Quality Health Insurance for Michigan Residents
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Individual Insurance
Finding affordable health insurance or healthcare can be a difficult task. One option to consider is to purchase an Individual Health Insurance Policy. “Individual" health insurance means the plan is not offered through an employer, but is purchased directly by an individual or family.
If you decide to purchase individual health insurance, the insurance company or health plan will consider your age and your past and present health “pre-existing conditions” to determine your premium. A “pre-existing condition” is any medical problem that was diagnosed or treated within a certain time frame before a new individual health insurance policy goes into effect. The majority of employer-based health plans do not have pre-existing conditions exclusions.
However, an individual health insurance plan can be less expensive than COBRA coverage for people who lose coverage through their job. If you do have a pre-existing condition, continuing your present plan through COBRA may be a good option. If you are relatively healthy, obtaining a less expensive individual health insurance policy is worth considering (although if you develop a serious health condition your premiums may increase when the policy renews). For instance, it may be more cost-effective to enroll your children in an individual health insurance plan than to cover them as dependents through your employer’s health benefit.