Do not approach health insurance with fear. It is true the field is complex and your options are many, but the more you learn, the safer you will feel. Health insurance is similar to healthcare itself. An ounce of prevention is worth a pound of cure. By making smart choices when you select health insurance, you can avoid difficulties in the future.
Before buying health insurance, take time to calculate all of the potential costs involved. Add up the total costs, not just the premium, because co-pays and deductible costs will add up pretty quickly.
A good money saving tip for health insurance is to ask your company if they offer an employee wellness plan. Lots of employers provide incentives to their employees for getting their health analyzed. 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.
Choose catastrophic insurance coverage over comprehensive to lower your premiums. While comprehensive covers doctor visits and prescriptions, catastrophic coverage covers hospital visits and emergency care.
Any coverage has exceptions loopholes, including your own health insurance plan. Read your paperwork thoroughly, so you know what your policy covers and what it does not. There will be things you have to pay for yourself, and knowing what these are ahead of time will save you the headaches.
Regardless of the kind of insurance policy you have, you will save money if you always choose generic prescription 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.
Choose the type of health insurance plan that best suits your needs. Select between a HMO, POS and PPO company. Each of these options offers different features and benefits, so you must compare each plan before agreeing to pay for coverage. If you have an established relationship with a trusted physician, you should verify that he or she is considered a preferred participant on your plan’s network.
Make sure you know which hospitals and doctors are covered under your health insurance. If a practitioner that you favor doesn’t take your plan, you may need to keep looking. You can also easily find a listing of the hospitals and doctors which accept your insurance plan by visiting the insurance company’s website.
If you simply don’t visit the doctor enough for insurance to be cost effective, consider opening a Healthcare Savings Account (HSA). Any dollars you save towards deductibles, premiums and copays can get saved in an HSA and applied towards future medical expenses.
Since it’s cheaper to do a group plan, your employer rate will be cheaper than a personal insurance plan. The best way to avoid paying the high individual rate is by joining a trade group that offers insurance to its members at a reduced group rate.
Watch out for fees and hidden costs, especially due to lack of coverage for certain items. Even with health insurance, things such as prescriptions might add surprises to your medical bills. Many doctors just write out these prescriptions for brand-name meds without mentioning generics. If you can use different pharmacies, do some research to find out which one has the best prices. One generic medicine can be a different price, depending on the pharmacy where it is purchased.
People who are unable to afford standard health insurance but want coverage in the event of a dire emergency often choose catastrophic health coverage. Even if you have insurance already, catastrophic coverage can provide extra protection against unusual events.
If you are thinking about catastrophic health insurance, you need to do some serious research. You need to make sure the insurance covers the catastrophic events that pertain to you. Catastrophic coverage is best for people who have developed a serious illness that will be extremely expensive to treat.
Getting sick or sustaining injury is not the time you want to discover holes in your insurance coverage. You should prepare beforehand for emergencies by knowing and understanding your policy details and alternative choices available. You do not have to live your life under insured!