Individual Health Insurance Plans: For the Young and Healthy
In the United States, over $2.3 trillion is spent on healthcare every year. The costs associated with a serious injury or illness can be debilitating. Even costs associated with regular check ups and daily prescription medicines for those with chronic conditions can be painful. This is why affordable individual health insurance is so important.
While many people are lucky enough to get insurance through their employers, a significant portion of the population does not have that option. These people must either buy their own personal policies or go without. While going without insurance can seem like a tolerable risk for a young and healthy person, just one serious illness can cost far more than the savings you’d see by skipping health insurance. And, when new health insurance rules kick in in 2014, going without will no longer, legally, be an option.
Luckily, there are a number of affordable health insurance options for individuals. These policies can help insure that necessary medical care is available when needed, and that it won’t break the bank. Options for individual health insurance vary quite a lot. The best choice for you will depend on your personal circumstances.
Those who are young, healthy and who do not wish to spend much on health insurance should look at high deductible health insurance policies. The deductible is the amount of health care costs you are responsible for before the insurance company’s responsibility kicks in. These policies are especially affordable, since the premium goes down as the deductible goes up. There will also usually be a large co-pay for each visit to a health care professional. When considering at high deductible plans, it is important to make sure that you are capable of paying the medical costs you will be personally responsible for. Many experts recommend keeping enough to cover your deductible in an emergency savings account.
If you have a medical condition that requires frequent trips to the doctor or requires that you take medication daily, an insurance policy with a lower deductible and higher premium could prove to be more affordable in the long run. Sit down with a calculator and figure out what your out of pocket costs are under a number of different scenarios before making your choice.
There are also a number of personal factors that will affect the cost of your insurance premiums. Insurers have determined that people in a number of different circumstances are more likely to need medical care, and so, are asked to pay higher insurance premiums. By making certain lifestyle choices, you can reduce the amount that you will have to pay. As most people know, smokers pay more for health insurance than non-smokers do. Those who are obese also pay more for health insurance because obesity has been linked to a number of chronic health problems. Married people pay less for insurance than those who are not married. And, those who have dangerous jobs where there is a higher risk of injury pay more for those who do not. By making adjustments where you can and also comparing different company’s prices, you can find the right affordable individual health insurancefor you.