When the Only Choice is Buying an Individual Plan

Buying an individual plan will soon become a necessity than an option. With the Affordability Act coming into force, everyone needs to have a health plan. So if one does not have any form of insurance, or is not included in his family's coverage or is employed, then he has to buy an individual medical plan.

Individual health policy would always be costlier than family or group plans. It would also not be that comprehensive. But the advantage of buying an individual plan is that it will customized according to the personal needs of the beneficiary. You could leave out or add on services according to your personal medical needs. This would in turn affect the premium you are paying, thus making is cheaper or costlier than other plans.

Managed health care plans like HMOs and PoS are good option when you want to buy an individual plans. There are certain restrictions in these plans like sticking to the chosen network of doctors and focus on providing preventive care. But they are a good alternative if you are looking to buy individual plans that are affordable.

Before buying an individual plan, make sure you seek the answers to the following questions:
- Is your choice of doctor included in the preferred network provided by the company?
- Will it cover your medical expenses if you are away from home?
- How will the pre-existing conditions affect coverage?
- What are the deductible, premium and co-insurance that you are supposed to pay?
- What are the benefits specific to the plan?

Purchasing a medical plan will become much easier once you get a satisfactory answer to all the above questions. These answers will give you a clear idea about the plan you intend to buy and the coverage you should expect out of it.

Going in for an individual plan is definitely costlier but there are ways to reduce the cost. One of them is to go for a higher deductible. The thumb rule is that higher the deductible, lesser the premium. Hence, if you are going in for a plan just to be on a safer side, then you could go for a plan such as this.

Secondly, new rates tend to be lower than renewals. Hence, changing your insurance policy periodically will ensure that you have to pay a little less comparatively.

Age and health play a vital role in deciding the premiums and coverage. So, the sooner one goes for a coverage, the cheaper the premiums will be. One can also save on premiums by excluding any medical service that he might not need. This is a big advantage of buying individual plans.

Purchasing personal medical plans are not the most financially viable options but that does not mean they will only end up draining your pocket. The right combination of mix and match will help you getting an individual plan that is customised especially for you and is easy on your pockets.

David is an authority on health insurance in the US. He specialises on buying individual health insurance plans and has published various articles on it in several publications.