Uncertainty is felt by anyone facing an insurance dilemma, whether it be purchasing a new policy, trying to reduce your premiums, or just finding the right coverage for yourself. This article is filled with useful tips to guide you in choosing the right policy and avoid expensive mistakes.
Vision Insurance
If you need glasses, or if someone in you family does, vision insurance should benefit you. Your coverage should include at least a percentage of the cost of your eye exams as well as a portion of the price of the corrective devices you buy. Vision insurance is voluntary coverage. There are people that save more money by not having vision insurance than having it.
It is wise to look over your prescription insurance plan at least once a year. Due to changing costs in drugs, health insurance companies tend to make changes in the prescriptions that they will cover for their customers from year to year. You may need to request an updated list from your insurance company. If a regular medication has been dropped and a substitute isn’t acceptable, you may need to find a policy with a different company.
Health Insurance
Your health insurance can help you reduce your taxes. Your health insurance premiums are tax deductible. You can deduct money that you pay in for your package’s deductible, as well as other health insurance-related items, like prescriptions and doctor visits. Be sure to check on the guidelines because state and federal taxes are different.
When talking to the health insurance company, never give them more information then they need. Only answer direct questions. If you give them more information than they have asked for, they will note it in their files and could take what they have learned to charge you more for your premiums or remove your coverage all together.
No matter what, you will save money by buying generics over brand name drugs. Experts agree that generic versions are identical to brand names in their effectiveness, and are typically widely available.
Remember that insurance is regulated by the state, and so it cannot be carried over state lines. Depending on your plan, a trip to the ER in another state may not be covered. Health insurers are very precise on what they will cover, so make sure to understand all the finer details of your policy so you know what is covered.
If you don’t see the doctor that much, you should most likely get a Health Savings Account, or HSA. Take some of the funds that you would otherwise spend on an insurance premium and put it into your HSA. This way, you always have health care funds should you need them, but you aren’t locked into an insurance contract.
Health insurance can be dramatically cheaper if you purchase it through a group plan. This is why employers can often offer their workers cheaper health insurance premiums. If you’re unemployed or self-employed, consider joining a trade union to take advantage of group health insurance rates.
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. A lot of physicians just scribble out prescriptions for branded pills without thinking about generic substitutes. If you can use different pharmacies, do some research to find out which one has the best prices. Even generic medication prices can vary at different pharmacies.
Catastrophic insurance is great for those who cannot get regular insurance, but need coverage for sudden injuries, illnesses or accidents. It’s also good to have this in addition to your regular health care policy as extra coverage in case of extreme circumstances.
The knowledge you’ve just learned should help you have the confidence to make the correct insurance choices. You can use your money with wisdom and enjoy the comforts that only good medical coverage can give you.
