There is a misconception that health insurance is only for elderly people or those who are privileged. However, simply hoping not to fall ill is far from a wise strategy. Not having health insurance can lead to financial ruin in the case of serious disease or chronic illness.
Take advantage of an employee wellness program, if offered, and save money on health insurance. A lot of employers offer incentives for employees for having their lifestyles and health assessed. You might be able to find fitness programs that will help your employer save money on insurance coverage, which will lower your premiums.
It is important to review your health insurance policy each year during open enrollment. Life changes quickly and today’s coverage may not meet your needs due to adding someone to your family. Open enrollment can also be the best time to change vision and dental coverage if that is offered.
Having health insurance can lead to tax deductions! Few people understand that 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. Deductions differ for taxes, depending on the state you live in, so double-check the guidelines.
When talking to the health insurance company, never give them more information then they need. Give direct answers to their questions and nothing more. Remember that the insurance companies are trying to make money, and anything you say can and will be used against you, in the form of raising premiums or denial of coverage.
Opting for generic, rather than name brand drugs, will save you money. Generics are available in most cases and contain the exact same ingredients as a brand name.
Know that due to federal regulations, you must buy health insurance from an insurance provider within your state. If you go to the hospital in another state, your policy might not cover the expenses. This is important information if you will be traveling.
Make it a point to find out which prescriptions are covered by your health insurance. This list changes from year to year so check the list when you re-enroll, to make sure that you are not going to be surprised when you go to refill your prescription.
If your spouse has a health insurance possibility through an employer, you may have to pay a surcharge to add your wife or husband on your plan. You need to figure up the costs for either scenario here. You may find that it’s cheaper just to have separate insurance policies through your own employers.
Health Savings Accounts (HSAs) are a great idea for someone who rarely visits the doctor. The money saved can be set aside in case it becomes necessary to pay for a premium.
Hopefully, the above article has made you think about purchasing health insurance. Having the proper health insurance can literally save your life, but you may not realize that until it’s too late. It is a lot better to prepare for it right away. No matter how expensive health insurance may seem, it won’t cost as much as an uninsured, unexpected hospital stay.