health insurance covers the medical expenses of only one
person or family. Unlike group insurance, you purchase
individual insurance directly from an insurance company.
When you apply for individual insurance, you are evaluated
in terms of how much risk you present. This is generally
done through a series of medical questions and/or a physical
exam. Your risk potential determines whether you qualify,
and how much your insurance will cost.
What will the insurance company want to
Before issuing an individual insurance policy, the insurer
will want to know everything about your personal health
history. It is unwise to try to hide a pre-existing
condition from your insurer, since many insurers use
information from the Medical Information Bureau (MIB) to
determine whether an applicant is insurable. If the insurer
doesn't want to cover a particular health condition, you may
still be able to get a policy with an exclusion rider.
What are the benefits of individual
If available, group insurance is generally a better option,
since it is usually more comprehensive and less expensive
than individual insurance. However, individual coverage is
infinitely better than being uninsured in the event of
illness or injury. Although you may think you can do without
health insurance, you are taking a major risk if you choose
not to get coverage. An unexpected illness or serious injury
can put you and your family in financial peril.
In a group insurance situation, the
provisions of the policy are negotiated between the insurer
and master policyowner (usually an employer or association).
With individual insurance, you are directly in control of
your policy. You can negotiate to have certain provisions
included or excluded, and you can often choose your
deductible amount and co-payment percentage. Keep in mind,
however, that these things will affect your premiums.
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Please Note: The
information contained in this Web site is provided solely as a source of
general information and resource. It is a not a statement of
contract and coverage may not apply in all areas or circumstances. For a complete
description of coverages, always read the insurance policy, including