If you’re currently taking out a new policy or losing coverage, long-term individual health insurance may be the best health plan for you while still searching for permanent coverage. Often referred to as short-term health insurance or temporary health insurance, long-term individual plans are specifically designed to offer health coverage over a limited time period. While this can be an excellent way to ensure you are covered when you need it most, many people fail to use their insurance and wind up with extremely expensive health care bills later on.
Long-term individual health insurance plans offer some of the best protection for your health and finances that you can find. In order to receive the best possible plan, you’ll want to first understand how it works. A long-term individual health insurance plan will typically provide health savings account. This is an account that is managed by your insurance company in order to provide medical coverage for the cost of healthcare.
In addition to paying for your medical expenses, your health insurance provider may also pay for a portion of your premiums, which will help offset costs associated with your overall health plan. These policies may also allow you to enroll in programs such as prescription drug coverage and wellness plans that can help to keep you healthy while you search for the perfect coverage. The plan should be designed in a manner that allows you to afford high-quality medical attention at the same time.
There are two types of long-term health insurance plans available – PPO and HSA. PPO plans have lower monthly premiums than HSA plans but may require you to make a co-pay of a certain amount each month. If you choose a PPO plan, you may pay significantly more in monthly premiums than if you were to sign up for a more aggressive plan like a HSA plan.
You may be able to receive individual health insurance at no cost with a health maintenance organization (HMO) or even a Preferred Provider Organization (PPO). With an HMO, you may pay a co-pay based on the health care that you seek while in the program, but the coverage will usually include a wide variety of medical services including doctor’s visits to specialists, and pharmacy discounts. You will be limited to doctor visits and prescriptions while in an HMO, but you will not have to worry about co-pays.
PPO plans are similar to HMOs in that they offer individual health insurance but you will be required to pay a co-pay every month to see a doctor and use the health care programs. PPO plans allow you to pay just a fraction of the overall cost for your health care in exchange for a higher deductible. PPO plans are a good option if you are not receiving coverage from your employer.
Once you have decided to purchase an individual health insurance plan, the next step is to figure out what you need. It is important to decide whether you wish to take out an HMO or PPO plan. Most individuals choose the former as their primary health care plan, but many opt to sign up for a PPO plan if they do not have HMO coverage. It is important to consider what your needs are and determine what level of coverage is best.
Regardless of whether you are using a PPO or HMO, you should be aware that you will have to pay a certain amount for the health insurance policy. You may not be able to get full coverage through these plans, but many people find that the monthly premium is well worth the savings.
