Do not approach health insurance with fear. It is true the field is complex and your options are many, but the more you learn, the safer you will feel. Health insurance is similar to healthcare itself. An ounce of prevention is worth a pound of cure. By making smart choices when you select health insurance, you can avoid difficulties in the future.
Before buying health insurance, take time to calculate all of the potential costs involved. Do your calculations on how much you can pay for premiums, deductibles, and co-pays before you choose which insurance policy to buy.
Many companies offer employee wellness programs that allow employers to save on health insurance. A lot of employers encourage their employees to adopt healthy habits and get health insurance. You may be able to join a fitness program afterwards, which will help the company to save money on their insurance coverage, and that in turn would lower your own premium.
It is important to plan for the higher cost of an individual policy versus a group policy often offered by employers. You could find yourself having to make compromises with an individual package, like paying a higher deductible or even opting for less coverage. Your best bet here is to do a little bit of comparison shopping in order to find the best package.
Each year, check to see which prescriptions are covered. Due to changing costs in drugs, health insurance companies tend to make changes in the prescriptions that they will cover for their customers from year to year. You may need to request an updated list from your insurance company. If you need medication on a regular basis and your insurance company no longer covers it, you need to find a new insurer.
Obtaining catastrophic coverage instead of comprehensive coverage can often save you money on health insurance. Catastrophic coverage does not pay for prescriptions, checkups, and so on, but only for emergency care or hospitalization.
If you are contacted by an insurance carrier in conjunction with your application, do not give information for which they did not ask. You should answer the questions asked as directly as you can, but no more. They may take any information you give and use it against you, leaving you with hefty premium increases or no coverage at all.
Because of certain laws, private insurance is not allowed to be purchased from another state. Depending on your rules, a hospital in another state could be outside of your coverage area. Make sure you review your policy carefully to determine if you are covered out of your state.
Check with the doctors and hospitals that you use and make sure you will be able to keep going to them under the insurance policy you select. Look on the insurance company’s website for a list of medical providers they work with.
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 are self-employed, you could look into joining a trade organization that has group rates for its members.
For those who can’t afford a regular, comprehensive policy but still want coverage for sudden accidents, injuries and life-threatening illnesses, catastrophic health coverage can be a great option. Catastrophic coverage is also a helpful addition to any existing health insurance because it will cover extreme circumstances that other policies might not.
Do not wait util you get injured or sick to find out exactly what your health insurance plan covers. It’s best to learn all you can about your insurance and the options you have before you need to use it. Going without health insurance is very risky, but you can remedy that at any point in time.