By: Health Insurance
Submitted: 2009-12-07 14:09:27 | Word Count: 423
If you are a recent graduate, a newlywed, retiring early or between jobs you may be looking for affordable options for Individual Health Insurance. You may have just left a group health plan at an employer. Or maybe you’re just looking to switch from your current individual health insurance provider to a new one.
In today’s recessionary economic environment many companies are severly reducing the health insurance benefits offered their employees, and some are eliminating coverage altogether. As a result, increasing numbers of people are seeking out affordable private health insurance plans designed for individuals. Fewer and fewer employees are receiving health insurance through their employees.
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Choosing an individual health plan isn’t only about getting the right coverage. It’s also about figuring out the costs and working with a health plan that makes financial sense for your individual situation. Individual health insurance can actually be fairly affordable.
The four most common individual health plans are HMO, PPO, HSA, and FFS. Health Maintenance Organizations (HMO) are the most affordable plans. Most HMO networks include thousands of professional health care providers.Preferred Provider Organizations (PPO) are also affordable but more flexible than HMOs. You can see any doctor or specialist you want, so these plans are more convenient.Health Savings Accounts (HSA) provide tax-free contributions to an account from which you pay health care expenses after the deductible is met on the accompanying high-deductible health plan. Fee For Service (FFS) plans are the traditional health plans we are all used to. You pay upfront to get the healthcare you need, and then are reimbursed for part of the cost.
Also, with an employer’s plan, leaving your job means leaving your health insurance. Individual plans protect your health wherever your career takes you. Individual health insurance is meant for single individuals. These plans are the best health insurance opportunities for people who are self employed or work in small companies that either do not offer health plans to their employees or offer plan options that don’t meet your needs. Just be sure to review all the options and costs for the plans you are considering. Selecting the best individual health plan for you takes some time, but it is worth it in the long run.
