Do not approach health insurance with fear. It is true the field is complex and your options are many, but the more you learn, the safer you will feel. Health insurance is similar to healthcare itself. An ounce of prevention is worth a pound of cure. By making smart choices when you select health insurance, you can avoid difficulties in the future.
When considering a health care insurance plan from your employer, take into account your own personal health and the health of your family. If you are not dealing with any health issues, you may be tempted to buy insurance that has a cheaper premium. This will save you money right away, but may end up costing more if any problems arise in the future.
To save on health insurance costs, choose catastrophic coverage instead of comprehensive. Unlike comprehensive insurance, catastrophic coverage has less coverage for routine care, and will only cover “big ticket” costs.
Be aware of your tax credits for health insurance bills. Many people are not aware that your health insurance premiums count as a tax deduction. Any money you pay for your deductible, co-pay, or even prescriptions are claimable as well. Get the advice of your tax accountant if you are unsure about which expenses are deductible.
You can save money by choosing generic drugs, no matter what kind of insurance you have. There are only rare times you can’t get generic medicine, and most studies show there is not a measurable difference between brand and generic, save the name.
Be sure to check your insurance plan to see what medications it will cover. This list will be different every year or so, so make sure you check it when you enroll again to avoid a surprise at the pharmacy when filling your medication.
Since it’s cheaper to do a group plan, your employer rate will be cheaper than a personal insurance plan. In order to take advantage of that fact, try to align yourself with a trade or affinity group that provides membership discounts.
Even if you have a pet that lives indoors, it is still a great idea to get them pet health insurance. Just as people are susceptible to illness and accidental injury, so too are our pets. There is a lot that can happen unexpectedly. Even while indoors, a pet can break a tooth or bone, and need to have expensive vet care.
If you have medical conditions that are pre-existing, make sure you research your policy and company ahead of time to make sure you qualify. Some companies do not cover people with pre-existing conditions, and those that will provide coverage often charge these people much higher premiums. If you want to save money on your health insurance, you have to put time into researching different insurance plans.
When you are making the switch to another insurance plan, be sure that you have assembled all the important information about your current policy. Always know what your annual payments are, your deductibles and all the medical costs that are covered after you reach the deductible. Keep all these facts about your current plan together so you can compare them with new plans more easily.
Prepare an itemized list of medical expenses if you are preparing to switch or renew your health insurance. Do not forget to include the out-of-pocket expenses that you provide for your dependents as well as for yourself.
Don’t wait until you’re sick to find out what your health insurance covers. You need to be prepared ahead of time for anything that comes up, so read your insurance policy and ensure you know what it means. If you do find that you have inadequate or poor health insurance, you have the ability to change this situation.