Buying your own health insurance can be intimidating. If you can't buy health insurance through your job, then you’ll have to buy individual health insurance. A great place to start your search is online.
Tips to buy health insurance online
Finding affordable health insurance on your own can be quite a challenge. Fortunately, the Internet is there to help make the process a little easier. However, keep in mind that individual health insurance plans are much more expensive than group policies available through an employer.
There are websites available that let you compare rates and get health insurance quotes from many different companies. The processing is usually pretty quick online, too – often you can submit your application and sign the policy all electronically. And, there’s no extra cost for using an online site. Be sure to give yourself at least 60 days to go through the process of finding low cost health insurance online. That gives you time to do enough research, to find an affordable health insurance policy that is right for you, and to enroll in a plan and hopefully avoid any lapses in coverage.
Drawbacks to individual health insurance
There are many drawbacks to buying individual health insurance. An employer has a distinct advantage in being able to purchase health insurance at a group rate. If you join a health insurance plan through your employer, typically there is no need to submit to a physical or any kind of medical exam. With individual health insurance, it's much different. These plans are usually approved based on age, weight, smoking status, and health history. Most likely you will have to have a medical exam. And, after going through all of that, there is still no guarantee that you can even get coverage.
Medical insurance laws vary by state. A few states require by law insurers to offer coverage to whoever applies regardless of medical history. Sounds great, right? Not if you have to pay the premiums in that state. The premiums here are very high for everyone, even for the cheapest to insure.
Other states are much more lax in their rules. Where there is not as much regulation of the health insurance industry, the result is significantly lower premiums. However, the drawback here is the possibility of not finding coverage. If you have a pre-existing condition, an insurance company does not have to offer you health insurance. In that case, you may be able to buy medical insurance from a state’s high-risk pool, but even that can give you coverage but exclude your pre-existing condition.
If you find yourself in a position that you need to buy individual health insurance, keep a few things in mind. You are probably going ot have to pay a premium for individual health insurance. But, using the web may give you the best chance to find affordable health insurance rates for you.