If you are anticipating either losing your job or perhaps becoming self-employed, chances are you will need to consider buying health insurance for yourself. Making such an important decision calls for careful consideration of several factors, therefore it’s crucial to understand what you should know before buying individual health insurance. Let’s look at some factors that will help you make a wise purchase.
Know how much coverage you can afford
When you have the benefit of working for a company that provides insurance, it’s easy to forget about how much this is costing you. Since they take out the deduction and basically handle all the specifics for you, it’s easy to lose sight of this expense. When it’s up to you, however, to make the purchase and make the payments, you’ve got to figure out how much you can spend on monthly premiums and deductible costs.
Know what you need out of a health insurance policy
When you figure out how much you can afford to spend each month, you should then consider how healthy you are and how much coverage you anticipate needing. If you have an existing health condition, are susceptible to illness, or need monthly prescription drugs, then you will likely need to have more coverage than a healthy individual who only rarely needs to access medical care.
Know who you are purchasing your policy from
Your insurance provider is more than just a name. Before buying individual health insurance, be sure that you are somewhat familiar with the insurance provider. Unfortunately, there are some shady operations out there that will promise certain amounts of coverage only to deny your claim when it comes down to crunch time, leaving you potentially sick and broke. Make sure that you purchase from a trustworthy company that has a proven record of treating customers fairly.
Know your options
Don’t forget to go shopping before buying individual health insurance. Check the competition, including their monthly premiums and other expenses associated with their policies. Don’t automatically choose the first decent deal you find.