Individual Medical Insurance : Walking You Through the Application Process

Buying a quality medical insurance policy is not equivalent to opening the yellow pages and pointing to something with eyes closed. Unless you are a billionaire, a major illness that requires 2-3 weeks of hospitalization is more than enough to flush your life savings down the drain or into the pockets of physicians, pharmacies and laboratories.

How to Buy Medical Policy

Individual medical insurance can be purchased directly from the insurance companies or through brokers and agents. Whether you buy an individual medical insurance or a group insurance, the options put forth by the insurance companies are generally the same, such as traditional health insurance, preferred provider organizations (PPOs) and health maintenance organizations (HMOs). The cost of insurance is generally termed expensive but the full effect of its “magnificence” is only felt for people falling under certain criteria. In other words, insurance premium costs more for people who are older, are male, have a poor health history, type of occupation and lifestyle.

Inclusions and Exclusions

While a healthy person can easily obtain insurance with satisfactory coverage, a person with underlying health condition may find lot many exclusive in the policy that would ultimately resemble a thin sliced deli turkey. Certain contract provisions in the policy are crucial in understanding irrespective of the type of individual medical insurance. Some insurance companies may or may not offer coverage for preexisting conditions(health problem that existed before filling the application), illnesses that might arise due to illegal drug usage, injuries or illnesses that are covered by workers compensation benefits, cosmetic surgeries, attempted suicides, mental problems, contacts/eyeglasses, pregnancy and drugs. Also, it is important to know if the policy can be renewed / canceled, whether the premium is subjected to change or not and so on, depending on one’s preference.

Other Benefits

Many policies have the feature of waiving premium if the person is disabled, and certain other policies include a grace period or waiting period during which nonpayment of premiums will not be the reason for policy cancellation.

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