An Introduction To Individual Health Insurance
If you need medical insurance and cannot get it through your employer, you should try to find out if you could join a group that offers insurance. Check if your church, chamber of commerce, trade association, college alumni association or clubs offer group insurance. Sometimes you have to buy group insurance during the first few months after you join a group or the offer may be withdrawn.
Medical Insurance companies insure groups of people, such as all the teachers in Illinois or all the employees of a large automobile company. It is usually cheaper to buy medical insurance as a group, especially as a very large group.
Usually the insurance company agrees to insure all members of the group no matter what their health or medical history. The company is counting on the fact that the healthy members of the group will not incur high medical expenses. The relative cheapness of their medical care will balance out the high cost of those in the group who incur a serious illness or injury.
When you buy insurance just for yourself and your family, the amount you pay is based on how likely you are to get sick or injured. For this reason, the company will usually require you and your family members to undergo medical examinations and give information about your family's medical history. If you have certain health conditions, you will probably pay more than a person who has always been healthy. Older people usually have to pay higher costs or premiums because they are more likely to develop age-related diseases.
One advantage of buying medical insurance yourself is that you can customize the policy to suit your needs. For example, you can decide yourself if you want to join a Health Maintenance Organization or the traditional fee-for-service plan, or a combination of the two.