Uncertainty is felt by anyone facing an insurance dilemma, whether it be purchasing a new policy, trying to reduce your premiums, or just finding the right coverage for yourself. In the information below, you can find tips that help you avoid those mistakes that are painful to your wallet.
When selecting health insurance plans, it is essential to understand what is covered by the policy. Choosing a policy that covers what you need is the best way to get your money’s worth.
If you require health insurance and have are a recent college graduate, there are some things for you to think about. If you are employed, speak with your employer about their employee-based insurance. If you are 26 or under in age, your parents can keep you on their policy, and you may also search for your own insurance as well.
If your eyes already have issues, or vision problems exist in your home, then vision insurance proves a smart buy. This insurance covers some of your contacts, glasses and check-ups. Vision insurance is not mandatory, and some people spend less money not having this type of coverage.
During each enrollment period, check for changes in your prescription coverage, co-payments and annual deductibles. Every year, when you re-enroll in your insurance plan, your insurance company has the right to change the plan terms. Read all the paperwork when you re-enroll and ask your insurance agent to clarify anything you’re confused about. In particular, keep an eye on the prescription drugs covered by your plan and note changes that may occur from year to year. If your medication isn’t covered anymore, you may want to look for another insurance company.
When you apply for insurance, the company will give you a call. Ensure that you don’t volunteer any information they don’t specifically ask for. Just give them answers to the specific questions they ask you. 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.
Generic prescriptions are a great way to reduce cost, regardless of what type of insurance policy you have. It is very uncommon for a generic medication to be unavailable, and research indicates no distinction whatsoever between generics and their brand name counterparts, aside from the name they are given.
Keep in mind that insurance is something that’s regulated state-by-state, so you cannot purchase insurance from another state because of interstate commerce laws. If you end up in a hospital outside your state, you might not be covered. Insurance companies will use any excuse to deny coverage, so make sure you know what your policy says before you travel.
Some companies charge extra if your spouse is covered under your health insurance when insurance is available at his or her place of employment. Sometimes, it is less expensive for you and your spouse to have individual insurance through your own employers. Do the math on both scenarios to be sure.
Ask your doctor to increase the dose of your prescription to save a few bucks. Usually, larger pills aren’t double what smaller pills cost, so this can save you money in the long run. A pill splitter will pay for itself very quickly.
If you qualify, there may be a discount medical card you can get, which will allow you to switch to lower cost insurance with your insurer. This card allows you to go to a doctor in their network that offers reduced cost healthcare for those with low incomes. These cards can also get you an HSA, or Health Spending Account plan, which will cover costs.
The information you learned should give you the confidence to go out and make the right choices regarding your insurance needs. Knowing how to find the best plan for your needs and spending your money wisely will give you confidence and peace of mind.