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.
Open Enrollment
When it’s time for open enrollment, evaluate your needs when it comes to health insurance. Although your current policy may have been effective thus far, that may no longer be the case because health situations for you or your dependents may have changed. You might also need a different policy in order to add new people to it. Remember to make any necessary adjustments to your vision and dental plans during open enrollment as well.
Individual policies tend to cost quite a bit more than a group plan, so be sure that you plan out your finances accordingly. You might have to get a policy with a higher deductible, less coverage, or both. As with any service, you should do your research to find the best price and plan.
Vision Insurance
If you, or any of your family members, have vision issues, then it is a good idea to get optical insurance. Some of your visits and eye care purchases, such as glasses or contacts, will be covered. Vision insurance is voluntary coverage. There are people that save more money by not having vision insurance than having it.
Each year, check to see which prescriptions are covered. Every year, when you re-enroll in your insurance plan, your insurance company has the right to change the plan terms. Read all the paperwork when you re-enroll and ask your insurance agent to clarify anything you’re confused about. In particular, keep an eye on the prescription drugs covered by your plan and note changes that may occur from year to year. If you take a medication daily that is not covered anymore by your insurer, you may need to find a new insurance company — fast.
Track your health insurance premiums to cut down your tax liability. Lots of people don’t know that health insurance premiums are tax deductible. You can deduct money that you pay in for your package’s deductible, as well as other health insurance-related items, like prescriptions and doctor visits. State taxes are different than federal taxes though, so make sure to check the guidelines.
No matter the coverage you have, if you choose generic drugs all the time you will save money on health insurance. There are only rare times you can’t get generic medicine, and most studies show there is not a measurable difference between brand and generic, save the name.
Each state has its own rules for insurance, so you have to buy coverage in the state of your residence. Depending on your rules, a hospital in another state could be outside of your coverage area. Each insurer is different, so read the fine print before you buy.
Choose which type of health insurance policy works best for you. There are many different plans to choose from, including PPO, POS and HMO. Each can be significantly different than the other, so really consider each before deciding. Ensure that you choose the option that allows you to continue seeing the doctor you have been seeing.
If you expect to get pregnant soon, it is essential that you get an insurance policy that covers all your expenses, from doctor visits to labor to hospital maternity stays. This is critical because a number of medical coverage policies do not extend to certain elements involved with pregnancy and/or labor issues.
Health Insurance
Comparing private insurance premiums with group rates can be discouraging, but the benefits of individual insurance might be worth the cost. The main thing to remember about health insurance is that you must have something in place. Going through life without health insurance is asking for trouble. It is too easy for something unexpected to happen that could leave you penniless. Be smart, and research all of the health insurance choices available today.
