Now, individual health insurance plans are more expensive than the group plans, and you need time to understand what you are buying because you don't have the company's human resources manager on your side to read through each and every clause and simplify it for you. So, before you actually buy an individual health insurance plan, here's what you must do:
- Look for an insurance agent online, because that way, you will get a choice of many insurance professionals and you can pick and choose the experts amongst them. Do not buy insurance from your brother-in-law, just because he's a part-time agent.
- Ask for a policy that cannot be cancelled and features guaranteed renewable coverage. Guaranteed renewable individual health insurance policies cannot be cancelled by the insurance company as long as you pay the premiums and do not employ underhand methods to cheat the insurance company. You will be surprised to know that insurance companies sometimes cancel policies after their expiry because the insured falls sick and the treatment costs a bomb. This is why you need a non-cancelable, guaranteed renewable individual health insurance plan.
- Does the plan carry a rescission period? A rescission period is the number of days an insurance company gives you to read the documents and make a call whether you want the plan or not. All individuals must scrutinize their insurance documents carefully, and so it logically follows that you must go in for a policy with a reasonable rescission period (say, 10 days).
- Once you are in touch with an insurance expert who can deliver a non-cancelable, guaranteed renewable individual health insurance plan that carries a rescission period, you must then begin asking him the standard questions.
This is how you must go about searching for and selecting the ideal individual health insurance plan. Good luck.
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