Individual health insurance – which plan to take?

Health insurance is a form of insurance which involves the insurance company paying for your medical bills in the case of an unforeseen accident. In the world of today where the rate of accidents is on the rise and the average life expectancy is on the fall, it is a good idea to have your health insured, as it is something that leads to a reduced living cost which will be helpful especially with the high rates of inflation today. There are two types of insurances of health; one is group health insurance while the other is individual health insurance.

As the name suggests, individual health insurance is purchasing a health insurance for one person. This is better as it is one that allows you to personalize your health insurance policy and makes the premiums you pay be actually of some worth.

As mentioned above, there are only two plans in health insurance. One is grouped while other is individual. Though group health insurances are generally cheaper than individual ones as the insurance is being purchased in a bulk amount however there are a number of reasons that suggest why individual health insurance plans are better than grouped ones. Some of those reasons are mentioned below.

Individual policies are personalized to your needs. A grouped health insurance plan is the same for everyone. Thus though it might be useful for a partner of yours, it might not be as beneficial for you. Keeping this in mind, an individual health insurance policy may prove to be better as it is personalized to keep your medical issues in mind.

The group insurances are offered by companies to their employees as an extra benefit. Having an individual health insurance may prove to be beneficial as if one loses that job, he will also lose that insurance policy.

People sometimes face problems while purchasing an individual health insurance plan. One of the main problems is that there is high chance of being rejected. The companies take into consideration a lot of detail when handing out such insurance policies. They check your current medical condition, your way of living (how healthy it is), your family medical history and a lot of other details. Also they also take a lot of medical tests to see how fit you are. After all these things are checked then these companies decide on whether or not to give you an insurance plan and also how much to charge you. The far you are from their requirements of having an ideal health the more you will be charged. However, group insurances do not have all these complications. When companies purchase these insurances for their hundreds of employees, the insurance company will not test all of them but in fact will simply issue them the insurance policy.