Once you are familiar with the concept, getting your personal health insurance will be easy and you will feel more secure about your healthcare.
Getting a health insurance policy is one of the most important decisions in your adult life, even if you don’t have a family of your own. A personal insurance plan is key to assure yourself the basic health services that you may need in a year, and, of course, the best way to be prepared for an emergency.
An individual or personal health insurance plan is a policy that only has you as the beneficiary. The first step to start looking for options is deciding if you can buy your policy in the private market (if you have an employer, for example) or if you need to go through your state’s marketplace.
All policies should offer 10 minimum health benefits, established in the Affordable Care Act (ACA), to be legal.
10 essential health benefits of the ACA
Your unique situation will determine if a short term insurance plan is right for you. However, this is a plan with lower premiums than regular policies, but with higher deductibles. This means you will pay more out of pocket for health services. It has limited coverage, but you will be covered on preventive care, medical consultations, emergency care, and even some prescription drugs or treatments. Services such as maternity, dental or ophthalmologic consultations will not be covered and should be added to your out of pocket costs.
Benefits of a Short Term Insurance Policy
- Ambulatory and emergency services
- Maternity and newborn care
- Mental health
- Prescription drugs
- Rehabilitation
- Laboratory analysis
- Preventive care
- Pediatric coverage
If you are choosing a personal health plan as an adult, you won’t need to buy a plan with pediatric coverage, but you must check for the other benefits to avoid scams or paying extra for an incomplete policy.
The time for choosing your health insurance is limited. Companies set an annual enrollment period for next year’s plans, usually between November or December of the previous year.
How to Choose your Personal Health Plan
There are basic questions that can help you to choose your plan:
- How often do you go to the doctor?
- Do you take prescription drugs?
- Do you need to see various medical specialists, or will youl be fine going to a general doctor first?
- Identify the hospitals and health centers near you. Are they included in the insurance company network?
After understanding these questions, you will be able to choose your personal plan and decide if buying a Health Maintenance Organization (HMO), a Preferred Provider Organization (PPO), Exclusive Provider Organization (EPO) or a Point of Service (POS) plan. The website thenerdwallet.com shows an useful chart to compare each type of policy
It can seem like a lot of work, but once you are familiar with the system, getting your personal health insurance will be easy and you will feel more secure about your healthcare.
