Six reasons to buy health insurance now « Health Insurance Advisory

Six reasons to buy health insurance now

Author: Pete S - Sr. Staff Writer | Nov 26 2011 | Individual Medical Insurance Plans

If you currently do not have individual medical health insurance or are paying too much, now is a great time to shop for and buy health insurance. Why? Since the passage of the new healthcare law, called the Patient Protection and Affordable Care Act, many positive consumer oriented changes have taken place. which will save you money. They include:

  • Expanded Eligibility Age for Dependents Less than Age 26 – if you or a family member are younger than 26, you can now remain covered under your parent’s or guardian’s medical insurance plan (individual medical health insurance or employer sponsored group health plan), regardless of age, marital, financial or student status. Prior to the new healthcare law, most dependents aged off their parent’s medical insurance policy when they turned 19 or 24, if a full-time student.
  • Guarantee Issue Coverage for Children Less than Age 19 – health insurance companies are now required to accept children less than age 19, even if they have a pre existing condition. Since the passage of healthcare reform, children can no longer be denied medical insurance based on their health status and pre existing conditions cannot be excluded from coverage.
  • Free Preventive Care Screening Services – most medical insurance policies (individual medical health insurance or employer sponsored group health plan) are now required to cover preventive care benefits, such as Colorectal Cancer screening, PSA testing and immunizations at no cost to the insured. Previously, many medical insurance policies provided 100% coverage for only a limited range of preventive care services, such as Mammography and Pap Smears.
  • Pre Existing Conditions Insurance Plan – because individual medical health insurance is medically underwritten until January 2014, adults with pre existing health conditions that want to buy health insurance may not qualify. In response, the new healthcare law in 2010 called for each state to establish and maintain a special high risk pool plan, called the Pre Existing Conditions Insurance Plan. It is specifically designed to provide low cost medical insurance to uninsured Americans and legal citizens that cannot qualify for individual medical health insurance because of their health status. For more information, you can
  • Minimum Loss Ratio – effective in 2011, in the individual medical insurance market, health insurance companies are required to spend at least 80% of every premium dollar collected from policyholders toward the payment of their healthcare claims. This provision alone has had a dramatic impact in the individual medical insurance marketplace because previously most health insurance companies spent much less. In order to meet this requirement, insurers have had to slash expenses, such as agent commissions by as much as 50%. In many instances, this has resulted in premiums reductions from 8% to 15%, depending on the health insurance company.
  • Notification of Unreasonable Rate Increases – since health insurance companies are now required to file and publically post notices when they intend to hike rates by more than 10%, prices for medical insurance have not increased as significantly in 2011. While not the case with all health insurers, many have wanted to avoid bad publicity and government scrutiny over their rating practices and methodology, so they have kept a lid on new business and renewal rate adjustments.

When you are ready to buy health insurance, click on our online health insurance quotes at We can help you find and secure low cost medical insurance. Shop and compare rates for individual, family and self employed medical insurance with top rated health insurance companies in your state.

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