A Basic Guide To Individual Health Insurance

individual health insuranceIndividual health insurance is something that everyone should consider having.  However, health insurance plans are not all the same and it is important that you know what you should be looking for.  There are a number of points to consider when looking for individual health insurance.

Compare The Types Of Health Insurance

When looking for individual health insurance, you will notice that there are a number of different types.  It is important that you compare the different types and find the type that suits your needs the most.   The most common types of health insurance are HMOs, PPOs, EPOs and POS plans.  Each plan offers something different and will help you determine what your out of pocket costs will be.

The HMO plan is best if you want to have a low out of pocket cost and a primary care doctor that coordinates all of your care for you.  With this type of insurance, you will need to stay within a network of providers to get treatment other than in emergencies.  All procedures and specialist consultations will require a referral with this type of insurance.

PPO plans do not have a network limitation, but the care from network providers will be cheaper.  This type is ideal if you want more provider options.  You will not need a referral for any procedures or specialist treatments.

EPO type insurance is best for people who want low out of pocket costs and want no limitations on referrals for specialists and procedures.  These plans will have a network of care providers that you need to work with.  The only time you can go beyond this network is when there is an emergency.

The POS plans do not have any network limitations, but network care is cheaper and you will need a referral to go outside of the network.  You will also require a referral for procedures and specialists.  This type of insurance is best for people who want more options for providers and a primary doctor that coordinates their care.

Compare The Networks

Once you have determined the type of insurance that will work for you, you need to look at the network they use.  If you have a preferred doctor that you want to continue seeing, you need to ensure that they are within the care network of your insurance.  A larger network is recommended because it offers you greater choices in terms of who you use for treatment.

Compare The Out Of Pocket Costs

The out of pocket costs need to be looked at when choosing health insurance.  These costs are the ones you will have to pay each time you have medical treatments.  Your portion of the costs will be the deductible, the coinsurance and the copayments. There is a maximum that you will need to pay each year and this will be listed in the plan information.  The lower the monthly premium you have the higher the out of pocket costs are going to be and you need to consider this.