Ayanna Kirton, Staff ReporterTWO WEEKS ago, we learned that the cost of an individual health insurance plan is significantly higher than a group policy offered through an employer.
Nevertheless, for persons that are self-employed or employed to companies that do not provide health benefits, insurance professionals agree that because accidents do happen and people do indeed get sick, an individual health insurance policy can act as a financial safety net to minimise the cost of health care expenses that can leave many in debt.
So where can you get health insurance coverage and which plan will be best for you? Health insurance plans can be purchased from various sources. The most obvious of which is an insurance company. Insurance companies often have their own signature health insurance plans and there are certain requirements that must be met by the insured party in order to qualify for coverage.
An insurance brokerage firm is another good source. These entities are almost like one-stop shops for policies as they offer a more comprehensive group of plans to choose from. Brokers sell insurance on behalf of the various health insurance pro-viders, which often saves potential policyholders the hassle of shopping around for a suitable plan.
BECOMING WIDELY AVAILABLE
Additionally, health insurance is now becoming widely available through banks and credit unions. Building societies are also becoming a convenient means of accessing health plans as well. However, potential policyholders must be members of these institutions or be willing to open accounts with these entities before becoming eligible for health benefits.
Finally, Blue Cross is perhaps the name most synonymous with health insurance. This organisation specialises in providing a range of individual products for every budget.
EXAMPLES
Here are a few examples of individual health insurance plans, the companies that provide them, and few of the benefits they offer:
Company: Blue Cross Plan: Executive Blue
Description: Designed to provide a broad range of health benefits for all professionals, executives, managers, self-employed individuals and other persons who wish to supplement their group coverage.
Premiums: $3,700 (per month) $40,369 per annum (with maternity). $36,195 p.a./ $3,318 per month (without maternity). This plan covers up to: $1,000 for hospital room and board. $12,500 per day for intensive care, $1,000 for radiotherapy, $1,000 per office visit, $2,000 per consultation and offers a maximum annual credit of $10,000 for prescription drugs among other benefits including optical and dental.
Company: Victoria Mutual Building Society
Plan: Victoria First
Description: A plan for anyone who needs an individual insurance policy
Premiums: Approximately $3,849 per month
This plan covers up to: $800 per office visit and $5,000 for dental and optical combined, among other benefits. Policy-holders also receive free life insurance benefits. In the event of death or accident an additional $100,000 will be payable.
Company: Jamaica National Building Society
Plan: JN Blue Premium
Description: This plan was created in collaboration with Blue Cross of Jamaica. It offers coverage for everyone between the ages of 18-70 years. Premiums: Individual premiums vary according to the age of the policy holder. For example: For policy holders aged 18-54 years old premiums start at $2,304 per month, while those aged 55-64 years may pay premiums starting at approximately $2,950 per month. Premiums for policyholders aged 65-69 years begin at $4,174 per month.
This plan will cover: up to $800 per doctor's visit, offers $30,000 surgical benefits, annual coverage of $7,000 for dental visits and $7,000 for optical and a range of other benefits.
Company: Blue Cross Plan: Econo Blue
Description: An affordable health plan for domestic workers, carpenters, masons, and other low-income earners.
Premiums: $570 per month, $6,430 p.a.
This plan will cover: up to $600 in hospital room and board, $15,000 for intensive care, $3,000 for prescription drugs, $400 per doctor's visit, $4,300 per hospital medical visit, and more.
All figures are approximations and premiums may vary according to age and physical health. Please contact companies mentioned for detailed explanations of policies available.
