Monday, June 18, 2007

health insurance company

If your employer does not offer group insurance, or if the insurance offered is very limited, you can buy an individual policy from a health insurance company. You can get fee-for-service, HMO, or PPO protection. But you should compare your options and shop carefully because coverage and costs vary from company to company. Individual plans may not offer benefits as broad as those in group plans.

Individual health insurance is bought by the insured directly from the health insurance company, and tends to be more expensive and places more preexisting conditions upon the insured than group insurance. If you are self-employed, you have the option of purchasing individual insurance yourself or purchasing it through an association or other related group. You can also purchase long term care health insurance if you're looking far coverage far into the future. Look for rules in your state's health insurance laws that you can benefit from - for example, if you live in Texas, study the Texas health insurance laws.

If you get a noncancellable policy (also called a guaranteed renewable policy), then you will receive individual insurance under that policy as long as you keep paying the monthly premium. The insurance company can raise the cost, but cannot cancel your coverage. Many companies now offer a conditionally renewable policy. This means that the insurance company can cancel all policies like yours, not just yours. This protects you from being singled out. But it doesn't protect you from losing coverage.

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