Which Individual Health Insurance Plan is Right For You?
By: Health Insurance
Submitted: 2009-12-07 14:09:33 | Word Count: 400
Are you a recent graduate, newlywed, early retiree or between jobs? Not satisfied with your current individual health insurance plan? Then you will find yourself shopping around for a quality, affordable individual health insurance plan.
Most people, until recently, get their health insurance from their employer. But in today’s declining economic environment, many companies are eliminating or drastically reducing coverage by company-sponsored health insurance. Increasing numbers of people are seeking affordable private health insurance plans designed for individuals.
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When choosing an individual health insurance plan, you must choose the correct coverage. Once that is decided, you must do comparison shopping if you hope to discover affordable individual coverage that makes financial sense. Individual health insurance can be affordable for most people.
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.
