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Finding The Best Individual Health Insurance

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Finding The Best Individual Health Insurance

Finding The Best Individual Health Insurance

Individual Health Insurance plans are purchased for an individual or their family from a health insurance company. This kind of plan covers oneself and their family when there is no health insurance coverage from the employer to its employees. Individual Health Insurance is also purchased when the person is unemployed, self-employed or a student. The qualifications, advantages and evaluation for individual health insurance policies vary among different states and individuals.

The premiums for Individual Health Insurance are comparatively lower with less coverage than group health insurance. In comparison, employer health insurance provides greater coverage as tax policy offers them the advantage that makes them provide benefits of health insurance instead of higher salary.

Qualifications required for Individual Health Insurance

The qualifications for availing individual health insurance vary in the different states as well as among the different insurance companies. However, the primary difference between individual health insurance and group insurance is that the health plans offered with individual health insurance are not guaranteed. Hence, for pre-existing medical conditions, the private insurance company may decline to provide coverage or else, provide medical coverage but leave out coverage for treating pre-existing medical conditions. This is called an 'exclusionary rider' and is an addition to the regular benefits that are offered with the health insurance plan. In some states, the insurance companies are not permitted to offer this exclusionary rider along with individual health insurance plans. Although, this may seem to be a boon, there is a sharp decline in the issue of health insurance plans with the prevalence of 'exclusionary rider' as the insurance company finds it better not to offer the coverage instead of not being able to keep out the pre-existing conditions benefits.

Advantages of Individual Health Insurance

The individual health insurance being an agreement between an individual and the health insurance company, one gets the choice to customize the health insurance policy at the time of purchasing their policy. However, one has to be careful to bring changes after careful considerations as these would affect the amount of premiums one pays.

Evaluation of Individual Health Insurance

The health insurance company evaluates individual health insurance cases to find the risks involved to the insurer. The degree of risk determines the price of individual health insurance. There could be cases, in which individuals fail to qualify for their policies.

The evaluation process involves asking numerous questions and sometimes physical exams. The insurance company documents an individual's medical history. The medical information of an individual is authenticated with the Medical Information Bureau. Hence, it is essential not to lie with one's medical conditions with the insurance company. The exclusion rider helps in excluding any pre-existing condition from one's policy to get their coverage of individual health insurance.

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