Health Insurance Products
Individual Health Insurance Plans
Quote, Compare & Apply
Individual health insurance plans are the insurance that most of us think of and need for everyday doctor’s visits and for coverage of critical injuries or serious illness. If you are self-employed or starting a new business, working at a job without health insurance, recently lost your job, or planning to retire early, then an individual health insurance plan is what you’ll need.
You’ll want to start by searching individual health insurance quotes, reviewing plans and comparing plan benefits and prices. Once you’ve found a plan that you’re comfortable with and can afford, simply apply online with our secure application or call us to apply over the phone.
What Does This Plan Really Cost?
It’s tempting to think of the affordability of a health insurance plan in terms of the monthly premium, but this can be deceiving. What you want to understand is the combination of monthly premium and your out-of-pocket costs for a health plan.
For example, individual health insurance plan A has a monthly premium of $70 with a $5,000 deductible and 30% co-insurance up to $10,000. Individual health insurance plan B has a monthly premium of $150 with a $2,000 deductible and 30% co-insurance up to $4,000. Let’s say you’re healthy all year long and never see a doctor, then health plan A looks like a deal, right? But if you fall down a set of stairs, tear a ligament in your ankle and go into the hospital for out-patient surgery that costs $5,800, what does each plan really cost?
Under health insurance plan A, you pay the first $5,000 (your deductible) plus 30% of the next $800, for a total of $5,240. If you have no other costs throughout the year, the total you’ll be responsible for paying including your 12 monthly premiums of $70 each will be $6,080 ($5,240 surgery + $840 premiums).
Under health insurance plan B, you pay the first $2,000 (your deductible) plus 30% of the next $2000, for a total of $2,600. Again, if you have no other costs throughout the year, the total you’ll be responsible for paying including your 12 monthly premiums of $150 each will be $4,400 ($2,600 surgery + $1,800 premiums).
Health insurance plan A = $6,080
Health insurance plan B = $4,400
You can see that the health plan with lower monthly premiums can end up costing you much more when something happens that you actually need health insurance for. In this case, you would pay an extra 28% more with health plan A and that’s assuming you have no other costs throughout the year, including follow-ups to your surgery. So take time to understand the true costs of each plan.
Why Do I Need An Individual Health Insurance Plan and How Does It Work?
Some health related issues can be difficult to predict, which is why the comprehensive health insurance coverage of Individual Plans are such an important part of protecting yourself. Paying for the treatment of a serious health condition requires a lot of money, something many of us don’t have. That’s where health insurance comes in.
You and millions of Americans pay the health insurance company on a regular basis. The company takes this money and pools it together. Then, when you have a health-related problem, like tearing an ACL while snowboarding or developing high blood pressure, the health insurance company has the money to pay for your treatments.
Health insurance is an important part of covering your health needs and protecting your hard earned money, especially when unexpected health-related issues come up. Save hundreds of dollars per year by shopping and comparing all carriers on our site rather than going direct to one carrier.
Visit the InsureMonkey homepage to start a health insurance quote.
Visit the InsureMonkey homepage to start a health insurance quote.
