Buying Individual Health Insurance – What You Need To Know
Today in America there is a great push going on to convince people of buying individual health insurance for the long term. The Health Insurance companies are actually building the big bucks promoting these insurance plans. But you have to be careful though. This website is dedicated to help you find the best deals on buying individual health insurance as well as finding the best medical insurance plan that’s available for you. Knowing some core facts and asking yourself the necessary questions is mandatory before you can apply and get a plan that is most beneficial for you.
Buying individual health insurance for the long term could be the very best decision you have ever made, or it even could be one of the biggest mistakes of your lifetime ending up in a financial disaster. Just before a person should even think of this practice of long term health care insurance you require to understand what I realize being a financial advisor and former insider of long term individual health insurance providers. But before we can go on buying individual health insurance we first need to take a deeper look at the facts. Did you know that…
- In the U.S. Every eight secs the next person turns fifty – FACT
- Right now there usually are almost 78 million seniors aging at the exact time – FACT
The actual fastest rising segment of the population is going to be more than 85 – FACT
- It truly is predicted that 9 million baby boomers will probably have Alzheimer’s disease or even some sort of human brain illness – FACT
- The L.A. Times, CNN and other news agencies report that the “healthcare system is not clearly prepared for the steadily increase of aging boomers” – FACT
- The United States government states that spending on long-term care services just simply regarding the seniors could get to as much as 378$ billion in the next 30-40 years – FACT
- Medicaid is expected to remain one of the largest funding sources for long term care, straining both federal and state governments- FACT
- Buying individual health insurance gets even more challenging because the General Accounting Office of the U.S. government reports that “a key question for policymakers will be to consider what options exist for rethinking the federal, state, and private roles in financing long-term care” – FACT
To sum these facts up, all of the above is a clear sign that a long term care financial tsunami is headed toward everyone. To make it easier for you to make an informed decision, I’ve listed some core questions you should ask yourself when it comes to buying individual health insurance.
What you should ask yourself before buying individual health insurance
- What do you actually require individual health insurance for? It may seem like an obvious question, however think about it again. Right now there are usually many options in buying individual health insurance plans, so that you have to choose wisely. The more precisely you answer these questions about buying individual health insurance, the better your health insurance offer will be. Some questions you need to answer are:
- What about “Check Ups”? How often do you go for the regular ones?
- If not even frequently, do you need to have a lower copayment?
- Are you a person that likes to go rather often to the emergency room?
When it comes to buying individual health insurance, how much are you able to spend for it?- Just how much do you spend per calendar year on insurance policies? In case you stated, “very much,” then go for a lower insurance deductible, right?
- While thinking about buying individual health insurance you should pay attention to the following scenario: If you need a $80,000 surgery, can you manage a $20,000 medical bill? In case you cannot afford this, 25% co-insurance may possibly not be suitable for you. Use a lesser % co-insurance, maybe 5-0%. The same strategy applies to get your deductible. If you couldn’t put up the $4000 insurance deductible to get the insurance company to cover the actual claim, think about paying for a higher monthly rate to get your insurance deductible down to your manageable level.
Before buying individual health insurance think about what you really need. Ask yourself:
- Do you always need the doctor of your choice, or are you felxible enough to can go with anyone? If you’re good to go with any doctor, you can save money with an HMO. And If not, invest a bit more on a PPO. You can also take into consideration POS plans.
- What about your mental health and physical therapy? Do you need that to be covered too? There are a lot of great offerings in that area on buying individual health insurance.
Now we come to the part that most people are mainly interested in when it comes to buying individual health insurance, how do I get the lowest price?
On the one hand you are in a lucky position. Because there are so many companies out there competing against each other, chances are good for you to get a “really good deal” on buying individual health insurance. On the other hand it can be very difficult to find out which are the best companies to fit your needs and provide you with the best price because there are so many out there. The key here is to compare prices before you sign anything. Compare quotes on sites that have a reputation for getting the lowest quotes from all the different companies. My favorite website for comparing health insurance plans is eHealth Insurance. They did a pretty good job by providing a real comparison of nearly all available quotes for free and therefor are getting my highest recommendation.
Here is a great video from David that covers a lot of different aspects about buying individual health insurance:
I hope you find this website very useful and you are now able to make a more informed decision when it comes to buying individual health insurance.
To your health,
Dustin Cannon
