The cost of health insurance is often prohibitive; consumers often skip purchasing it because they can’t afford it. Insurance companies also have catalogs full of health insurance policies to choose from, which makes it difficult to determine which will be most effective. The following article contains some very useful advice that will help you navigate the health insurance maze, and find the best way to provide yourself and/or your family with much-needed coverage.
Calculate all costs of health insurance prior to signing a contract. The specifics on insurance and their co-pays, premiums, and deductibles can be very difficult to understand fully, make sure you do your homework!
If you are a recent college graduate and you are looking into health insurance, there are a couple of options for you to consider. If you are employed, speak with your employer about their employee-based insurance. Those younger than 26 are still eligible to be on their parent’s insurance plan as well as a private and personal one.
To lower your insurance premiums, see if your employer offers a wellness program for their employees. A lot of employers offer incentives for employees for having their lifestyles and health assessed. You might be able to find fitness programs that will help your employer save money on insurance coverage, which will lower your premiums.
Be sure to take a close look at your needs and concerns when it comes to your open enrollment period. You may want to make changes to your current policy if something isn’t working, or maybe your health needs have changed or your family has grown. Do not forget to make any needed changes to vision or dental insurance.
When you have to purchase your own plan, you will have to pay more than if you were enrolled in a group health insurance plan, so plan for that price. You might need to settle for higher deductibles or less coverage. You can get the best rates and coverage by shopping around.
You can get catastrophic insurance instead of comprehensive to save cash. Comprehensive plans cover every little prescription or doctors visit, while catastrophic covers only bigger bills like emergency room visits or hospital stays.
Read over your health insurance coverage to find out which prescriptions are covered by it. This list can change each year, so a prescription that is covered one year may not be the next. Be sure to check the list every time you re-enroll.
If you don’t see the doctor that much, you should most likely get a Health Savings Account, or HSA. 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.
In the end, it is cheaper if you have a group plan, that is why you have cheaper premiums if you work for someone. The best way to get cheaper insurance for yourself is to find a trade organization to join that offers health insurance to its members.
Keep in mind that health insurance companies are in business to make a profit; sometimes they seem to target those who do not have all the information they need about what kind of coverage is available. If you make use of the tips you just learned when buying or renewing your health insurance, you will not only save yourself a lot of hassle, but a lot of money as well.