One of the most difficult decisions you will have to make when you’re selecting an individual health insurance plan is to pick out a carrier with the best deal. Choosing an individual health insurance plan is a major step in planning for your own health care, but there are also several other factors that come into play when making the decision. The following are just a few of the advantages and disadvantages of each plan.
Advantage: Private coverage can be very beneficial. Because it’s offered privately by the carriers themselves, it often comes with many other benefits such as the same doctors and medical facilities covered by other plans. They can often also offer better services than traditional insurance plans. But when selecting a plan for yourself, you should consider the costs that go along with the higher level of services.
Downside: Private coverage does come with a higher cost. This is because the carrier will take a cut out of your premium payments in order to cover their overhead costs. The higher level of coverage, however, may be worth the expense if it means the peace of mind that comes with being able to see the doctor of your choice. Also, it can often be more expensive to switch plans. If you’re looking for a better deal on individual health insurance plans, it’s important to know which one would be cheaper.
Advantage: Plan Choice. Many of the individual health insurance plans will allow you to choose a specific doctor and clinic where you receive your services. This can be very beneficial if you’re a particular type of patient, or if you’re a frequent traveler. The availability of such choices can be a significant advantage over a traditional insurance plan.
Downside: Being able to choose where you go for your services can be very challenging. Sometimes, choosing between doctors or clinics is very time consuming. The carrier may also limit the amount of services covered at acertain doctor. If you visit many doctors, this can be extremely frustrating.
Advantage: A higher deductible. Most private insurance policies will offer a higher deductible than traditional insurance policies. This is intended to limit the amount of money a person has to spend in a given year. However, the higher the deductible, the higher the monthly premium payment will be.
Downside: The high monthly premium payments for this coverage are extremely large. For some people, they may find this benefit is worth the high premium payments. Others will want to look for a cheaper plan that will have lower monthly premiums.
Advantage: Saves Money. When compared with traditional insurance plans, the premiums paid for individual health insurance plans are far less. For many people, this can be a big reason to choose this plan over other individual health insurance plans.