Health Insurance - Individual Coverage

Individual insurance coverage is a very important thing to have in order to protect your financial well-being. While it is necessary, it can be very confusing to understand how to choose the policy that will best suit your needs. There are so many factors that you have to keep track of when shopping for insurance. If you're looking for individual health insurance, here are a few things to keep in mind:

Shop Online

Consumers have more power than ever before to be informed about different policies. You can log onto any independent insurance review site and get all the details that you might need. They can tell you who has the best customer service, who is the cheapest, and a host of other information. Once you visit an independent review site, visit some individual insurance company sites. They can give you more detailed information as well as an official quote on the policy that you need.

Deductible

Your deductible is one of the most important parts of the insurance policy that you select. Your deductible can have more impact on your premiums than any other single factor. The higher you can set your deductible, the lower your premiums will be. Utilizing a higher deductible is a popular move to keep your premiums under control. Paying a higher deductible makes sense because it lowers your monthly payments. There is only a slight chance that you will be sick and should consider choosing a higher deductible. It is important to not set your deductible to a level that you can never afford. Find a happy medium between unaffordable and to low and keep a savings account that holds the amount of the deductible for emergency situations. This way, your deductible can earn interest.

Coinsurance

The percentage that you pay in coinsurance is also a very important number to know. The coinsurance percentage is the amount of money that you pay beyond your deductible. A common split is 80/20. The insurance company will pay 80% of the costs of your medical coverage above your deductible and you pay the other 20%. You'll want to make sure that the coinsurance percentage is something that you can afford. Some insurance companies offer low monthly costs with 40 to 50 % coinsurance. The coinsurance fee can be out of your reach if your medical expenses are high. For example, if you are in a car accident and are hospitalized, the costs can be over $50,000. Using $50,000, your portion under a 50% policy would be $25,000 out of pocket. Remember that you also have deductible and monthly costs to include into the overall expenses, so be careful when examining this portion of your insurance.

Network

Another very important piece of information to pay attention to is the network that you are a member of. With most insurance plans, you have a certain network of medical facilities that you are a member of. As long as you visit the medical facilities within this network, you are in good shape. They will pay everything that they said they would pay and you won't be out of pocket any large amounts of money. If you go out of network, the costs can sky rocket. Your deductible goes up, your coinsurance percentage raises and your total out-of-pocket costs. Your network is one of the most important things that you can choose when it comes to individual health insurance. You'll want to make sure that you choose a network that has the medical facilities you want to visit. Make sure that there are some facilities near your home that are in network.

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