Individual Health Insurance Explained
Individual health insurance offers you the chance to avoid going uninsured when not covered by a group plan and may cost significantly less than COBRA.
What do you need to know about individual health insurance?
- It requires that the applicant complete an application, which includes health history questions, and be approved for coverage. Apply for individual insurance now.
- It offers various plan designs and cost structures enabling consumers to balance the "fixed" cost of premiums and the risk of "variable" costs known as deductibles, co-insurance, and co-pays. (The more variable cost risk consumers are willing to assume, the lower their fixed costs; the less variable cost risk they are willing to accept, the higher their fixed cost will be. Only you and your insurance agent can identify the balance best for your unique situation and needs.)
(Note: If you choose not to elect continuation of group coverage under COBRA you will lose valuable rights under HIPAA.)
When should you consider Individual Insurance as an alternative to COBRA coverage?
- If you have no pre-existing conditions.
- If you want coverage at a lower cost.
- If you have had no health problems.