Being covered by health insurance can save you money in both the near term and longer range future. Do your research and compare the options before purchasing a policy. The tips below can help you purchase the health insurance you need.
When thinking about what type of insurance plan to purchase from your employer, keep in mind the overall health issues of everyone in your family. If your health doesn’t present any concerns, you can get coverage with lower premiums. While it starts cheap, it’s risky if something unexpected happens to your health.
Reevaluate your insurance plan during your open enrollment period to make sure you are getting the best coverage that meets your needs. What was acceptable in the past may not work at this moment, particularly if you developed a health condition, need to add a relative or need make other kinds of adjustments. Wait until open enrollment time to make these changes, as well as changes to your vision or dental coverage.
Buying individual coverage typically costs more than the group insurance employers provide, so have your expectations set accordingly. You may find yourself needing to plan for a higher deductible or reduced coverage to bring your policy cost down. Get a number of quotes to find the best policy and rates.
Catastrophic Coverage
A cheaper alternative to comprehensive insurance is catastrophic coverage. Unlike comprehensive insurance, catastrophic coverage has less coverage for routine care, and will only cover “big ticket” costs.
No matter the coverage you have, if you choose generic drugs all the time you will save money on health insurance. It’s unlikely that your prescription will not have a generic option, and studies have proven that the efficacy of both name brand and generic prescriptions are equal.
Look into different health plans, and decide on the one that best fits your needs. There are many different plans to choose from, including PPO, POS and HMO. They’ll have various options you should research before making a selection. If it is a concern, check if you are going to be able to keep your current doctors.
Read your policy to ensure you know exactly which prescriptions are covered and which are not. This list will be different every year or so, so make sure you check it when you enroll again to avoid a surprise at the pharmacy when filling your medication.
If pregnancy is in your plans for the future, make sure your insurance policy will cover all of your pregnancy-related expenses. Don’t leave this to chance; some insurance doesn’t cover pregnancy, complications from pregnancy or labor.
If you are someone who don’t use the doctor often, you should look into a HSA or Health Savings Account. Just think, the money you are not paying in higher insurance costs can be set aside for any future medical expenses.
A group plan offered by your employer will always be cheaper than individual insurance, as your employer will be able to negotiate discounted rates due to buying policies in bulk. If you’re unemployed or self-employed, consider joining a trade union to take advantage of group health insurance rates.
As this article discussed, be sure you ask the proper questions so you get the right coverage that you need. Doing your research can pay off in terms of choosing a better plan. Use the advice you have read in this article to assist you in making good choices.
