If your employer does not offer health insurance, an individual policy may be obtained for you and your family. Although group insurance is typically less expensive, many carriers offer a wide price range for their individual policies, making it easy to find something that is affordable. When looking for health insurance, you may choose between a managed care and an indemnity plan. A managed care plan, such as an HMO or PPO, offers lower premiums, but you must choose from a predetermined list of providers.
An indemnity plan lets you obtain service from any provider, but this convenience does come at a higher cost.
A popular option is to choose an insurance policy with a high deductible and a Health Savings Account (HSA). An HSA is a special type of tax-deductible savings account, which you can use to meet your deductible expenses and other health-related costs. The tax advantages of this combination make it very worthwhile for many individuals and families, and this is an excellent way to keep your monthly premiums down. If you do not use the money you put aside in your HSA during any given year, it can roll over to the next year.
Health insurance is regulated by each state's insurance commissioner, so policies on rates and renewability vary from state to state. In some states, your carrier must renew your policy so long as you continue to pay your premiums; in other states, carriers may choose not to renew. Even in states that have guaranteed renewability however, your premiums may still rise substantially if your health situation changes.
For those individuals or families who fall into the low-income category, there are other options. For families with children, the federal Childrens Health Insurance Program (CHIP) offers coverage to children in low-income families. Additionally, several states have high-risk pools for those who are unable to qualify for other health insurance.
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