Individual Health Insurance
Simply put, medical insurance is protection against medical costs. A medical insurance owner is a contract between an insurer & an individual or group, in which the insurer agrees to provide specified medical insurance at an agreed-upon cost (the premium). Depending on your owner, your premium may be payable either in a lump sum or in installments.
Medical insurance usually provides either direct payment or reimbursement for expenses associated with illnesses & injuries. The cost & range of protection provided by your medical insurance will be contingent on your insurance provider & the particular owner you buy. If your employer does not offer a medical insurance plan, you may need to buy medical insurance by yourself.
Why You Ought to Buy Your Own Health Insurance Owner
For years, Americans expected their medical insurance to be provided by their employers. Health coverage came standard with most jobs, & plenty of people seldom worried about paying their doctor & hospital bills.
Those days are gone. Today, the rising cost of healthcare means that most companies cannot afford to offer coverage. & now increasingly people are taking a look at individual medical insurance.
Plenty of people think that individual health coverage is more expensive that group health coverage. & plenty of people think it is hard to find individual coverage that offers comprehensive health protection
Individual Health Makes More Sense
The reality is that individual medical insurance offers several advantages over group medical insurance. Sure, it'd be lovely if your boss paid ever last dime of your health premium - but that is getting rarer & rarer. Employers keep shifting more costs onto their employee's shoulders. For plenty of American workers, every few months means a bigger chunk of their paycheck going to pay for their "employer-sponsored" insurance owner. & plenty of workers are finding that these insurance policies leave plenty to be desired.
Want to learn more? Get free health quotes and compare plans online. In less than a minute, you can see for yourself which plans make the most sense for you.
Insurance 101 Library
Download helpful articles on various Health and Life Insurance topics by clicking on the titles below:
What is Health Insurance
Health insurance is one type of insurance you’re pretty much guaranteed to use. We all need medical attention from time to time, and some of us need it quite frequently When care is needed, you want to focus on getting better not on how you’re going to come up with the money to pay your medical bills. A good health insurance plan allows you to focus on what’s most important, your physical well‐being.
What is Term Life Insurance
As the name implies, term insurance provides protection for a specific period of time and generally pays a benefit only if you die during the "term." Term periods typically range from one year to 30 years, with 20 years being the most common term. One of the biggest advantages of term insurance is its lower initial cost in comparison to permanent insurance.
Who Needs Life Insurance?
If someone will suffer financially when you die, chances are you need life insurance. Life insurance provides cash to your family after your death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs. (PDF; 127K)
How Much Life Insurance Do I Need?
Life insurance provides cash to your family after your death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding.
Second to Die Rider
An exciting concept in the area of life insurance products for estate planning needs is the Second to Die rider offered by a number of carriers. It is a concept that is simple by nature, yet provides tremendous planning capabilities. The Second to Die rider is generally attached to a permanent life insurance policy.
Survivorship Life Provisions
Financial advisors are often asked to prepare analyses or make recommendations concerning life insurance as an estate conservation tool. In many cases, the client’s team of advisors including a tax attorney, accountant and insurance agent will recommend the use of a "survivorship life" or "second to die" contract. (PDF; 142K)