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Friday, October 21, 2011

10 Things to Know About Health Insurance for Individuals

By Stanford Burt

1. Health insurance for individuals may be pricey, but not having any insurance at all will cost a lot more. Consider the immediate costs of going to just a single doctor's appointment and accumulating the costs incurred for a year. Now, consider medical bills from unfortunate accidents and injuries that could even push you to bankruptcy.

2. It is usually cheaper to take the group cover insurance option offered by employers. Don't hesitate to compare other plans if insurance isn't offered at your work, or if you are self-employed. Be sure not to rush into any decision and carefully consider the plans available.

3. Shopping for insurance is not easy. Health care is not like household insurance. The benefits vary from cover to cover, and this impacts on the cost.

4. Attaining a low premium doesn't always entail it being the cheapest plan. Premiums don't always cover additional services such as check-ups and emergency cars. Getting the best value for your dollar always beats looking for the cheapest plan.

5. There is no perfect health plan as all have their faults. Try to get the most inclusive plan you can afford to avoid any surprises later. Your overall level of health will determine these mostly optional extras you decide to add to your coverage.

6. Getting a plan with adequate coverage will require that you use their established medical networks, including doctors and hospitals. The more freedom you demand, the higher your premiums will be. This means that staying with your family physician may not be a good idea.

7. The coverage you choose will inform you of their network of service providers and you would do well to check them out. Take the time to check out health care service providers and even health plans on the Internet. Check to see if they can live up to the promises they make.

8. You will not lose your cover if you lose your job. State regulations are in place to keep you from losing your cover. This 'insured' health cover can entail higher premiums.

9. When taking care of your health insurance, don't forget your spouse's needs. At this point you can start check out plans with the best overall benefits. If not, consider if it would be better to keep your health care plans separate for additional benefits.

10. If your premium is in excess of 7.5% of your income, it becomes tax deductible. You may also want to check out flexible spending accounts, which are similar to pre-tax accounts that can be used exclusively for medical expenses. Such tax breaks can surely bring you a considerable amount of savings or health insurance for individuals.

About the Author:

The savings benefits form an insurance can go a long way.

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