If you do not have health insurance, it can be very risky if you have a serious health problem or have any trauma, such as breaking a bone or being diagnosed with a disease. It is safe to have sufficient health insurance, and these tips can help you get the coverage you need for your family.
If you have just graduated from college and want health insurance, consider these options. If you are currently employed, you may be eligible for your employer’s insurance plans. If you are not yet 26, you can remain on your parents’ health insurance, though you may want to look into getting your own coverage.
Individual policies usually have higher costs than the group coverage offered by employers, so plan accordingly. Make compromises by settling for higher deductibles or less coverage. It is always a good idea to get quotes from several different companies, to ensure that you are receiving the best possible deal.
You should review your prescription coverage every year. Due to changing costs in drugs, health insurance companies tend to make changes in the prescriptions that they will cover for their customers from year to year. You may need to request an updated list from your insurance company. If your medication isn’t covered anymore, you may want to look for another insurance company.
Be aware of your tax credits for health insurance bills. Many people do not realize that the premiums you pay for health insurance are tax deductible. The money spent on deductibles, prescriptions and co-pays for doctor visits are also deductible. Because state and federal tax regulations vary for these deductions, you’ll want to check your state guidelines first.
Every insurance policy is likely to have some loopholes in it. Carefully read your policy, so that you will not feel surprised if your insurance denies a claim. Be prepared ahead of time to pay anything yourself that might not be covered, such as some procedures or medications.
It doesn’t matter the type of insurance coverage you currently have, but you will save money if you choose generic drugs. There are a few instances that you won’t be able to get generics, but using them is no different than using the brand name, as studies have shown.
You need to review your health insurance policy to see if any prescriptions are covered in the policy. 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 plan on getting pregnant in the near future, it is important that you get a health insurance plan that will pay all of your expenses, from pregnancy to labor and delivery. You should know this because there are health insurance plans that do not cover certain procedures pertaining to pregnancy and labor.
Starting a personal Health Savings Account or HSA is a good idea if you are among the lucky few that rarely goes to a doctor’s office. This allows a person to save money pre-tax in an account to be used for medical expenses later. The premium savings from a high deductible can go into the account, for example.
Read your bills when they arrive. Even with a health policy, you can still encounter surprising high bills, particularly for prescriptions. Make sure your doctor understands your limitations and is willing to write prescriptions for generic alternatives when the costs are simply too high to maintain. Be sure to shop around. Some generic medications cost less at different pharmacies.
It is very important to have health insurance; you never know when you might need it. You could get sick or have an accident. Use the tips that you have read here and take them with you when you are looking to purchase health insurance, so you can find the right policy for your family that gives you the best bang for your buck.