THE TOP INDIVIDUAL HEALTH INSURANCE POLICY WOULD BE ONE THAT YOU NEVER USED. However, you have to purchase health insurance BEFORE your need it..
1.TIP #1 Having some individual health insurance is better than none at all. Suddenly overcome by an unexpected medical condition can ruin your financial security and environmental living standards. With no rehabilitation benefits, you could lose your job. Then you might have to sell everything valuable you worked hard for. Weakening, frail health may allow meeting the stringent Social Security Disability requirements. Never ever chance it, and never rely on the government.
2. TIP #2 All individual health insurance policies are not created equally. If you are in the same financial position similar to many neighbors, paying deeply for coverage may not be achievable. Don’t despair, see how much lower your premiums will be if you opt for a major medical plan with a $1,000, $2,500, or even $5,000 deductible. Next look at your car insurance and home owner policies and get higher deductibles on them. If you encounter no mishaps, you had protection made possible by structuring higher deductibles into your insurance plans.
3. TIP #3 All individual health insurance policies are not Major Medical plans. Some are hospital plans with stripped benefits or are ridiculous outlandish hospital indemnity plans. Always try to purchase Major Medical insurance. Most Major Medical plans pay up to at least $2,000,000 in lifetime benefits. Recently I had neck-spinal fusion surgery, forcing 4 days of hospitalization. Total expenses exceeded $60,000. A regular hospital plan probably leaving $10,000 unpaid could be expected. The idiotic purchase of a hospital indemnity plan would have paid specified amount per day in the hospital. Having a hospital indemnity plan paying $250 daily, it would have paid out $1,000 total.
4. TIP #4 Evaluate your age and see if you need maternity benefits covered. A problem newborn can easily accumulate $200,000 in advanced medical care. Therefore a plan with maternity benefits can shoot up costs. When checking rates, see if the insurer has one rate for all ages, male or female. Some individual health plans base your rates on age, with females getting lower rates at certain ages, and males getting gouged at higher rate bands. Overall, buy the best policy you can afford to keep.
5. TIP #5 Do not inquire about health insurance until you have fully evaluated your present and past medical conditions. An Individual Health Insurance Company may elect not to cover your conditions, plus raise up normal premiums. If you have serious health conditions you might try to see if Blue Cross will insure you (without 180 days of coverage for pre-existing conditions). If you operate a business out of your home, or are an independent contractor, or self employed with a registered name you have one lucky star. Check your local Chamber of Commerce whose many benefits may include eligibility on their large group plan. A unique way to get large group coverage for 1 person,
6. TIP #6 Check out the HMO, health maintenance organizations and PPO, Preferred Provider Organizations. Remember though that an HMO is like your mother saying NO or beg me first. It doesn’t take long until you feel like a number, not a patient. Good luck getting a referral approved, either though your doctor insists on it. Plus you select your doctor from their list and only use a certain hospital when necessary. A PPO offers more flexibility of course at a higher price.
7. TIP #7 This one is easy to become a scam victim of. A virtually unknown insurance company enters your area, aggressively fighting for you to sign up. The rate is below all others, and benefits are comparable. The first 3 years the company signs up thousands and thousands of individuals in good health and pays little out in claims. Suddenly people like you have major health problems and start submitting claims. The insurance company doubles their rates. Most of the people in good health go elsewhere, but you are stuck.. The insurance company may again double rates, hack off benefits, cancel policies, or sell out to another carrier. Quicksand where you can’t be rescued!
8. TIP #6 Don’t have a heart attack if you are left with thousands of dollars in medical expenses. Most hospitals and doctors have already built in a price margin to cover some costs of those who can’t pay the entire bill now. Keep you mouth shut, and you hands away from the phone until you bill goes to a collection agency. Remember, these bully meanies do not get a dime unless you pay. Don’t give into threats! After 6 weeks of receiving pestering calls, make your move. If you have a $500 bill, offer to pay $250 in 5 days, many collectors jump to settle on this lower amount. Should you have a long range problem go right to the top claims administrator. Offering to pay $100 a month will earn you 6 years to pay off a $5,000 bill, plus keep your credit.