Tips For Buying Individual Health Insurance


One of the best assets you can have in your life is individual health insurance. Even if you maintain a healthy lifestyle, avoid junk food, exercise regularly, eat healthy food, still it helps to limit health issues only to a certain extent. Health problems can crop up anytime and can leave you looking around for help in managing the hospital bills and medical bills. There have been instances where a whole family goes bankrupt trying to treat the health issues of one member of the family. Would you want that to happen in your family too? I guess not! After all, it is better to be prepared than be drowned in the sea of debts while fighting critical illness issues. But, buying health insurance can seem to be a muddling process considering the number of options available in the market. But, once you get a hang of it, the process will be easier. Here are some easy tips that can help you choose individual health insurance easily:

Review The Budget, Taxes And Finances

Before you buy the insurance, you will have to find the amount of money you can spend on it. Without having a clear-cut idea about your financial position, choosing a costly health insurance can land you in trouble! Hence, you first need to know where you stand financially. You could start by thinking about your monthly expenses and the income you receive per month. The expenses deducted from the income will be the money left in hand to be utilized for other purposes like health insurance. While considering expenses, take into account the expenses for the family, tax payments, savings, and other insurance premiums if any.

Now that you have a clear idea about your budget, you can start looking for health insurance quotes that come within your budget range. An insurance plan that comes within your budget won’t burden you financially. The budget calculation also helps in finding an insurance plan which offers more coverage if you discover that you can afford more than you had expected.

If you think you cannot afford a health insurance or even if you think you don’t need it, still you will have to consider the tax obligations that come with it. People who do not have health insurance will have to pay penalties when they submit their taxes. Hence, you will have to consider that amount if you plan to do without health insurance. Sometimes, that penalty money would be enough to buy a moderately priced health insurance! Isn’t it better to get a protective coverage with that money than paying it as a penalty without any benefits?

Assessment Of Your Needs

Before buying health insurance, take time to think about your needs. What all health coverages do you expect from the insurance? Do you have any particular health condition that needs extra coverage? There is special health insurance for people with certain health conditions like cancer, heart problems, diabetes, etc. Hence, a detailed assessment of your needs can help you choose the best health insurance that works well for you.

Gather Your Complete Health History Details!

It is always better to be truthful with your insurance provider about the health issues you have. You might feel reluctant to speak to a complete stranger about your health problems, but the insurance provider can help you to choose the best insurance coverage only if they have your health history details. When you apply for health insurance, you need to provide your name, address, date of birth and the start date of coverage. You will also have to list out the pre-existing health conditions like allergies, diabetes, asthma, etc. If you are taking a certain medicine for a long duration of time, provide the prescriptions of that medicine and also the start and end dates of the prescribed medicine intake along with the dosage details. If there were any previous incidents of hospitalizations or surgeries, then that will also have to be included in the health insurance application.

You might think that it is not necessary to provide such private details. But, the application and approval process of your insurance will be easier if you do so. It also helps you to get the best health insurance that covers all your health-related needs. There is no use getting a health insurance that won’t provide coverage for your individual health needs. Hence, being truthful about your health condition is the first step to get the best health insurance quote!

Get Your Health Insurance On Time!

There is no point keeping off the health insurance plans to a later date until you encounter a serious health issue. Remember that health issues can crop up anytime. It can be even today or tomorrow! Hence, the earlier you get a health insurance, the better! Major life changes like having a baby are one of the several occasions where you need health insurance to provide coverage for you. Hence, never put off your health insurance plans. Take it as soon as you have a steady income to avoid future mishaps.

It is Better Not To Auto-Renew Your Health Insurance!

While auto-renewing your health insurance might seem to be easier than renewing it every time, it also has its own downfalls. Your health needs might keep changing over time! Maybe you did not have much health issues at the time you took the health insurance. But, with age, you might have encountered some new health issues. Your health insurance plan won’t provide coverage to the new health needs. Thus, the health insurance won’t be useful in times of need. Hence, it is always better to consider the new health changes and renew the insurance every time considering the present health conditions. You also get a chance to find cheaper alternatives every time you renew the insurance. Thus, taking up a small inconvenience can prove to be more beneficial in the long run.

Compare And Choose!

This is one of the fundamentals of getting an ideal insurance quote. Comparing various options available can help you choose the best health insurance with the coverages you need within your budget range. Shop around and get insurance quotes from different insurance providers. Check whether it provides coverage to all your health needs. Don’t blindly choose the cheapest quote you receive. Health insurance that covers all your health-related needs within your budget is the best health insurance quote for you.

Understand The True Cost!

Though cheap health insurance might seem to be a great idea at first, the coverages you get with the amount you pay for is what determines the true cost of your health insurance plan. If you have to face a medical condition, then what will be the money you will have to pay even when you have a health insurance back up? If you still have to pay a considerable amount of money, then the health insurance you had chosen is not good enough for you! In that case, it is better to pay the extra money and get insurance coverage that will offer complete coverage in case of emergency health conditions.

Ask For Help!

It is not necessary that you will understand all the details related to your insurance at first. Sometimes, the terminologies used in an insurance quote might confuse you. In that case, it is better not to guess things. You could always ask for the help of your insurance provider to understand your health insurance and the coverages included in it in detail. This helps to avoid misunderstandings and choose the best health insurance quote!