How to Buy Affordable Individual Health Insurance

The numbers are daunting. Only 60% of businesses are now offering health insurance benefits to their workers - that's down from 69% in 2000 and decreasing annually. With small businesses, the numbers are under 50%. Plus, premiums for medical insurance continue to increase in double digit percentages every year. The big question then becomes how can you find affordable individual health insurance?

The task may seem impossible, but if you follow a few simple steps, you should be able to find a health insurance possible that you can afford.

1. Know the rules in your state - Each state has different guidelines about health insurance policies. For example, the way pre-existing conditions are defined varies from state to state. Before you begin looking at policies, you should become familiar with these rules so you'll be able to make educated decisions about your coverage.

2. Know what type of coverage you need - Once you start looking, you'll find a wide array of choices. For example, if you are between jobs, you may only need short term health insurance. Or if you are thinking about starting a family or already have one, then you may need to find a plan that includes maternity coverage and/or that covers more than just an individual.

3. Know what you can afford - Sit down and create a health insurance budget. When you buy individual health insurance, you won't only be paying the premiums, but also co-payments, deductibles, and sometimes even co-insurance so all of these elements need to be considered when deciding what to spend on a policy.

4. Compare all of your options - To find an affordable individual health insurance plan, you need to know what's available. Just looking at one particular company's offerings won't tell you much. Instead, you need to look at a wide variety of plans so you can compare what is being offered and what it costs.

Action Steps

To find affordable individual health insurance, here are some resources that can be useful.

Check your state's insurance rules

Remember you need to know your rights before signing up for any insurance policy, particularly if you looking for a good deal. Pay attention particularly to rules about pre-existing conditions (so you'll know what will and won't be covered in a plan) and about what has to be covered (often coverage of immunizations and other routine procedures is mandatory).

Find an insurance broker

Comparing health insurance plans can be tricky. That's why it's a good idea to work with an insurance broker who is familiar with the rules and policies available in your state. Because they do not work with any single company, they can give you information about many of the policies available and can even help you make comparisons.

Do your homework

To make the right choice, you need to understand some basic industry jargon. For example, do you know the difference between a PPO, HMO, and a HSA? They are all options to consider when thinking about your health insurance options. Take a little time to do some research about the options that are out there, so you'll have the knowledge necessary to make a wise choice.

Tips & Tricks

Once you find an affordable individual health insurance policy you should be very careful when completing all of your paperwork. Do not be tempted to lie or misrepresent anything about yourself or your health. Insurance companies do thorough checks on all of the information and will refuse to pay your claims even over the smallest discrepancies.

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