Individual Insurance Coverage

In most cases buying individual insurance coverage should only be contemplated when all other options are exhausted as it is the most expensive way to obtain insurance coverage. Only about 5% of people in the US have individual health plans usually because they are not eligible for group insurance as they are students, unemployed or work for a company that does not offer group insurance. Even if you company does not have a group plan other organisations of which you are a member might. Churches and unions very often take out group insurance for their members so check any organisations you may be a part of before you consider individual health insurance.

The laws governing individual and group insurance coverage vary between states so check out those that apply to where you live.

Choosing Individual Insurance Coverage

It may not be easy to choose a company and plan that will suit you best. Most individual health policies require a physical examination which is not usually required for group insurance and pre-existing conditions may be excluded from the cover. Premiums may also be higher if there are any known medical conditions and also if the individual has a history of smoking or alcohol abuse. A group plan does not generally cost more under these circumstances.

Restrictions and limitations may also apply for an individual insurance plan so make sure you find out all the details before you sign up. If you have a serious medical condition you may be denied individual health cover and may need to consider Blue Cross or Blue Shield, which may be designated by your state as ‘the insurer of last resort’.

Individual insurance cover can be taken out to include spouses and dependants in addition to the insured individual.

Conclusion

In nearly all cases it would be better to take out group insurance cover rather than individual insurance coverage if this is available. Not only are the premiums lower but cover is usually more extensive and often includes pre-existing conditions. Don’t forget to check any other group you may be a member of if your employer does not offer it.

Best Insurance Coverage Information