Buying Health Insurance via the Private Market
What the Buyer Needs to Know Before Making a Decision
Jun 20, 2009
Living without health insurance can be devastating. As medical bills begin to collect, an individual can find themselves in a financial bind. However, for those who don't qualify for COBRA or Medicaid, and are not covered by an employer's health plan, the private market is always an option.
Disadvantages of Buying Health Insurance
The biggest disadvantage of purchasing health insurance via the private market is out of pocket expenses. Many people on the private market are not covered if they have a serious pre-existing medical condition. This lack of coverage can only add to the extra expenses. On the opposite end of the spectrum, those who are covered under an employer's health plan will find the going much easier in every aspect.
Best Insurance Plans and Policies
It's very important to shop and compare prices when considering health insurance on the private market. Proper research is critical in the buying process. The Internet will allow a prospective buyer to compare prices and find the proper benefits which cater to their unique situation. The buyer can also use the Internet to visit their state’s insurance department Web site. Here, the prospective buyer can find insurance companies in their particular state based on individual coverage and important records on individual companies.
Health Care Broker
If an individual is still confused and concerned about which company or plan is right for them, the use of a health care broker is always an option. Brokers can help the prospective buyer understand which company is more likely to accept the individual based on their current health situation and condition. Health care brokers are paid by commission so this needed assistance won't hurt the individual financially. Once the buyer decides on an insurance company, the broker will be compensated. The use of a health care broker is an important tool to help an individual make the appropriate decision based on their current and future medical needs.
Health Insurance Eligibility Guidelines
When dealing with insurance it’s never a good idea to assume. If the buyer is not certain of their situation, it’s best to make inquiries. Simply having a low income does not automatically qualify an individual for Medicaid. In a similar way a prospective buyer would research for the perfect policy and insurance plan; it’s also paramount to know his or her situation in respect to eligibility. Once the buyer is certain of their current standing, they can execute the proper decisions.
Source
Willis, Gerri (2009) "Buying your own health insurance" Retrieved June 20, 2009 from money.cnn.com
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