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.
A good money saving tip for health insurance is to ask your company if they offer an employee wellness plan. A number of employers offer incentives to those employees who have their lifestyle and health assessed. You may be able to join a fitness program afterwards, which will help the company to save money on their insurance coverage, and that in turn would lower your own premium.
When it’s time for open enrollment, evaluate your needs when it comes to health insurance. You might find that old choices in your health insurance plan just do not make sense anymore for your current situation. You can also make changes to vision, dental and other insurance options.
If you or loved ones have vision problems, it may be a good idea to get vision insurance. This insurance will handle a certain percent of the cost of eye care related expenses, such as glasses and doctor visits. Vision insurance is not something that you have to have, so it may cost you more to get the coverage.
Remember each year to verify what is covered with your prescriptions. 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 you take a medication daily that is not covered anymore by your insurer, you may need to find a new insurance company — fast.
Most health insurance plans have loopholes, and yours is probably not an exception. Check over your policy with great care, so that you know what it will, and will not pay for. Put money aside each month so that you always have funds available to pay for medical procedures that are not covered by your insurance.
Interstate commerce laws prevent you from getting a policy designed for another state. If you go to the hospital in another state, your policy might not cover the expenses. This is important information if you will be traveling.
If you simply don’t visit the doctor enough for insurance to be cost effective, consider opening a Healthcare Savings Account (HSA). This is an alternative to health insurance where you save money in a tax-deductible account in order to pay for health services.
Catastrophic coverage is insurance that covers sudden, unexpected injuries or illnesses that are life threatening. This option is good for those who can’t afford comprehensive insurance. Even if you have insurance already, catastrophic coverage can provide extra protection against unusual events.
When you are comparing insurance plans, you may see that you will pay less with a group plan, but if you have an individual plan you will have more choices. In either case, the important thing to keep in mind is that you should have at least some form of health insurance. Being without health insurance in this day and age is leaving a door open for trouble. If you suddenly fall ill, the costs could devour your savings in no time. Be smart, and research the options for health insurance that protects you and still fits within your budget.