For an investment that benefits your health in the long and short term and may actually save your life, look no further than health insurance. However, before you buy any coverage, you’ll need to get all of the right information to make the best choice. This article contains the basics of what you need to know to make good decisions about health insurance.
An individual buying a health policy typically costs much more than going with a group policy; keep that in mind and plan accordingly. You may find yourself needing to plan for a higher deductible or reduced coverage to bring your policy cost down. Every insurer will evaluate you differently, so it’s well worth your time to shop several insurers until you find the cheapest rates for the most coverage.
Check your prescription coverage yearly. Health insurance carriers can change the types of medications they cover, so be sure not to enroll in a plan that won’t cover your prescriptions. If you need medication on a regular basis and your insurance company no longer covers it, you need to find a new insurer.
Look to catastrophic coverage instead of comprehensive coverage if you are looking for cost savings on your insurance. Catastrophic coverage only covers major medical expenses, like hospitalization and emergency surgeries; in comparison, comprehensive covers that, plus most minor health care related costs like physicals and prescriptions.
Your health insurance can help you reduce your taxes. Lots of people don’t understand the premiums that you pay on your health insurance can be deducted off your taxes. The money spent on deductibles, prescriptions and co-pays for doctor visits are also deductible. Check your state tax guidelines to ensure you’re adhering to both local and federal rules.
Do not ever openly volunteer unsolicited information when your potential medical insurance provider calls in regards to your application. Only answer direct questions. Any extraneous information you throw into the conversation will get recorded by them, and could come back to haunt you later in the form of higher premiums or even total denial of coverage.
Regardless of the kind of insurance policy you have, you will save money if you always choose generic prescription drugs. Odds are, most of the time you’ll be able to get generics, and research has regularly demonstrated that they only difference in these drugs is their brand name.
Check your insurance coverage periodically to determine which medicines are paid for by your plan, and which ones are not. Make sure you stay on top of things, and ensure that the list carries your prescriptions each year before re-enrolling.
HSAs (savings accounts designed specifically to cover your health needs) are a consideration when you only occasionally visit the doctor. All the money that is saved from paying deductibles and premiums can be added to this account and you can use this for medical expenses when they come up.
Pay attention to all the bills you receive for your health care. Even with health insurance, things such as prescriptions might add surprises to your medical bills. Many doctors write prescriptions without considering whether or not the medication is covered, or if there is a generic (and cheaper) version available. In addition, you should check prices at various pharmacies. Different pharmacies have varying prices on generic medications.
As this article discussed, be sure you ask the proper questions so you get the right coverage that you need. When you do proper research and ask good questions, you will surely end up with good insurance. Arm yourself with the tips found above and you are sure to make the right decisions when it comes to health insurance.