Whether you are new to the insurance world, wanting to combine your policies, or shopping for better rates or coverage, you probably have some uncertainty about what choices to make. In the following paragraphs, you’ll find suggestions that will help you buy the right insurance for the right price.
If you’ve just graduated from college and are looking to purchase health insurance for the first time, keep the following in mind. If you’ve got a job, use the employee-based insurance it provides. If you are younger than 26, you can remain covered under your parents’ insurance plan, or you can look into personal insurance plans too.
To lower your insurance premiums, see if your employer offers a wellness program for their employees. More and more companies are starting to offer incentives to employees who agree to have a health and lifestyle assessment. You might be able to get lower premiums and sign up for a fitness program for instance.
Usually, individual policies cost more than group coverage that employers provide, so beware. You may find yourself needing to plan for a higher deductible or reduced coverage to bring your policy cost down. Every insurer will evaluate you differently, so it’s well worth your time to shop several insurers until you find the cheapest rates for the most coverage.
Most likely there will be loopholes in your health insurance plan. Read the policy through and through, so you know what it does and doesn’t cover. Be aware of what items you are required to pay for out of pocket and be prepared to do so.
If you are contacted by an insurance carrier in conjunction with your application, do not give information for which they did not ask. Answer only questions which are directly asked. Every communication that you have with the company is notated and assessed when trying to figure out your premiums or coverage. Sometimes the extra information you give could be used against you to deny you coverage, or at minimum an increase to your premiums.
It does not matter which type of health insurance you have, everyone will save money if they choose to get generic drugs when filling a prescription. It’s unlikely that your prescription will not have a generic option, and studies have proven that the efficacy of both name brand and generic prescriptions are equal.
Check with your health insurance carrier to know what prescriptions are covered under your policy. This changes every year, so you should ensure you look over the list yourself when you re-enroll, so that you won’t be shocked when you refill your prescription.
If you plan to have a baby soon, you should find a healthcare plan that will cover all expenses relating to your pregnancy, labor and delivery. This is extremely important because there are plans that will not cover certain pregnancy and labor needs.
Read your bills when they arrive. Even with health insurance, things such as prescriptions might add surprises to your medical bills. Some doctors only prescribe brand-name medication without regard for the cost because they haven’t considered the generic version. Make sure to compare prices of medications at different pharmacies. Generic medication differs in price from location to location.
Catastrophic health insurance is an excellent choice for anyone who cannot pay for a comprehensive insurance policy but wants at least minimal coverage in case something unexpected happens, such as an injury, accident or life threatening illness. It makes a great addition to your overall health insurance portfolio.
The knowledge you’ve just learned should help you have the confidence to make the correct insurance choices. Knowing how to find the best plan for your needs and spending your money wisely will give you confidence and peace of mind.