Navigating the world of health insurance can be a confusing process, no matter what your goal is. You goal may be to replace an existing plan with one with lower premiums, or maybe you are purchasing your first insurance policy. Whichever case it is, it is normal to have questions. Check out this article for some good tips on how you can deal with insurance and find the best possible policy.
If you have graduated from college and you are in need of health insurance, there are some options for you. If you are employed by a large enough business, you are probably eligible for company provided coverage. If you are under the age of 26, you can be on your parents’ insurance and you can always research personal insurance plans, as well.
Take advantage of an employee wellness program, if offered, and save money on health insurance. A lot of employers offer incentives to any employee who has their health and lifestyle assessed. Signing up for physical fitness programs can help you save money on your insurance premiums and even lower your company’s payments for insurance.
Reevaluate your insurance plan during your open enrollment period to make sure you are getting the best coverage that meets your needs. Even if a certain plan fit you well in the past, your needs may have changed, thus, you need different coverage. Open enrollment allows you time to change vision and dental insurance if your employer provides these options.
Individual policies usually have higher costs than the group coverage offered by employers, so plan accordingly. You may have no choice but to settle for a higher deductible and/or reduced coverage. Your best bet here is to do a little bit of comparison shopping in order to find the best package.
Catastrophic coverage may save money on health insurance premiums, but comprehensive coverage will save money in the long run if you have any serious medical needs. Prescriptions and doctor’s visits are covered by a comprehensive plan, while hospital and emergency care is covered by catastrophic health insurance.
Medical insurance can cut down on your taxes. Many people do not realize that the premiums you pay for health insurance are tax deductible. Prescription medications, non-covered office visits and deductibles may also be deducted. There are differences in state and federal taxes, so it’s best to look at tax guidelines to get a clear understanding.
During the phone interviews that health insurance companies conduct before granting coverage, don’t answer questions the company doesn’t ask. Answer only questions which are directly asked. Giving extra information gives them more reasons to raise your rates or deny coverage.
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. Depending on your plan, a trip to the ER in another state may not be covered. This is important information if you will be traveling.
Whenever you look at health insurance for catastrophic events, do your due diligence. As health insurance for a healthy individual, it’s not worth it because you will end up paying all of your own expenses. Once you have selected the policy, you will need a HSA or Health Savings Account where you can make deposits to pay for your deductible should the worst happen.
Read over your health care handbook and it will give you a lot of knowledge that will be helpful in the future. Providers send booklets that cover the details in your policy. Read the whole thing so you’ll better understand your benefits. It might seem tedious, but you need to know everything in the book.
The knowledge you’ve just learned should help you have the confidence to make the correct insurance choices. You can now make informed financial decisions when choosing your health insurance policy and rest easy knowing that you are covered in the event of an illness or emergency.