There are more than 47 million uninsured individuals in America at the moment. This certainly is a proof that buying individual insurance is not expensive and confusing but difficult as well. And for those who are on the wrong side of age, health or both, finding the right plan can be a humungous problem.
Though it is a more stretched out and expensive process but that does not mean it cannot be made easy or cheap. Here is a look at how buying individual medical plans can become a little less troublesome.
Going in for discount plans is sure to cut cost when one is planning to buy individual plans. Though one has to pay regular premiums, the price is comparatively cheaper. One can even avail discounts up to about 60 % in such plans.
A plan that offers the lowest premium may not necessarily be the best policy according to your needs. Hence, to buy a plan, just on the basis of the premium is certainly not a good idea. It is important to make a through research based on the heath needs and financial allowances of the beneficiary and then choose a medical plan accordingly.
The best part about buying an individual medical policy is that it is customised according to personal needs. So if there are certain services that one is sure not to use, then by excluding it the cost of the premium can be reduced.
The freedom and flexibility offered by the policy is also a major factor in decision making. If a plan offers you the freedom to choose doctors and specialists, then it will more expensive than a plan that prescribes a preferred network of healthcare providers. So if a beneficiary is sure to stick to the network, then he can opt for the latter and save on premiums.
Premiums are sure to be high when one is buying individual plans. However there is away to reduce the price of the premiums. And that is to go for a plan with a higher deductible. Such plans usually have comparatively lesser premiums and it will save you initial costs.
Going for a separate prescription discount will also help in bringing the premium lower. One has to pay separate monthly fees but that would be cheaper than including the prescription plan in the medical policy.
One may have complained about the mind-boggling choices that are available but that is the biggest advantage when one is looking for a cheap individual plan. The market competition ensures that the beneficiary gets the best value for his money.
For those who are self employed, there are more discounts on offer. In many states, individuals who have businesses of their own are eligible for 'group of one' discount. The only criterion is that the business should be more than 30 days old. In states, where the 'group of on' is not applicable, one can still qualify for group rate if he has a business partner or someone to help around with the business.
Cheap and individual health plans do not go hand in hand. But that does not mean that the twain shall never meet. A little effort by the beneficiary and he will have in his hand an affordable plan personalised according to his needs.
AUTHOR'S BIO:
Shaun Mike is an expert on cheap medical insurance options available in the US. He is currently expanding his know how about buying individual health insurance
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08102010
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