If you do not have health insurance, it can be a risky proposition if you come down with a terrible illness, encounter a trauma injury to your brain, or when you break your leg. Maintaining a good health plan is always your best bet, and below you will read about some great tips that will show you the various methods to picking out the best policy for you and your loved ones.
If you just graduated from college and are looking for health insurance, consider the following two options. If you have a job, you can use their employee-based insurance. You can get on your parents’ insurance if you’re under 26, in which case, you can also use that time to research plans.
Find out if your place of employment offers any type of employee wellness program. This can save you health insurance costs. A lot of employers give out incentives for their employees in order to have their lifestyle and health assessed. Your company saves money on its portion of employee health insurance if the employees remain healthy.
Be sure to take a close look at your needs and concerns when it comes to your open enrollment period. What worked for you in the past might now be inadequate, especially if your health has changed or you need to add someone to your coverage. Remember to make any necessary adjustments to your vision and dental plans during open enrollment as well.
Vision insurance can be worth having if you have vision issues, or if your family has a history of vision problems. Vision insurance covers a part of your eye exams and will also pay for at least part of your contact lense or eyeglass purchases. You are not required to have vision insurance, and not opting for this coverage can actually sometimes save people money.
To save money on your health insurance premiums, opt for catastrophic coverage rather than comprehensive. Unlike comprehensive insurance, catastrophic coverage has less coverage for routine care, and will only cover “big ticket” costs.
Medical insurance can cut down on your taxes. One commonly-overlooked tax benefit is that your premiums are actually tax deductible. You can also deduct the money you spend paying for your deductible, prescriptions or any visits not covered by your insurance. Because state and federal tax regulations vary for these deductions, you’ll want to check your state guidelines first.
Understand that private insurance is regulated on a state-by-state basis and cannot be purchased across state lines due to interstate commerce laws. If you go to the hospital in another state, your policy might not cover the expenses. All insurance companies are different in that regard, so be sure to call and check ahead of time.
Check with your health insurance carrier to know what prescriptions are covered under your policy. Make sure you stay on top of things, and ensure that the list carries your prescriptions each year before re-enrolling.
Ask your usual doctor if you can use the health insurance you are interested in to cover for visits. Finding a list of the doctors and hospitals that accept this insurance is as easy as checking the site of the insurance provider you are considering.
If you are relatively healthy and do not visit the doctor often, start an HSA (Health Savings Account). 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.
Catastrophic coverage is insurance that covers sudden, unexpected injuries or illnesses that are life threatening. This option is good for those who can’t afford comprehensive insurance. It can also be added as an extra to your health coverage.
Health insurance is vital since you can never tell what will happen. Illness and accidents may strike without warning. Use the tips that you have read here and take them with you when you are looking to purchase health insurance, so you can find the right policy for your family that gives you the best bang for your buck.