If you cannot obtain health insurance through an employer or another group, you may want to consider buying an individual major health insurance policy. Individual Major Medical coverage is an insurance policy issued directly to an individual. It provides coverage for hospitalizations, physician visits, medical services and supplies, and may cover other items such as prescription drugs. Individual major medical coverage usually provides less extensive benefits than a group policy and is generally more expensive.
Supplemental Medical Insurance offers voluntary employee health insurance benefits including dental, accident, life, cancer, long-term care, and short-term disability.
Individual major health insurance is expensive, so comparison shopping is worth the time it takes. Obtain more than one estimate or quote. Do not be rushed into buying a policy by high-pressure sales tactics. Do not be misled by advertising or buy a policy simply because it is endorsed on television, radio, in newspapers or other advertisements by famous people.
Assessing Your Needs for Individual Major Medical Insurance
You do not need individual major medical coverage if you are covered through a group plan with your employer. Generally, persons who need individual policies are self-employed and not eligible for group coverage, unemployed persons, those whose benefits have been exhausted under a state or federal health insurance continuation plan, or employees of companies that offer no medical benefits. When purchasing individual major medical coverage, your aim should be to insure yourself and your family against the most serious and financially disastrous losses that can result from an illness or accident. Look for a policy that will cover the major expenses and provide the highest possible lifetime maximum. You can save money on the premiums, if necessary, by taking large deductibles and paying smaller costs out-of-pocket.
Shopping For Individual Major Medical Insurance
If you have access to a computer, an Internet search can lead you to websites that allow you to obtain quotes from several companies. For more personal service, a local insurance agent can provide information on coverage available in your area. In some geographical locations, HMOs offer coverage to individuals and families who do not qualify for group policies.
Applying For An Individual Major Medical Insurance Policy
Most companies will require you to complete an application and provide personal information, including your medical history. If your application is incomplete or inaccurate, the company may deny benefits at claim time and rescind your coverage. It is important that you disclose all conditions and answer all questions completely to assure you have coverage when it is time to submit a claim. Companies frequently request medical records and may require you to take a physical exam or have blood tests. If you have serious or chronic health conditions, you may be charged a higher premium for coverage or you may be unable to find individual health insurance in the standard market.
The Cost of Individual Major Medical Insurance
Many factors contribute to the construction of individual major health insurance premiums, including: the health of those individuals seeking to become insured; the age and sex of the adult applicants; the geographic location of the residence of the applicants; the desired deductible and coinsurance levels; and the availability of any managed care options such as incentives for the use of PPO providers. Each year the premium on individual policies will increase due to age. Rates may be increased more often than annually. However, these increases are based on such factors as the attained age of the insured adults, the percentage of medical cost increases in the previous year, claim experience for all policyholders covered under the same type of individual policy in the state and certain other demographic factors.
Supplemental Medical Insurance does not cover eye and hearing exams, foot care, immunizations, or physical exams.
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