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 If
you own your own business, even if you're the only employee, you
can actually get group insurance -- which,
again, is easier to obtain than individual insurance. It seems bizarre,
but there actually is group coverage for a "group of one."
Choosing a policy
If you're lucky enough to have a couple of individual
insurance options, how do you compare? Consider these factors in
choosing the policy that's right for you:
- What's the deductible? Throw
those ideas of a $250 deductible and $15 co-payments out the window
-- they may sound great for group plans, but with an individual
policy, you're probably facing a deductible of $3,000 or more.
But remember: Because insurance should cover the most catastrophic
needs first, the deductible should figure into your decision-making,
but it should not be the deciding factor.
- What's the lifetime cap? In
other words, how much coverage will this policy provide? Does
it stop paying after $1 million? $2 million? Does it have an unlimited
lifetime benefit? When you think of how long you may be relying
on this policy, the lifetime cap becomes much more important than
the deductible.
- Does the coverage exempt pre-existing
conditions? You may have a pre-existing
condition that is excluded from coverage altogether (which may
be the main reason you're buying individual insurance in the first
place), or you may have to wait a year or more before you can
get the benefits. What if there's an emergency in the meantime?
Unfortunately, individual policies have strict language about
pre-existing conditions, and you need to read the fine print carefully
before you make a decision.
- Do you have any special coverage requirements?
Do you need mental health benefits for you
or a family member, or perhaps spousal coverage? Again, individual
policies are not very generous, but there may be certain policies
that provide better benefits than others.
The bottom line is that getting good individual health
insurance coverage requires work, but the time is well spent. No
matter how healthy you may feel, you still need to consider what
would happen if you were in an automobile accident, or hospitalized
for an extended period, and had to pay those costs yourself. Individual
health insurance can help relieve some of those worries.
How do you get the best policy at the
best rate?
Request a quote or contact
us.
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