Health insurance is a must-have in the event you have a serious medical emergency. You never know when disaster will strike in the form of illness, accident or injury. If you aren’t prepared with a good health insurance plan, you could stand to lose everything. If you have a good health plan in place, you can rest easy that your expenses will be taken care of. You have a couple of choices when it comes to purchasing health insurance. You can go with an individual plan, or if your employer offers group insurance, you can save money by choosing that plan.
When thinking about a health insurance policy from your job, think about your health and your family’s health. If you are not dealing with any health issues, you may be tempted to buy insurance that has a cheaper premium. This can be risky; although you pay less per month for this type of coverage, you’ll have to pay out of pocket for medical care if you develop a serious health condition.
Sit down and create a budget when deciding on which health insurance plan to choose. It can be difficult to estimate the total cost of an insurance plan over a year, so careful analyze the premium itself, as well as any deductibles and co-pays.
Figure out what your needs are before open enrollment is offered. What worked in the past may not now, particularly if your personal health may have changed or if you added someone to your policy. You should also review your employee vision and dental plans during this enrollment period, if you have them.
Use health insurance to pay less on taxes! Many people do not realize that the premiums you pay for health insurance are tax deductible. Any money you pay for your deductible, co-pay, or even prescriptions are claimable as well. Be sure to check the separate guidelines for state and federal tax differences.
All health policies have some loopholes hidden within them. Peruse every word of your policy, so that you won’t have any unpleasant surprises. Understand that you may have to pay on your own for things that are not covered, such as certain procedures or medications.
No matter what, you will save money by buying generics over brand name drugs. Generic drugs contain the same active ingredients as brand name medications, and are available for most prescription medications.
When shopping for a new health insurance plan, you should carefully consider your individual needs. You can select a POS, HMO or PPO. Various options are available from each company that you should consider prior to making your choice. An important consideration is whether or not you want to keep your current primary care physician, and if you do you should ask him which insurance company he is affiliated with.
Investigate your prescription coverage by reading your health insurance policy. Since this prescription list changes often, you should be sure to check it when you enroll again.
If you are unable to afford the cost of comprehensive health insurance, you may want to consider catastrophic coverage. This will give you some protection in case unforeseen things happen, such as accidents or illnesses requiring hospitalization. It’s also a good way to diversify tour health care portfolio just in case something happens.
When comparing individual and group life insurance, you will probably find that group is cheaper, but you will get more choices with an individual policy. The key to health insurance is always having a policy in place. In today’s environment, if you choose not to purchase health insurance, you’re asking for trouble. You never know what could happen, and just one visit to the emergency room can cost thousands of dollars, not to mention the cost of a hospital stay for serious injuries or a lengthy illness. Don’t let that happen to you. Look into viable health insurance options right away.