Health insurance is a must-have in the event you have a serious medical emergency. You never know when disaster will strike in the form of illness, accident or injury. If you aren’t prepared with a good health insurance plan, you could stand to lose everything. If you have a good health plan in place, you can rest easy that your expenses will be taken care of. You have a couple of choices when it comes to purchasing health insurance. You can go with an individual plan, or if your employer offers group insurance, you can save money by choosing that plan.
Always review your health insurance expectations for the next enrollment period as the open-enroll date nears. Your current coverage may no longer be adequate if your health conditions have changed or if you need coverage for a new family member. Open enrollment allows you time to change vision and dental insurance if your employer provides these options.
Remember that an individual policy is usually more expensive than what you would pay if you were a part of a group. You could find yourself having to make compromises with an individual package, like paying a higher deductible or even opting for less coverage. Take some time to research companies so that you can get the best rates and coverage.
Vision Insurance
Vision insurance is wise if you’ve had a history of vision issues in the past, or it’s in your family history. A portion of eye doctor visits as well as corrective lenses are covered. Vision insurance is not something that you have to have, so it may cost you more to get the coverage.
Look to catastrophic coverage instead of comprehensive coverage if you are looking for cost savings on your insurance. Prescriptions and doctor’s visits are covered by a comprehensive plan, while hospital and emergency care is covered by catastrophic health insurance.
Most health insurance plans have loopholes, and yours is probably not an exception. It is essential to read your insurance policy thoroughly to familiarize yourself with what is and what is not covered. Put money aside each month so that you always have funds available to pay for medical procedures that are not covered by your insurance.
Do not ever openly volunteer unsolicited information when your potential medical insurance provider calls in regards to your application. If you have a condition and they don’t ask about it, withold that information. If you give them additional information they did not ask for, they will record it, and could find a way to raise your rates or possibly deny you for coverage.
Opting for generic, rather than name brand drugs, will save you money. In very rare circumstances a generic won’t be available to you. Generics have been proven to be as effective as any name brand.
Look into different health plans, and decide on the one that best fits your needs. HMOs and PPOs are common choices, but don’t count out POS plans just because of their acronym. All three have varying options that you can investigate and think about prior to choosing any particular one. Importantly, double-check that your current doctor is available for use in any plan you are considering.
Keep in mind that some insurance companies will add a surcharge if a spouse you include on your insurance plan has access to their own insurance through an employer. It might be cheaper to each have separate coverages with your employers. To find out the right way to go, calculate both scenarios.
Group Insurance
If you compare group insurance to individual insurance, you can plainly figure out that group insurance has lower monthly premiums; however, individual policies give you more choices. The big thing to keep in mind is that you need something in place. You undertake a major risk if you do not have health insurance these days. A serious illness could happen at any time, and ruin you financially. Don’t let that happen to you. Look into viable health insurance options right away.
