There are a number of things to consider when determining the right individual health insurance plan for you.
1. Are you looking for ongoing or temporary health care coverage?
You may just need coverage for a short period when you are without a job or you may prefer to always purchase your own insurance via an ongoing plan.
2. Do you currently take prescription medications for an ongoing health condition?
Some health insurance plans have strict guidelines about pre-existing conditions. You should be careful to always read the fine print.
3. Are you looking for basic coverage or comprehensive coverage?
Basic coverage is limited and typically only includes inpatient hospitalization and outpatient surgery. Comprehensive coverage includes what basic coverage covers and may also include preventative care and prescriptions. Comprehensive coverage is more expensive than basic coverage.
4. What deductible are you comfortable with?
The deductible is what you will pay out of pocket first before the insurance company will pay for or reimburse any medical expenses. This is also referred to as an Out-of-Pocket Limit. A lower Out-of-Pocket Limit can also mean higher monthly premiums.
5. What Lifetime Maximum will you need?
Insurance plans have Lifetime Maximum payouts. This is the total amount that an insurance company will pay for your medical expense over your lifetime. This amount is typically in the millions, but the greater the amount, the higher your monthly premiums.
Understanding your needs will help you select the right individual health plan for you.