Whether you are buying insurance for the first time, combining coverage, or looking for a better plan, you might have some questions about making the right choice. The following tips will make your decisions easier so that you will not end up throwing your money away.
It is imperative to have a full, working knowledge of how your health insurance coverage works. If you have health insurance that protects you in these situations, it can make big differences in managing downtime.
Open Enrollment
Reevaluate your insurance plan during your open enrollment period to make sure you are getting the best coverage that meets your needs. If your family has grown or someone’s needs have changed, you may have to change your coverage. During the period of open enrollment is when you can make changes to vision and dental insurance if that is something your employer offers.
If you or loved ones have vision problems, it may be a good idea to get vision insurance. The insurance will cover a percentage of your check-ups and your glasses or contact purchases. This type of insurance may not be necessary for some people, as they don’t use vision services enough to make it worth the cost.
During each enrollment period, check for changes in your prescription coverage, co-payments and annual deductibles. It is common for insurance providers to change the rules from year to year with little warning, so refrain from enrolling for another year until you read the newest policy. Pay careful attention, in particular, to changes in your prescription drug program. When your daily meds are dropped by your health insurer, then start the hunt for a new plan right away.
Health Insurance
Health insurance can help you pay less on your taxes. One commonly-overlooked tax benefit is that your premiums are actually tax deductible. You can deduct money that you pay in for your package’s deductible, as well as other health insurance-related items, like prescriptions and doctor visits. State taxes differ than federal, so you may want to check those guidelines.
If you get a call from the health insurance company as part of your application process, don’t give out any extra information. Answer only questions which are directly asked. 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.
Regardless of the kind of policy you have, choosing generic medications will always save you money. There are a few instances that you won’t be able to get generics, but using them is no different than using the brand name, as studies have shown.
If pregnancy is in your future, make sure your insurance plan covers all your expenses. The reason you must be careful of this is that many insurance plans do not pay for everything involved with giving birth.
Take into consideration that some companies will impose a surcharge for carrying your spouse on your health insurance plan if he or she has access to insurance through his or her own employer. It may be cheaper to have two different policies through your employers, so add it up.
The information laid out here should provide the confidence you need to make the best choices for your insurance. You will know the difference between a bad deal on health insurance and a good one, which will help you avoid the regret of choosing the wrong plan.
