How is individual insurance different from group insurance?
Individual health insurance is, quite simply, coverage that an individual purchases for himself and/or his family. Individual insurance policies and provisions are regulated by the state where the policy is purchased. Individual policies are often purchased with the advice of a professional insurance producer due to the complexity of coverage offerings and the premium cost.
Indiana Individual Health Insurance is very different than group health insurance, which is the type of insurance that is offered through an employer. Since laws mandating what types of services must be included in individual policies are often different than those dictating what must be included in group policies, benefits are generally less extensive than what most people would receive through coverage they have through work. Sometimes individual health insurance consumers have the option to pay extra for coverage of additional services like maternity coverage. This extra coverage is referred to as an optional rider.
How are premium rates determined?
In the vast majority of states, when you apply for Indiana Individual Health Insurance coverage, you are asked to provide health information about yourself and any family members to be covered. When determining rates, insurance companies use the medical information on these applications. Sometimes they will request additional information from an applicant's physician or ask the applicants for clarification.
If the insurance company is unable to obtain the information necessary to accurately determine the risk of a particular applicant, it will underwrite more conservatively, meaning that the assumption relative to the missing information will be negative rather than positive It is in the insured's best interests to provide as much information about their medical history and condition as possible so that the premium quoted accurately reflects their health status.
For more information contact a PMG Agent today, at https://pmgagency.com, a PMG Agent can help you learn more about Indiana Individual Health Insurance!