Individual medical insurance is meant to help Americans manage their health care costs in situations where their employer does not offer group medical insurance, or where the coverage that is offered will not be sufficient to cover their medical needs. Individual medical insurance can also be a choice for those that are between jobs and want to ensure that they are covered in the event of an injury or illness.
There are a staggering number of individual medical insurers out there, all offering different levels of coverage as well as widely varying individual medical insurance quotes. Here are a few important things to know about the individual medical insurance world.
Individual Medical Insurance Now Offers More Than Simply HMOs
The HMO is the most common American health plan for individuals, but it is slowly having to share the spotlight with several other types of individual medical insurance, each of which has its own strengths and weaknesses. One of the most popular HMO alternatives is the preferred provider organization (PPO) option. PPO plans typically allow for a wider network of physicians, and also penalize clients less if they use a provider who operates outside of the network.
In many cases, no referrals are needed to see a specialist – an appointment can simply be made and will be paid for if the expense is justified. Another option is the self-directed health plan. This type of individual health insurance plan allows for a far greater control over the yearly allotment of money for health care spending, and allows the consumer to decide how the dollars should be spent. Of the three types, individual medical insurance quotes for a self-directed plan tend to be the least expensive.
COBRA Coverage and Individual Medical Insurance – What You Need to Know
If you have recently lost your job due to a downsizing or layoff, you may be eligible for COBRA coverage. This government legislation mandates that those who have suffered certain “events,” such as a firing (except for gross negligence or criminal activity), layoff, or even the death of an employed spouse, are eligible to still receive coverage through the company”s group health care plan for up to eighteen months.
While this is a form of group insurance, it functions like individual medical insurance, though there is less control than if the plan was purchased directly from a provider. The COBRA legislation makes it possible for individuals to remain covered even while they search for reasonable individual medical insurance quotes – but once a new policy has been purchased, COBRA coverage will no longer be in effect.
Finding reasonable individual medical insurance quotes can be difficult, especially for those with a history of medical conditions or a limited amount of money available, but we”re here to help. Stop by and ask for a quote today, and get even more detailed information on individual medical insurance. With access to some of the best providers in the nation, we can help you find the insurance that”s right for your individual needs.