Before you buy health insurance, most of us have a lot of questions that needs to be answered. The cost of health insurance is their first concern, then come benefits and coverage as well questions regarding supplements. If you have questions as to how to get an affordable health insurance read this article with questions and answers.
Q: I am the first employee of a small business and the rest of the workers are members of the employers family. Can I only buy an individual health insurance policy?
A: Generally you can buy affordable health insurance for a group of one; however you will have a hard time finding a company that allows you because the details of these plans may be very different, specifically on your health insurance rate. Look at your overall health condition. If you are in a poor health condition, then you really should try to purchase a group of one policy to get a reduced rate. Federal laws prevent health insurance companies to refuse applicants for health reasons.
Q: What is a stop-loss provision?
A: Most health insurance companies ask their members to pay for health insurance cost as well and regulate the amount of each member within a certain time period, usually a year. This limitation is known as the stop-loss figure. For example: if your stop-loss is $2000 per year, it means you don’t have to pay for anything over that $2000. From that point forward, your insurance company will pay the predetermined percent of all cost that are covered by your policy. So when you compare health insurance policies and rates, stop-loss figures should definitely be taken into account.
Q: If I choose an individual health insurance policy, can I keep it forever?
A: Every term and condition on your policy is dependent on that same policy, and so is your renewal. For instance, if you pay your premiums on time, even if they are raised, a guaranteed renewable policy can be kept forever. Renewable policies can also be ended within a certain frame of time – like the anniversary date of your purchase. The insurer is allowed to end your health insurance policy if you have a group policy with your company but no longer work there. So you should always know the procedures required for renewal when your policy is about to expire. You also need to update your data when you want to convert your individual policy to an individual-family plan.
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