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.
If you just graduated college and need insurance, there are some choices for you to think about. If you’ve got a job, use the employee-based insurance it provides. Those younger than 26 are still eligible to be on their parent’s insurance plan as well as a private and personal one.
Bear in mind that the costs for individual policies are usually higher than those of group insurance offered by employers. It is likely that you will have to compensate by accepting a higher deductible or less coverage. 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.
If you have a family history of needing vision correction, or if you have already been prescribed glasses or contacts, it’s important to include vision coverage in your health insurance plan. Vision insurance will help you afford your annual eye exam and your eyeglasses or contact lenses. Vision insurance isn’t mandatory and therefore may not be worth the cost for some individuals.
Medical insurance can cut down on your taxes. Many people do not realize that the premiums you pay for health insurance are tax deductible. Prescription medications, non-covered office visits and deductibles may also be deducted. Get the advice of your tax accountant if you are unsure about which expenses are deductible.
Don’t give more information than necessary when you are being interviewed by a health insurance provider. Give direct answers to their questions and nothing more. If you volunteer extra information they will make a record of it, and may use it to raise your premiums, or even deny you insurance coverage at all.
Regardless of the kind of policy you have, choosing generic medications will always save you money. It is very uncommon for a generic medication to be unavailable, and research indicates no distinction whatsoever between generics and their brand name counterparts, aside from the name they are given.
Remember that each state regulates the private insurance companies under its own jurisdiction, so interstate commerce laws prevent private insurance from being sold to you in one state if you live in another. Always make sure that you know which doctors and hospitals are covered by your plan. This is important information if you will be traveling.
Research different types of health plans, and decide on the one that best fits your needs. Chose from PPO, POS and HMO. Each can be significantly different than the other, so really consider each before deciding. Just be sure to go with one that lets you keep your current physician.
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. You should be aware that not all health insurance plans will take care of all costs that are associated with having a baby.
Health Savings Accounts (HSAs) are a great idea for someone who rarely visits the doctor. You can save money you do not pay on insurance, and it can go straight into this account to pay for medicines and doctors, if needed.
Since it is cheaper for you in the long run if you are part of a group plan, that is why your rates seem lower when you work for an employer than when you get insurance on your own. 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.
The point of injury or illness is not the time to learn about deficiencies in your health insurance. Be prepared by knowing as much as you can about insurance and also by knowing all the choices you have. Going through life without a health insurance is risky, but you know now what to do to find a good policy.