The Best Individual Health Insurance For The Budget-Minded

Finding the best individual health insurance for individuals is difficult, since many individuals are purchasing health care coverage on their own rather than through a company plan. Budget is often a primary consideration, since health care is such a major expense.

Many plans are developed to be beneficial to families, and contain coverage that are not necessarily to the advantage of an individual.

A budget minded individual can find the best individual health insurance by shopping carefully and looking at a variety of options before settling on a particular plan.

Short Term Major Medical

If you need the best individual health insurance possible for a short time because you lost a job or just graduated from college and aren’t yet employed, then your budget may benefit from a low-cost, short-term major medical policy.

Others who may find these policies to be useful are those who lose benefits as they are downgraded from full time to part time employee, those who have lost coverage after a divorce, recently discharged military, or early retirees.

These plans are able to offer low rates because their risks are fairly low, since no particular individual is part of the plan for an extended period of time.

These plans are simply a temporary fix to guard against a major medical problem that might cause real strain financially.

They are designed for one to six months of coverage, although some may allow you to purchase a year’s coverage.

Advantages are quick coverage – often next day – and lower premiums than standard policies. They don’t cover preventative care, typically, and they don’t cover preexisting conditions.

Self Employed Health Insurance

If you are looking for the best individual health insurance because you are self employed, there are several budget minded directions you can go.

One route that may seem like a good money saving option is an association based plan, such as those with the National Association of the Self Employed. However, there have been a number of investigations into these associations charging that the plans are simply fronts for aggressively marketed health insurance plans. They also have a reputation for raising rates.

Some reputable organizations that may offer you budget alternatives to high priced health care are local Chambers of Commerce and Alumni Associations. You may also be able to get decent health insurance through your credit union.

Remember that as a self-employed individual, you are able to deduct the cost of your insurance from your taxable income. This gives self employed individuals the same benefits that big business enjoy.

Compare Coverage

Some companies make a point of providing the best individual health insurance and cater to the needs of the individuals.

Visit or call several independent health insurance agents and explain your needs. Compare rates online and from agents in your area. See if you can find a policy that has no coverage for well-child care or maternity coverage that offers a better premium. 

Consider high deductible insurance programs and health savings account (HSA) programs as other good budget saving possibilities.

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