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.
If you graduated from college recently and shopping for health insurance, then you can choose from a few different options. If you have a job, you can use their employee-based insurance. You can also be listed under your parents’ policy until you turn twenty-six, or look into personal plans.
To lower your insurance premiums, see if your employer offers a wellness program for their employees. A lot of employers encourage their employees to adopt healthy habits and get health insurance. Signing up for physical fitness programs can help you save money on your insurance premiums and even lower your company’s payments for insurance.
Remember each year to verify what is covered with your prescriptions. Since insurance companies are prone to altering what drugs they will cover, read all the fine print each time you re-enroll. If you suddenly find that your health insurance plan is not covering your ongoing medications any longer, then start your search for a new plan.
Health insurance can help you pay less taxes. There are many people who don’t know that any health insurance premiums you pay can be deducted from your taxes. Prescription medications, non-covered office visits and deductibles may also be deducted. Get the advice of your tax accountant if you are unsure about which expenses are deductible.
Generic prescriptions are a great way to reduce cost, regardless of what type of insurance policy you have. Most drugs have generic counterparts which are much cheaper than the name brand. In addition, generic drugs are chemically the same as the name brand.
Find the health insurance for your needs. You can choose from PPO, HMO and POS. Various options are available from each company that you should consider prior to making your choice. Ensure that you choose the option that allows you to continue seeing the doctor you have been seeing.
Read over your health insurance coverage to find out which prescriptions are covered by it. The list of covered items is called a formulary in the insurance world and this list changes every year. Some new items will be covered, and some older ones may go away so reviewing every year is important. If you find that a previous prescription is no longer covered, talk to your doctor about switching to one that is.
If you don’t see the doctor that much, you should most likely get a Health Savings Account, or HSA. Money could be put into this account instead of paying premiums and copays. If medical expenses are incurred in the future, use these funds to pay for them.
Health insurance can be dramatically cheaper if you purchase it through a group plan. This is why employers can often offer their workers cheaper health insurance premiums. The best way to go about it is to join a trade organization that provides membership discounts in insurance premiums.
Don’t wait until you’re sick to find out what your health insurance covers. Before you experience a major illness, you need to prepare yourself to have the best health insurance for your situation. Having a poor insurance policy is not a good decision, but you can change that anytime.