They are under the impression that health insurance is something for older or more affluent people. Do not assume that you are not going to get sick, since that isn’t a great health plan. Not having health insurance can lead to financial ruin in the case of serious disease or chronic illness.
If you’ve just graduated from college and are looking to purchase health insurance for the first time, keep the following in mind. You can use employee-based insurance if you’ve got a job. You can also consider your parents’ insurance if you are below 26 years of age. If nothing else works, there are a ton of personal plans available through insurance companies, too.
See if your employer has a wellness program for their employees. More and more companies are starting to offer incentives to employees who agree to have a health and lifestyle assessment. By signing up for a fitness program, you can reduce the cost of your health insurance and save money on your premiums.
Individual policies usually are much more expensive compared to the group coverage given by employers, so it is advised to plan accordingly. You might need to choose a higher deductible and reduce some parts of your coverage to keep the costs affordable. Shop around, and compare plans to find the best rates and coverage.
Your prescription coverage should be checked annually. 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. If you suddenly find that your health insurance plan is not covering your ongoing medications any longer, then start your search for a new plan.
When your health insurer telephones you during the insurance application process, do not volunteer any extra information. Simply respond to whatever questions they ask. If you give any extra information, it will be recorded and can be used to raise the premium, or can even be cause for denial.
Look into different health plans, and decide on the one that best fits your needs. Chose from PPO, POS and HMO. Each company has a variety of plan options you can compare before settling on one. Ensure that you choose the option that allows you to continue seeing the doctor you have been seeing.
Prescription coverage varies by plan, and may have limitations that affect you, so read your policy to see what’s covered. This can change annually, so checking regularly will ensure that you do not suddenly find out that your prescriptions are no longer covered.
If you are one of those people that does not go to the doctor too much, your best bet would probably be to start a Health Savings Account (HSA). Money could be put into this account instead of paying premiums and copays. If medical expenses are incurred in the future, use these funds to pay for them.
Hopefully, the above article has made you think about purchasing health insurance. Health insurance can mean the difference between living or dying, and yet you don’t realize how necessary it is until you’re confronted with that dilemma. It is much better to take heed and to prepare. Your insurance premiums may seem expensive, but a trip to the hospital can cost you a fortune.