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 you are choosing an employer-sponsored healthcare insurance plan, account for the health condition of yourself and your family. For example, if you’re basically healthy you may consider buying cheap insurance that doesn’t cover many services. This will save you money right away, but may end up costing more if any problems arise in the future.
When you are thinking about getting an individual health insurance policy, take time to work out all applicable costs. All the different parts to a policy like co-pays, premiums and deductibles can be confusing, so make sure that you understand it all before you purchase anything.
Ask your employer about any existing employee wellness program. A lot of employers have incentives when their employees have their lifestyles and health assessed. You may be able to join a fitness program afterwards, which will help the company to save money on their insurance coverage, and that in turn would lower your own premium.
Look at your personal health insurance needs when it’s open enrollment time. You may need more or less coverage than the previous year and changes may need to be made in your coverage. Open enrollment offers you the ability to change vision and dental coverage, too, if you have that option.
Bear in mind that the costs for individual policies are usually higher than those of group insurance offered by employers. You might have to choose an insurance with a bigger deductible, or one that has a less coverage, or both. Get a number of quotes to find the best policy and rates.
Check your prescription each year. Prescription coverage is subject to change in most insurance policies. You should double-check all terms so you don’t get surprised after you’ve renewed your coverage. If the pill you are taking on a daily basis is suddenly not covered, it is probably a good time to begin looking for another insurance provider.
Pay less on your taxes with health insurance! Not everyone knows that premiums are deductions. You can also include all money paid for prescriptions, your deductible, doctor visits, co-pays and any other non-covered medical expense. State and federal taxes differ, so you will need to check the guidelines.
You can be charged an additional fee if any of the people covered under your health insurance policy is entitled to insurance through their employer. It might be cheaper to each have separate coverages with your employers. To find out the right way to go, calculate both scenarios.
HSAs (savings accounts designed specifically to cover your health needs) are a consideration when you only occasionally visit the doctor. Take some of the funds that you would otherwise spend on an insurance premium and put it into your HSA. This way, you always have health care funds should you need them, but you aren’t locked into an insurance contract.
By comparing group and individual plans, you can tell that while one may cost less, the other can offer more choices. In either case, the important thing to keep in mind is that you should have at least some form of health insurance. In today’s environment, if you choose not to purchase health insurance, you’re asking for trouble. Some thing can go wrong at anytime, leaving you with large bills that could wipe out your savings. Research your options, and get coverage!