Everyone needs health insurance, after all, at some point or another everyone will need medical attention. Usually, one’s employer covers the cost of insurance, but if someone is unemployed or self-employed, individual health insurance is available so that people are still covered for their health needs. In fact, individual coverage is a very popular choice among the unemployed or self-employed.

In order to get this type of coverage, you must first have a physical exam conducted by the insurance provider from which you’re seeking coverage. The exam will give the insurance provider insight into your medical condition and medical history. Additionally, a representative of the insurance company will interview you in order to determine whether they believe you will be able to pay the balance on your account. The insurance company will then inform you of the plans for which you are eligible. Below are a list of advantages and disadvantages for getting this type of insurance:

Pros:

One of the best advantages of getting individual health insurance is that you can tailor your package to fit your needs—you get to decide which benefits you receive as part of your coverage. Some of the benefits you can decide to add or omit from your insurance package includes consultation fees, childbirth and well-baby, accidents and critical illnesses, just to name a few. It would make sense to include those benefits you are most likely to use into your package, while omitting those that you are least likely to use.

An obvious advantage to having individual coverage is that an insurance provider can help cover the cost of medical expenses, and if you still lack the funds to pay the high monthly dues, additional health insurance companies can offer co-payments on medical visits.

Cons:

Individual health insurance could be difficult to get. If an insurance company determines that your health coverage will be too expensive, they have the right to reject your application. Instances in which you are deemed “high risk” may include if you are predisposed to diseases like cancer or diabetes, or are in a dangerous line of work. If you are a “high risk client,” the company may either reject your coverage or charge high monthly dues, or premiums, in order to keep your account active.

Although it is your responsibility to exercise healthy living habits and keep your health in tact, insurance will help you get medical treatment and will allow you to pay for it at a lower price.

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