Many people don’t have health insurance coverage simply because it’s too costly. Many different healthcare plans are offered by providers and finding the right one can be tricky. This article will hopefully help you feel more comfortable when deciding which company and policy to select.
Before buying health insurance, take time to calculate all of the potential costs involved. It is important for you to take the time to understand exactly what your co-pays, premiums and deductibles are when you have health insurance.
If you have recently graduated from college and you need health insurance, you have a couple options. If you’ve got a job, use the employee-based insurance it provides. Other options include personal insurance plans, as well as being included on your parents’ health insurance plan if you are below 26.
Ask your employer about any existing employee wellness program. A number of employers offer incentives to those employees who have their lifestyle and health assessed. Fitness regimens might be available to you that can cut down on corporate insurance costs, as well as your personal premiums.
When you have to purchase your own plan, you will have to pay more than if you were enrolled in a group health insurance plan, so plan for that price. You might have to get a smaller coverage or have a higher deductible, and for some people it will be both. Your best bet here is to do a little bit of comparison shopping in order to find the best package.
Medical insurance can cut down on your taxes. Not everyone is aware of this fact, but the amount of money you pay in for health insurance premiums can actually be claimed on your taxes. You can also include all money paid for prescriptions, your deductible, doctor visits, co-pays and any other non-covered medical expense. Get the advice of your tax accountant if you are unsure about which expenses are deductible.
Opting for generic, rather than name brand drugs, will save you money. Studies confirm that no real drop-off in quality occurs when you go to a generic brand. Only in the few cases where there is no generic should you opt for the name brand.
Make sure that your insurance plan covers all aspects of pregnancy and childbirth before getting pregnant. This is important to know because some health insurance plans cannot be used for certain aspects of pregnancy and labor.
Find out if the company will charge you to have your husband or wife on your plan or if it is easier for them to do it through their own work. It’s possible that it’ll be cheaper for the both of you to get insurance through your own employers, so take the time to calculate your costs in both situations.
A good money-saving health insurance tip you can use is to start an HSA – Health Savings Account. This is especially good if you do not visit a doctor all that often. All of the money that you save from paying premiums and deductibles, can be put into this account and used for any medical expenses that you incur.
Health insurance prices are cheaper for groups than they are for individuals; that may be why you notice that rates seem less expensive when your insurance is through your job. The best way to circumvent this is to join an industry group which offers its members insurance at a discounted group rate.
For those who do not have the money for a regular and complete health insurance policy, but would like to be covered for unforeseen accidents, injuries or a serious illness, catastrophic health insurance is a good alternative. Catastrophic health coverage is an excellent addition to existing health coverage as well. It gives extra coverage in extreme situations.
Don’t forget that insurance companies are in business to make as big a profit as they can, and therefore, are known for being less than transparent when dealing with people who don’t know the ropes. If you make use of the tips you just learned when buying or renewing your health insurance, you will not only save yourself a lot of hassle, but a lot of money as well.