Benefits of a Private Insurance Plan
Mar 11th, 2010
Though most people today have, some type of medical insurance coverage through their employer the risk of losing the employer insurance plan is greater than if you had a health insurance plan independent of whatever company your are employed. One of the more attractive benefits is that whether you stay employed at your current place of employment or transfer to another for higher pay and stability your health insurance plan remains with you.
Of course, this is a very costly adventure in most cases, but there are some who are able to absorb the cost long-term. The key to success is for you to do your homework and shop around. It takes time to gather information about health insurance through booklets, pamphlets and at times a walk in appointment, but in the end, it may be your most attractive alternative.
Depending on your health, that of your family members and your financial status you might consider researching the Health Savings Account (HSA) because this will afford you a little more freedom and choice over the other more traditional health plans. The Health Savings Account is far from an affordable health insurance plan when you are first setting it up though as it requires an initial deposit of about five thousand dollars to be placed in the account up front.
When you have made the decision to transfer over to a medical health insurance plan of your own there are a few important issues you will want to research to keep yourself well informed.
1. Guaranteed issue, which is the guaranteed acceptance of medical health insurance coverage.
2. Guaranteed renewability, which is the guarantee of default in medical coverage regarding those incidents when you or a family member becomes ill.
3. Portability of which is the current insurance providers acceptance of all and any existing preconditions as long as the insurance policy remains continuous.
Basically, if you have a current medical health insurance plan and are interested in upgrading the policy or switch to another insurance provider the new medical insurance provider is obligated to accept your listed preconditions without the traditional waiting period of twelve months to eighteen months.
Many individuals and families are finding they are better off trying to purchase an individual health insurance plan that benefits the medical needs they personally require. Insurance policies, though fairly standard, do include a few exceptions to tailor the new insurance policy for the benefit of the individual. Just be sure to do your homework before you walk into an insurance office to purchase an insurance policy for yourself.
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