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.
See if your employer has a wellness program for their employees. Some companies offer discounted gym memberships and reduced rates for preventative medical care. Joining certain fitness programs may help your company pay less for its insurance coverage.
Plan out your future accordingly, because group coverage is usually cheaper than individual policies. You might need to choose a higher deductible and reduce some parts of your coverage to keep the costs affordable. Compare the premiums, deductibles and coverages of multiple providers.
Each year, check to see which prescriptions are covered. Health insurance companies tend to change the medications they cover, so see to it that you read the contract’s fine print each time you re-enroll. If your usual medications are not covered anymore, look for a different insurance program.
The way you manage your health care insurance may actually earn you tax breaks around April. 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. Health insurance premiums, prescription costs, deductibles and other expenses not covered by insurance may be deductible on your tax return. Check to see what guidelines the federal and state governments have for tax breaks.
You should expect that your insurance will have stipulations and loopholes. You need to thoroughly read your policy, so that you understand what it says and are not caught off guard if they say they will not cover something. Resign yourself to the fact that certain procedures or medications will not be covered if that is the case.
No matter what type of coverage you have, you are going to save money on your health insurance if you always opt for generic drugs. It’s unlikely that your prescription will not have a generic option, and studies have proven that the efficacy of both name brand and generic prescriptions are equal.
You need to find out which health insurance company and plan is best suited for you. You can pick between POS, PPO or HMO. They’ll have various options you should research before making a selection. You should have the choice to keep your current doctor.
Keep in mind that some employers will charge an additional fee, known as a spousal surcharge, if you add a spouse to your plan whose employer also provides health insurance coverage. It might be cheaper to each have separate coverages with your employers. To find out the right way to go, calculate both scenarios.
Keep track of 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. A lot of doctors will not prescribe a generic version if you do not ask for it. If you can use different pharmacies, do some research to find out which one has the best prices. A generic medication can vary in price from pharmacy to pharmacy.
When comparing group and individual insurance plans, you may notice that group insurance might cost less monthly; however, there may be more options for an individual plan. 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. Some thing can go wrong at anytime, leaving you with large bills that could wipe out your savings. Be smart, and research the options for health insurance that protects you and still fits within your budget.