7 Things You Never Knew About Individual Health Insurance

1. Individual health insurance is underwritten

This means that after you apply for individual health insurance, the carrier will look at different factors such as age, gender, and medical history, to calculate how much they will charge you for individual health insurance.

2. If you qualify, individual health insurance is often cheaper than COBRA

COBRA gives people who were laid off the ability to continue coverage under their group health plan. The catch is that workers must now pay the premium entirely by themselves, as opposed to only having to pay a part of it-as was the case when they were employed. You can see how this can get very expensive, so another option is to research your health plans. If you’re relatively young and in good health, you can find a much more affordable health insurance plan by browsing individual health insurance quotes in side-by-side comparisons online.

3. Shop for individual health insurance as you would for an airline ticket.

Instead of contacting each carrier individually, a site like GetInsured.com can save you time and money by giving you free, side-by-side comparisons of individual health insurance quotes obtained directly from carriers, themselves.

4. Prices for individual health insurance vary by state, some times even by city.

Individual health insurance prices vary by state, in proportion to the general cost of living and demographic variation. Moreover, every state has their own Department of Insurance, so the regulations on prices differ. Each state has its own laws on individual health insurance rates. When health care reform is implemented in 2014, states will manage their own “exchanges,” and have the option of partnering with other states to create “multi-state exchanges” and serve a larger population. This increases competition among providers, and offers the consumer more options.

5. It pays to be healthy.

This seems obvious, but it can really save you money in a tangible way. For example, high deductible health plans work by making you responsible for paying a high deductible, usually before benefits kick in and the plan starts paying for you. Clearly, if you stay health by participating in wellness programs and leading a more healthful life, you don’t end up paying as much of the deductible as you might otherwise.

6. Most states have 3-5 health insurance companies that you can choose from.

What your health insurance policy covers depends on which policy you buy, and there are generally different carriers offering similar policies (if you’re looking for a specific type) or a variety of options for you to compare. You should check with your state’s Department of Insurance for more information on mandated benefits, before you make a decision.

7. Children pay less.

Assuming that a child is in good health and has no preexisting conditions, purchasing an individual health insurance plan can be significantly cheaper than covering them under your employer provided group health plan. See how an individual health insurance quotes for your child compare to what you pay now, using free online side-by-side comparisons.