What You Need To Know About Individual Health Insurance Plans

Individual health insurance plans are typically described as either indemnity health insurance plans (fee-for-service), or managed health care plans (HMO, PPO, POS). In broad terms, the major differences lie in the choice of healthcare providers, out-of-pocket expenses, and how the bills are paid.

Opting for a more traditional health insurance plan (called an indemnity health plan) will cover visits to whatever doctor you want to see and will cover whatever those procedures are that the said doctor prescribes for you. The cost can vary as to how much of a deductible you have and your out-of-pocket limit. As you would think, as your out-of-pocket expenses increase (co-pays, deductibles, etc.), the cost of your health care premiums go down. Overall though, this is the more expensive type of individual health insurance plans out there but offers you the most freedom of choice.

Individual managed health care plans, like HMO's, PPO's, and POS' are generally more affordable health insurance, but the trade off is you do give up some of the freedoms that you have in the indemnity plan. You will need to see doctors within the HMO network and any specialists that you see will need to be by referral.

When considering a managed care plan, be sure to look closely at the list of in-network doctors. If you don't see your doctor listed, you may want to forego this option. Of course, if your health care is primarily yearly check-ups and the occasional antibiotics, and you do not have a physician preference, then this is a plan that could work for you. It will cover health emergencies, as well; there are just more hoops you have to jump through.

The many different types of available health insurance plans, as well as individual health insurance coverage, give you many options from which to choose when selecting coverage for you and your family.

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What You Need to Know About Individual Health Insurance Plans