A Beginner's Guide to Medical Insurance

Most people are familiar with the medical insurance benefits that are received as part of a group plan. Usually this kind of medical insurance is offered through your employer. The advantage of this kind of group medical insurance plan is that it allows you to enjoy significant discounts on the premiums for comprehensive policies.

When it comes to medical insurance, freelancers or unemployed individuals find themselves in quite a different boat than the employed when it comes to paying for medical insurance. Individual insurance is usually quite a bit more expensive compared to group health insurance. It is evident that there is strength in numbers when it comes to paying premiums and that you are in a far better position to enjoy medical insurance benefits if you are employed.

Also individual medical insurance plans are not available to everyone. Unlike group plans, individual plans are subject to rejection or exclusions in the policy. This is especially true if you have a record of medical problems. However this practice of rejecting individual plans is not allowed in some states in the U.S. who require that the insurer provide you with an individual regardless of your medical history.

Pricing is probably the most baffling aspect of shopping around for individual medical policies, so it's worth your while to compare policies. For instance, the premiums for similar products from different insurers can vary by as much as fifty percent for the same individual with the same age and expected medical expenses.

No matter what the cost of the premiums for individual medical plans are always substantially higher than group plans. In addition, people enrolled in individual plans pay premiums that align with expected medical costs. As a result, individual medical insurance premiums are a lot higher for elderly or individuals with a chronic medical condition. To find out what your rights are with individual medical insurance, contact your state insurance department. This will help you choose the individual medical insurance that is best for you and make objections if you feel that you are being offered an unusually high premium from a medical insurance company.

Finding the right balance of coverage and cost can be challenging, but when you are freelance or unemployed it's an absolute necessity. The first step is to evaluate your needs and understand your medical insurance options. For some, that may mean buying COBRA coverage from an employer. COBRA insurance guarantees that you will receive medical coverage for 18 months after you have been dismissed from your job. This type of insurance can also help you when it comes to purchasing individual coverage as most medical insurance companies raise the cost of premiums for individuals who have not been covered for more than sixty-three days.

The health insurance market offers a confusing and various selection of packaged plans designed for individuals. This is because the laws regarding medical insurance vary from state to state and these laws are often in a state of flux as new legislation is gradually passed to make medical insurance available to all. An independent agent well versed in individual medical insurance policies can help you sort through your options and find the policy that's right for you and your family.

 

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