Individual health insurance is a type of policy that provides coverage for medical expenses and healthcare services for individuals, as opposed to employer-sponsored group health insurance or public healthcare coverage.
Individual health insurance is purchased by individuals to protect against unexpected medical costs. Premiums for individual health insurance are typically age-rated, meaning the cost varies depending on the insured's age.
Another factor that affects the cost of this type of insurance policy is the plan, or product, chosen. Insurers typically offer a range of plans from budget-friendly options with lower coverage to more comprehensive options.
The policy also involves full medical underwriting, where the insurer assesses the individual's health proposal form before issuing coverage.
It is important to note that pre-existing conditions are generally excluded from coverage, meaning that any health conditions the individual had prior to purchasing the policy will not be covered.