Health Insurance for Individuals
Finding health insurance, as an individual shouldn't be that difficult if you don't have pre-existing health conditions. Depending on what state you live in will determine what laws and policies are available for individuals with chronic illnesses. There are three different types of plans individuals can purchase, network, traditional or a Health Savings Account.
Health Insurance Options for Individuals
With network health plans (also known as group plans), like HMO, PPO and POS, you are given a network of physicians to choose from. The providers in the network have agreed to accept reduced rates, making it possible for you to receive low premiums. When using an out-of-network doctor on the PPO and POS plans, your co-payments will be higher. The monthly premiums are also higher than the HMO. The HMO requires your Primary Care Physician to be from their network or no coverage will be given for the visit or treatment.
The traditional insurance plans are more flexible than the network policies and they also tend to cost more. You have the option of choosing any health care providers and hospitals you want. Some people opt for this as an alternative because they live outside the area of a network. The individual health plans also allow the insured to form a policy that caters to their needs.
A Health Savings Account, or HSA, is another option for individuals. You can only qualify for this account if you are enrolled in a High Deductible Health Plan, or HDHP; these health plans have lower premium rates than most traditional health plans and in exchange you pay high annual deductibles. Once qualified for the HSA, you are able to invest money for your health care and withdraw tax-free dollars to cover your medical expenses.