Individual Health Insurance Coverage

Affordable or Not? Individual Health Insurance Coverage

It is estimated that 45 million Americans are without health insurance. If you belong to this group, then it's likely your problem is not in finding a policy or being eligible for coverage but instead it is the affordability or lack of affordability. At present, only 7% of the unemployed elect to pay the average $250 annual premium of COBRA coverage, the continued health care coverage available under a former employer's group plan. While the average premium is $250, an individual might find it necessary to pay as much as $650 to maintain their insurance under COBRA. So what can you expect if you go shopping for individual health insurance coverage in terms of costs? According to a 2004 report by the Kaiser Family Foundation, Americans are paying average of $1,786 annually for their health coverage.

What Choices Do I Have in Individual Health Insurance Coverage?

Your choices in part are defined by state law. Affordable and more competitive rates are found in states which provide for no-guaranteed issue. This means that some people may be excluded for pre-existing conditions which drops the insurer rates thereby dropping premium rates. As an option, you may wish to look at short-term or catastrophic coverage. Short-term policies allow for somewhere between 6 - 12 months of coverage. Some plans allow you to continue coverage though your rates may increase. Catastrophic plans provide for coverage of hospitalization and emergencies so you are in effect paying a lower premium since routine and preventative care are coming out of your own pocket.

Shopping for Individual Health Insurance Coverage

Contact your state's insurance web site or phone to learn which companies are licensed in your state. You'll find not only the companies which are licensed but also those which allow you to purchase insurance directly from the company rather than going through a broker or agent, thereby saving you the broker's fees. You will also learn if complaints have been filed against any company. In shopping for individual health insurance coverage, you'll find that you need to consider what the best health care is for you and your loved ones today and what you might need tomorrow. Getting that coverage along with an affordable price will require research but getting that delicate balance between cost and return will be worth every minute spent on finding the best coverage at the best price.

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