions for expensive treatments by opting for affordable individual health insurance, then all your savings may be wiped out within weeks. If things get really bad, you may find yourself in a position where you just can't afford the treatment that you badly need. If you don't want to get into such a situation, all you need to do is opt for affordable individual health insurance.

Medical insurance of many people in the US is provided by either the person's employer or by the government. People who do not get this facility turn to private companies that offer health insurance. These companies try their best to provide service at affordable rates.

If you are hesitating to opt for such a policy because you feel that you are young and healthy and will not fall ill, think twice. Remember that policies may cost more if you apply after you develop medical complications. So, applying for a policy before you develop any kind of medical problems will prove beneficial. However, do not try to hide facts about you medical history while applying. It is advisable that you mention any medical condition, however insignificant you might consider it to be, to the service provider when you apply for a policy. If you make a claim and the company finds out that you withheld information regarding any pre-existing medical conditions then your policy will get canceled. This is known as "rescission".

Some affordable individual health insurance plans have the Health Maintenance Organization model. In these schemes you are required to pay only a part of your medical bills. These companies providing HMO schemes have a list of preferred doctors and you can make claims only if you are treated by those doctors.

Other coverage plans have the Preferred Provider Organization model. Here again, you have to pay a certain fraction of your medical bills. A PPO scheme varies from a HMO one as it allows you to get treated by the doctor of your choice.

Medical bills can take up a lot of your savings and or even leave you heavily indebted. Hence it is advisable that you opt for an affordable individual health insurance plan as fast as possible.


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