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 Individual Health Insurance
Individual Health Insurance is one in which the individual is provided with a long-term benefits for their health and medical hazard costs. The individual makes an investment known as a premium for the variable costs incurred by him due to accidents, illness or sudden hospital checkups. It is a comprehensive medical coverage for the individual customer and / or his family.They are different from employer group or organizations health Insurance schemes. There is variety of medical insurance options available to the customers with customized services attached and at affordable rates.
There are mainly two kinds of Individual Health Insurance:
- Indemnity Plans – Offer a broader selection of healthcare providers and pay their share of the costs for covered services only after the receipt of the bill.
- Managed-care Plans - Include HMO, PPO, and POS plans. The providers utilize the healthcare provider networks that perform the services for managed-care plan patients at pre-negotiated rates and submit the claim to the insurance company on behalf of the customer.
The Individual Health Insurance Options:
1. Fee-for-Service Insurance
2. Managed Care Plans
3. Open Enrollment in Managed Care Plans
4. Association-Based Health Insurance
5. High-Risk Pools
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