There are a lot of people who wait until it is too late to get health insurance. Most people don’t give health insurance a second thought, fail to understand it, doubt its affordability, or believe it’s not as important as it really is. Here are some things to keep in mind when shopping for health insurance.
When it’s time for open enrollment, evaluate your needs when it comes to health insurance. Even though you may have had the same plan for a number of years, it may be too expensive or it might not cover your current needs. It is best to make needed changes during the open enrollment period for vision and dental insurance as well.
Keep track of your prescription coverage. 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 a pill that you take every day is suddenly no longer covered, it may be time to search for a different insurance company.
Obtaining catastrophic coverage instead of comprehensive coverage can often save you money on health insurance. Comprehensive coverage will give you prescriptions and doctors visits, but catastrophic will cover more expensive medical bills from hospital stays or emergency room visits.
Expect your policy to have a number of loopholes. Make sure you read the policy thoroughly, if you do not you may be shocked to learn that your insurance doesn’t cover a visit or procedure. You may have to pay for certain things yourself, such as some prescriptions or procedures.
It doesn’t matter the type of insurance coverage you currently have, but you will save money if you choose generic drugs. 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 you do not visit the doctor often, it would be wise for you to open your own Health Savings Account (HSA). Take some of the funds that you would otherwise spend on an insurance premium and put it into your HSA. This way, you always have health care funds should you need them, but you aren’t locked into an insurance contract.
Since it’s cheaper to do a group plan, your employer rate will be cheaper than a personal insurance plan. The best way to get around this is to become a member or a trade organization that has insurance available to its members.
Watch your bills. You may think that because you have health insurance that the additional costs you have to pay will be low. In some cases though, this can be wrong, especially when the cost of prescriptions are taken into consideration. Generic versions of medications are often ignored by doctors writing prescriptions. Compare prices at more than one place. The price of the same medication can vary widely at different pharmacies.
If you are unable to afford the cost of comprehensive health insurance, you may want to consider catastrophic coverage. This will give you some protection in case unforeseen things happen, such as accidents or illnesses requiring hospitalization. It makes a great addition to your overall health insurance portfolio.
Doing your homework is key before buying a catastrophic health insurance policy. You need to make a list of the catastrophes you think you could possibly face and then ensure whichever policy you choose covers them all. Once you finalize your decision, set up your Health Savings Account (HSA), then start contributing to it so that you have money to cover the policy deductible if needed.
Having pet health insurance is a good idea, even for pets who are kept indoors all the time. There always exists the possibility of your pet accidentally ingesting something poisonous or becoming injured indoors, or getting outside and getting hurt. Pets that live exclusively indoors can incur injuries or experience dental problems that require help from a veterinarian.
By increasing your knowledge about health insurance, you will be able to make more informed, and therefore better decisions for your family and yourself when selecting a health insurance plan. This is a very important subject which shouldn’t be neglected. Taking care of your health and your pocketbook are among the most important things you do.