It is normal for you to feel a bit of uncertainty when it comes to your health insurance, regardless of whether it is your first insurance policy, you are looking to pair some of your existing policies together, or you are simply seeking lower rates or more coverage. Read on to find many tips and tricks to help you save money while getting the coverage you need.
Research the extent of a policy’s coverage before you purchase health insurance. Having the coverage that will cover incidents like these will make all the difference in the affordability of any downtime that you may incur.
Open Enrollment
Look at your personal health insurance needs when it’s open enrollment time. Your insurance needs can rapidly change as your health changes and your family grows. Open enrollment also gives you the opportunity for making changes to other plans, such as dental or vision.
Individual policies tend to cost quite a bit more than a group plan, so be sure that you plan out your finances accordingly. You may need to sacrifice some aspects of your policy to help keep the cost affordable, such as a higher deductible or less coverage. Get quotes from several different insurance companies to find the best rates and coverage.
Each year, check to see which prescriptions are covered. Health insurance companies like to change what medications they are willing to cover, so make sure you read the fine print every time you re-enroll. If you take a medication daily that is not covered anymore by your insurer, you may need to find a new insurance company — fast.
The way you manage your health care insurance may actually earn you tax breaks around April. Many people do not realize that the premiums you pay for health insurance are tax deductible. Any money you spend to cover your deductible, your prescriptions, or any visits that your insurance doesn’t cover can also be deducted from your taxable income. State and federal taxes differ, so you will need to check the guidelines.
All health policies have some loopholes hidden within them. Read and comprehend every word of your health insurance policy. Learn exactly what is and is not covered. Keep some money set aside in case you have to pay out-of-pocket for a medical procedure or prescription.
Do not volunteer any information if you get a phone call from an insurance company. Answer only the questions they ask you directly, and keep your answers focused and short to offer nothing more than the specific answer. If you add any extra information, it will be notated in their records and could result in higher premiums or even a rejection of your application.
Private Insurance
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. Knowing this, you should remember that hospitals out of state may not be covered under your insurance. Make sure you read your policy carefully to know what to expect.
Choose the type of health insurance plan that best suits your needs. Chose from HMO, PPO and POS. Various options are available from each company that you should consider prior to making your choice. Importantly, double-check that your current doctor is available for use in any plan you are considering.
If you’re in good health and don’t need to visit the doctor very often, an HSA, or health savings account, may prove beneficial for you. 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.
The knowledge you’ve just learned should help you have the confidence to make the correct insurance choices. You’ll have confidence that your insurance will cover you in any situation as well as be secure in the knowledge that you’re spending as little as possible.
