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.
When you choose health insurance, know what your policy covers. Having good health insurance that makes up for the coverge gaps in other types of insurance can make a huge difference in how you get through any down time without negatively affecting your finances.
If you just graduated from college, and you need health insurance, you have a couple of different options to think about. If you are employed, you can get health insurance through your job. You can also consider your parents’ insurance if you are below 26 years of age. If nothing else works, there are a ton of personal plans available through insurance companies, too.
Check with your company’s human resources department to see if you qualify for a wellness program for employees. Some companies offer discounted gym memberships and reduced rates for preventative medical care. Signing up for physical fitness programs can help you save money on your insurance premiums and even lower your company’s payments for insurance.
In order to save money, consider getting catastrophic coverage instead of comprehensive. Catastrophic coverage does not pay for prescriptions, checkups, and so on, but only for emergency care or hospitalization.
Let your health insurance get you money back on your taxes! Some companies offer a savings account for medical expenses. The money that goes directly into this account is tax free. Health insurance premiums, prescription costs, deductibles and other expenses not covered by insurance may be deductible on your tax return. Check your state tax guidelines to ensure you’re adhering to both local and federal rules.
All health policies have some loopholes hidden within them. Go over all of your policy’s coverage details thoroughly, so that you know ahead of time what the insurer covers and what you need to cover out-of-pocket. Be ready to take care of the cost for specific procedures and medications that insurance will not cover.
Because of interstate commerce laws there are regulations on private insurance companies which prevent them from selling insurance across state lines. What this means is that you may not be covered for a hospital visit out-of-state. Insurance companies will use any excuse to deny coverage, so make sure you know what your policy says before you travel.
Figure out which insurance plan best fits your health needs. Chose from HMO, PPO and POS. They’ll have various options you should research before making a selection. Make sure that you have the option to keep the doctor that you currently use.
If you are relatively healthy and do not visit the doctor often, start an HSA (Health Savings Account). Take some of the funds that you would otherwise spend on an insurance premium and put it into your HSA. This way, you always have health care funds should you need them, but you aren’t locked into an insurance contract.
Watch your bills. Even if you are covered by a health insurance policy, some bills may surprise you, particularly when you need to purchase prescription medicine. Sometimes, doctors will write a prescription and won’t consider a generic version. Additionally, find a pharmacy with low prices. Even pharmacies in close proximity to one another can have varying costs for the same generic prescriptions.
Individual insurance plans give you more choices, but group insurance plans can cost you less money every month. Whatever option you choose, the most important thing is to have some form of health insurance in place. To not have health insurance coverage in today’s world is just asking for trouble. Who knows what unexpected issue could be waiting around the corner that could wipe out your savings. Be smart, and look into health insurance options as soon as possible.