Individual health insurance plans vary as greatly as the occupations that people are engaged in, which is one reason the cost is so much higher than it is for groups. Your insurer is covering one person. There is nobody else to share the costs of the coverage with, and so you bear the brunt.

Health insurance for the self-employed, does not come cheap. As mentioned above, without a wider subscriber base to share the costs, you become responsible for it all. On the bright side, as of 2002, self-employed health insurance costs became tax deductible, up to 70% of your total.

But if you need individual health insurance because you’re temporarily unemployed, and trying to protect your family against potentially crushing medical bills, then short term health insurance may be the most viable option.

Premiums are generally low, but deductibles can vary greatly. You will likely also have to pay a co-insurance amount of 20-50% for each treatment/service rendered. But you will get emergency care, x-rays, surgical services, intensive care costs, prescriptions, and a certain amount of home and hospital care. There may also be mental health coverage. The better plans have a reasonable maximum payout as well as a good cap for out of pocket expenses.

Unlike HMO’s, the short term health insurance plans do not restrict you to a primary care physician, or to pre-approved list of providers for emergency treatment. However, they also do not cover pre-existing conditions, and may not cover you for a condition that has existed at any time within the last five years before taking out your plan.

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