Shopping for individual health insurance is a challenging and sometimes frustrating task. In the end, you want to find the most complete insurance coverage possible and the most reasonable premium possible. There are a number of important factors to take into consideration in comparing rates for individual health insurance.
Deductible
In comparing rates for individual health insurance from policy to policy, an important consideration is selecting coverage with a deductible that makes the most sense for your particular situation.
The deductible is the amount of money you pay directly for medical bills during the course of a year before coverage under an insurance policy is available. The higher the deductible, the lower your insurance premium. You need to keep in mind that a higher deductible requires you to pay more money out of your own pocket when medical services, treatments or procedures are needed.
Co-Pay
Another point of comparison when considering different individual health insurance options is the co-pay. The co-pay is the amount you personally pay for different medical procedures. By selecting an individual health insurance policy with a higher co-pay, you are able to reduce the amount spent on premiums during the term of the policy. Keep in mind that the amount you pay toward a co-pay is not added into the money paid toward the annual deductible.
Limited Coverage
The least expensive course to take when comparing rates for individual health insurance is purchasing a policy with limited coverage. For example, you can obtain what is known as an individual major medical insurance policy. This type of health insurance policy provides you protection if you have a major medical crisis--a serious accident or a major health issue like cancer. A major medical policy does not cover more routine matters, including the costs associated with preventative care.
