Do not approach health insurance with fear. It is true the field is complex and your options are many, but the more you learn, the safer you will feel. Health insurance is similar to healthcare itself. An ounce of prevention is worth a pound of cure. By making smart choices when you select health insurance, you can avoid difficulties in the future.
Reevaluate your insurance plan during your open enrollment period to make sure you are getting the best coverage that meets your needs. What was acceptable in the past may not work at this moment, particularly if you developed a health condition, need to add a relative or need make other kinds of adjustments. This is also when you can decide what vision and dental options suit you the best.
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. Vision insurance covers a part of your eye exams and will also pay for at least part of your contact lense or eyeglass purchases. Vision coverage is not required, and a number of people keep their wallets a little thicker by eschewing this particular insurance.
Examine your prescription drug coverage on a yearly basis. Some insurance companies will change the kind of medication they cover or the pharmacies where you can get your prescriptions at. It is important to be aware of these sorts of changes when you are considering re-enrollment. If your usual medications are not covered anymore, look for a different insurance program.
Check the state and federal tax guidelines to determine which medical costs can be deducted on your tax return. The premiums that you pay for your health insurance are actually tax deductible! Prescription medications, non-covered office visits and deductibles may also be deducted. State taxes differ than federal, so you may want to check those guidelines.
When you apply for insurance, the company will give you a call. Ensure that you don’t volunteer any information they don’t specifically ask for. Answer only their direct questions. Even if they are legitimate, the information you provide will be recorded and can be used to spike up the premium you pay each month.
Each state regulates private insurance on their own, which means you are not allowed to purchase from another state. This would violate interstate commerce laws. If you end up in a hospital outside your state, you might not be covered. Insurance companies can be strange like that, so you need to know all the ins and outs of your policy.
Look into different health plans, and decide on the one that best fits your needs. You can choose from PPO, HMO and POS. Consider all the options offered by each health insurance plan before deciding which one to purchase. If you have an established relationship with a trusted physician, you should verify that he or she is considered a preferred participant on your plan’s network.
Some companies charge extra if your spouse is covered under your health insurance when insurance is available at his or her place of employment. It is possible that it is simply more affordable with two separate policies, so compare all scenarios.
A recommended option for those who can’t afford regular, comprehensive policies but need coverage in the event of an unexpected injury, accident or life-threatening sickness is catastrophic health coverage. Catastrophic coverage is also a helpful addition to any existing health insurance because it will cover extreme circumstances that other policies might not.
When you are in the hospital, you do not want to suddenly find out that your health insurance will not cover you. Before you experience a major illness, you need to prepare yourself to have the best health insurance for your situation. Having substandard health insurance is never a good idea, but with the right knowledge, you can remedy that whenever you choose.