Buying Health Insurance? Here’s What You Should Know

 

Health insurance is a must-have in the event you have a serious medical emergency. You never know when disaster will strike in the form of illness, accident or injury. If you aren’t prepared with a good health insurance plan, you could stand to lose everything. If you have a good health plan in place, you can rest easy that your expenses will be taken care of. You have a couple of choices when it comes to purchasing health insurance. You can go with an individual plan, or if your employer offers group insurance, you can save money by choosing that plan.

When it is time to renew your policy, evaluate your needs carefully. Even if a certain plan fit you well in the past, your needs may have changed, thus, you need different coverage. Open enrollment can also be the best time to change vision and dental coverage if that is offered.

If you have a family history of needing vision correction, or if you have already been prescribed glasses or contacts, it’s important to include vision coverage in your health insurance plan. Coverage could include your physical exams as well as portions of the cost for spectacles and contacts. Vision insurance is not mandatory, and some people spend less money not having this type of coverage.

When you are planning on buying your own health insurance plan, first you need to figure out what all the costs will be. The specifics on insurance and their co-pays, premiums, and deductibles can be very difficult to understand fully, make sure you do your homework!

Before you sign up for another year of coverage, ensure your prescriptions are still on the reimbursement list. Health insurance companies like to change what medications they are willing to cover, so make sure you read the fine print every time you re-enroll. You will want to consider switching providers if your current one yanks your medications off the approved list.

Health Insurance

Health insurance can help you pay less on your taxes. Lots of people don’t know that health insurance premiums are tax deductible. Any money you pay for your deductible, co-pay, or even prescriptions are claimable as well. Check the guidelines since federal and state taxes differ.

Take advantage of an employee wellness program, if offered, and save money on health insurance. Many employers provide incentives for the assessment of their employees’ health and lifestyles. Signing up for physical fitness programs can help you save money on your insurance premiums and even lower your company’s payments for insurance.

Expect that there will be loopholes in any health insurance policy. You need to thoroughly read your policy, so that you understand what it says and are not caught off guard if they say they will not cover something. Keep some money set aside in case you have to pay out-of-pocket for a medical procedure or prescription.

 

Regardless of the kind of policy you have, choosing generic medications will always save you money. Studies confirm that no real drop-off in quality occurs when you go to a generic brand. Only in the few cases where there is no generic should you opt for the name brand.

Know that due to federal regulations, you must buy health insurance from an insurance provider within your state. Therefore, going to a hospital in a different state may mean that your policy will not cover it. Insurance companies are very particular about this, so make sure that you understand your policy.

You can save money by choosing generic drugs, no matter what kind of insurance you have. There are only a few drugs that you can not get in a generic form, and there have been many studies that have shown there is not any difference between these and a name brand pill.

When you are looking to change health insurance plans be sure to verify that your current doctors will be covered, unless you do not mind having to change doctors. The insurance company you are considering will usually post a list of providers in your area who are on their approved list, but it still wouldn’t hurt to call for a confirmation or update.

Group Insurance

When you compare individual and group insurance, it’s easy to see that group insurance may cost you less on a monthly basis; however, you may have more choices with an individual plan. There may be a lot of complex options and routes to take with health insurance, but the important thing is that you are insured; the rest is simply icing on the cake. Being uninsured could cause severe financial hardship at a moment’s notice. It is very easy for something to happen that you weren’t expecting, and in the end you could be penniless. Do the wise thing by researching all the options available for health insurance today.

Review your insurance plan annually to see which prescriptions are covered. This list changes from year to year so check the list when you re-enroll, to make sure that you are not going to be surprised when you go to refill your prescription.