Buying An Individual Health Insurance Plan Policy

Whether you're out of work or self-employed, don't go without an individual health insurance plan if at all possible. The risks for financial devastation are real if you are sick, injured or disabled for a period of time.

The majority of Americans with health insurance receive it through their employers. But it's certainly possible to buy it yourself. It may cost more because you're not receiving your employer's contribution, but it's still very doable. Single individual, basic coverage can be had on a short-term basis for well under $100 a month. A good comprehensive policy can be found for $200-$250 a month for a healthy adult.

Creative Ways to Find Individual Insurance:

Your insurance company may be able to convert its group policy to an individual policy. The terms will probably be better than if you buy your own policy, but you will pay a higher rate than you did before and your benefits may be limited.

Check if your spouse’s employer will add you to their group plan.

Try to join a group health plan through a trade association or alumni group or professional association may offer reasonable rates. If you are over age 50, join the American Association of Retired Persons (AARP), which offers an extensive plan. Even some credit card companies offer health insurance coverage.

You can buy an individual policy. Rates for families will be much higher and coverage varies, but it is important that you be protected against financial catastrophe if you or your family is hit with a major illness or injury. If you are self-employed, most of the health insurance premium will be tax-deductible.

To find the best policy, compare multiple health insurance quotes. Decide which policy will serve you the best and what rate is right for you. Get multiple quotes and make sure you tell the health insurance agents you are dealing with that you are negotiating with other people as well. They will know you mean business.