It doesn’t matter if you’re completely new to the world of insurance, if you’re aiming to combine different policies or if you’re attempting to locate better coverage or rates, it is likely you are uncertain about the choices you should make. This article is filled with useful tips to guide you in choosing the right policy and avoid expensive mistakes.
Figure out the costs before getting your own health insurance. Premiums, co-pays and deductibles can be confusing to figure out. However, you must make sure that you have accurately figured the costs of all of these before making a policy purchase.
Health Insurance
If you graduated from college recently and shopping for health insurance, then you can choose from a few different options. If you have a job, you can use their employee-based insurance. If you are not yet 26, you can remain on your parents’ health insurance, though you may want to look into getting your own coverage.
Figure out what your needs are before open enrollment is offered. Perhaps your situation has changed and your policy is no longer adequate. Open enrollment is also the time to make changes to dental and vision insurance coverage if your employer offers that.
Purchasing insurance on your own often results in higher policy costs compared to group plans offered through an employer. You might find yourself forced to compromise on both coverage and deductible. Take some time to research companies so that you can get the best rates and coverage.
Remember to get vision insurance to help you deal with existing and potential eye problems. Some of your visits and eye care purchases, such as glasses or contacts, will be covered. Vision coverage is not required, and a number of people keep their wallets a little thicker by eschewing this particular insurance.
Catastrophic Coverage
Obtaining catastrophic coverage instead of comprehensive coverage can often save you money on health insurance. Catastrophic coverage only covers major medical expenses, like hospitalization and emergency surgeries; in comparison, comprehensive covers that, plus most minor health care related costs like physicals and prescriptions.
You should expect that your insurance will have stipulations and loopholes. Make sure you read the policy thoroughly, if you do not you may be shocked to learn that your insurance doesn’t cover a visit or procedure. Be prepared to pay for some things that will not be covered, such as some medications or procedures.
Investigate your prescription coverage by reading your health insurance policy. 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.
Talk to all your health care providers before changing insurance companies. Some doctors may not accept your new insurance. You can also easily find a listing of the hospitals and doctors which accept your insurance plan by visiting the insurance company’s website.
If you are relatively healthy and do not visit the doctor often, start an HSA (Health Savings Account). Money could be put into this account instead of paying premiums and copays. If medical expenses are incurred in the future, use these funds to pay for them.
Doing your homework is key before buying a catastrophic health insurance policy. Not all policies will cover the same catastrophic circumstances, so make sure that you have the policy that covers the ares that you are most concerned about. Choosing a policy which also has a Health Spending Account will allow maximum flexibility in case anything happens you weren’t expecting.
The knowledge you’ve just learned should help you have the confidence to make the correct insurance choices. You can now make informed financial decisions when choosing your health insurance policy and rest easy knowing that you are covered in the event of an illness or emergency.
