There are many different things to consider when selecting, upgrading and paying for your insurance. The range of available options can make your choices seem very intimidating. Here you will find lots of helpful information that may help you avoid costly mistakes.
If you just graduated from college and are looking for health insurance, consider the following two options. If you are currently employed, you may be eligible for your employer’s insurance plans. If you are younger than 26, you can still be covered by your parents, or you can research personal health insurance policies.
When it’s time for open enrollment, evaluate your needs when it comes to health insurance. 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. You can also make changes to vision, dental and other insurance options.
Keep track of your prescription coverage. Every year, when you re-enroll in your insurance plan, your insurance company has the right to change the plan terms. Read all the paperwork when you re-enroll and ask your insurance agent to clarify anything you’re confused about. In particular, keep an eye on the prescription drugs covered by your plan and note changes that may occur from year to year. If you take a medication daily that is not covered anymore by your insurer, you may need to find a new insurance company — fast.
You can get catastrophic insurance instead of comprehensive to save cash. Comprehensive plans cover every little prescription or doctors visit, while catastrophic covers only bigger bills like emergency room visits or hospital stays.
Regardless of the type of health insurance you have, you’ll save a lot of money by opting for generic drugs over their name brand equivalent. Only in rare cases will you not be able to receive generics, and multiple studies show that there is no difference in the drugs except for their brand name.
Weigh your options when it comes to choosing a health insurance plan type. HMOs and PPOs are common choices, but don’t count out POS plans just because of their acronym. Each one has different options, so check them out prior to buying from a company. If you like your present doctor, make sure with any policy you choose there is an option to stick with him.
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. Just think, the money you are not paying in higher insurance costs can be set aside for any future medical expenses.
It’s important that you review your medical bills every time you receive one. Even when covered by a full-fledged medical plan, the bills that pop up can catch you off guard, especially in regards to prescriptions. Many doctors just write out these prescriptions for brand-name meds without mentioning generics. If you can use different pharmacies, do some research to find out which one has the best prices. A generic medication can vary in price from pharmacy to pharmacy.
The information laid out here should provide the confidence you need to make the best choices for your insurance. 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.