How to Navigate an Ohio Individual Health Insurance Plan Purchase

If you suddenly find yourself without health insurance and are unsure of the possibility or process of buying your own Ohio individual health insurance plan, here’s a brief, helpful guide.

1. Commit to finding Ohio individual health insurance coverage to protect your assets and financial future.
2. Determine the monthly amount you can budget for health insurance.
3. Gather the list of current health care providers that you would like to continue using.  You may want to target plans that include your providers or allow you to choice your provider.
4. Think about what type of deductible you would feel comfortable carrying.  Since higher deductibles shift a higher percentage of any future claims to you, the monthly payment is usually lower. 
5. Go online to a Web site that specializes in cost-effective Ohio Individual health insurance plans such as http://www.myhealthquoter.com.
6. Review these common health insurance terms:

What is a premium?
A premium is the monthly cost of keeping your insurance policy in effect. Health insurance premiums are determined by a variety of factors, including your medical history, your lifestyle, and your current health status.

What is a deductible?
A deductible is an amount of medical expenses you are responsible for paying before your insurance starts covering you. A common deductible is $500, this means you would be responsible for paying the first $500 in medical bills before receiving coverage. Having a higher deductible usually means you enjoy lower monthly premiums.

What is a co-payment?
A co-payment is a fixed-dollar amount that you are responsible for paying for a particular medical service. For example, many plans have $20 co-payments for doctor’s visits. This means it only costs you $20 to see a doctor.

What is coinsurance?
Coinsurance is an amount of the cost of a medical service that you are responsible for paying. Unlike a co-payment, which is a fixed-dollar amount, coinsurance is expressed as a percentage. For example, many insurance plans have 20% coinsurance for hospital costs, meaning you pay 20% of the total cost of a trip to the hospital.