Individual health insurance is one of the most crucial products in the health insurance industry. Targeting singles and family together, this product holds the key to ensure that residents of Virginia are getting health insurance cover. Non-working spouses and children are covered under this product.
Though the Virginians often prefer to get insurance through group health insurance offered by their employers,
yet the trends are changing now. Private purchasing of individual health insurance policy is on rise, as the plans offered for these consumers are tailor-made for their needs—this helps in customizing the coverage that a consumer wants and making sure all other terms are also met.
Now, the purchase activity involving buying individual health insurance is a tricky one. There are lots of things that a consumer needs to take care before finalizing any health insurance policy. Because the costs will be depending on the health statue of the individual and the family members (if covered), there are many things that a consumer needs to understand. As for any important purchase, the mantra lies in shopping around, asking for competitive prices and comparing multiple medical plans.
The companies that offer health insurance plans in Virginia Aetna, American National, Anthem Blue Cross and Blue Shield, Assurant, CareFirst Blue Cross Blue Shield, Celtic, Golden Rule, Great American, Humana One, IAC, Kaiser Permanente, Patriot Health, Solera Dental, and UniCare.
Understanding the Cost of individual Health Insurance Plans
To make sure the purchase of a health insurance plan is fool-proof, it is pretty important to understand the costs involved in a plan.
* Premiums
Premiums are usually paid monthly and depend directly on the health status, age, living conditions and work place. Make sure that you will be able to meet the monthly premiums from your stipulated budget. it has been found out that a lot of Virginians stay away from buying health insurance because they think that the premiums can’t be paid. But if, as a consumer, you shop around, you will be able to find some options for cheap and affordable health insurance plans that you can afford to pay.
* Deductible
It is the amount that the insured needs to pay before the insurer starts paying. Most individual health insurance plans let the consumer choose their own deductible. If a customer does not need to go to a doctor regularly for any medical condition, it is better to have higher deductibles. But there is a need of regular visits to the doctor, you can think to have lower deductibles so that the insurance company pays some amount of your medical bills. But this will increase the monthly premium costs to you.
* Copayments and coinsurance
Copayment is the amount that the insured needs to pay for certain type of coverage. Suppose a consumer has to pay $15 for the doctor’s visit, it is the copayment cost. If the total amount of the doctor’s fee is $50, the remaining $35 will be paid by the insurance company. Coinsurance is similar to a copayment, except it's expressed as a percentage rather than a dollar amount.
