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.
Check your prescription coverage yearly. Health insurance providers frequently make changes to the medications they cover, so every time you sign back up, it is advisable that you check the fine print of your policy terms. If a regular medication has been dropped and a substitute isn’t acceptable, you may need to find a policy with a different company.
Your health insurance can help you reduce your taxes. Not everyone is aware of this fact, but the amount of money you pay in for health insurance premiums can actually be claimed on your taxes. Money can also be deducted from prescriptions and visits that aren’t covered by the insurance and your deductible. Deductions differ for taxes, depending on the state you live in, so double-check the guidelines.
Anticipate that your insurance policy’s language will have at least some loopholes in the coverage it provides. Read every page of the policy, so you won’t be surprised when the company tells you that something isn’t covered. You may have to pay for certain things yourself, such as some prescriptions or procedures.
When you are filling out your application with the insurance company over the phone, make sure that you are only providing them with the information that they request. Answer only their direct questions. If you give any extra information, it will be recorded and can be used to raise the premium, or can even be cause for denial.
Check your health insurance plan to learn about what prescriptions are going to be covered under it. The prescriptions that are covered change on a yearly basis, so check the list every time you re-enroll to avoid any unpleasant surprises.
If you want to get pregnant in the future, ensure your insurance covers the pregnancy costs. You must consider this, as certain health insurance plans exclude prenatal care and labor from their coverage.
In some cases, insurance companies will charge you extra for adding your spouse to your plan if he has the option of getting insurance through work. Perhaps getting two separate plans through the respective employers would be more affordable, so calculate both options.
Be mindful of your bills. You may be surprised about how much you’re paying out-of-pocket despite having health insurance coverage. Prescriptions can be a big contributor to high out-of-pocket costs. Some doctors only prescribe brand-name medication without regard for the cost because they haven’t considered the generic version. Make sure you shop around before filling a prescription. One generic medicine can be a different price, depending on the pharmacy where it is purchased.
Do not learn about the shortcomings of your insurance coverage during an emergency or illness. Be prepared, learn ahead of time everything you need to know about your insurance, and find out what alternatives are available. It is not advisable to live with bad health insurance, but you can correct that at any time.