Some may believe health insurance is only for old or rich people. However, planning on avoiding illness isn’t a really efficient health plan. As you will find out, it is very crucial to have health insurance.
If you’ve just graduated from college and are looking to purchase health insurance for the first time, keep the following in mind. If you have a job, you can use their employee-based insurance. Under current health care laws, those under 26 years of age are allowed to remain on the insurance policy of their parents, though this could change. Be sure to check out individual policies, too.
Individual policies may have higher expenses than those offered by group plans. It is likely that you will have to compensate by accepting a higher deductible or less coverage. Look around for the best rates and coverage.
Vision insurance is a good thing to have if you already have vision problems, or if there are vision problems in your family. Vision insurance can cover a majority of your checkup costs as well as the costs of any frames, lenses or contacts you may need. You are not required to have vision insurance, and not opting for this coverage can actually sometimes save people money.
Check your prescription coverage yearly. Health insurance providers frequently make changes to the medications they cover, so every time you sign back up, it is advisable that you check the fine print of your policy terms. If medication that you need to take every day is suddenly dropped from your coverage, it might be prudent to search for another insurance company.
Your health insurance can help you reduce your taxes. Not everyone is aware of this fact, but the amount of money you pay in for health insurance premiums can actually be claimed on your taxes. In addition to this, it’s also possible for you to deduct the cost your deductible, out of pocket costs, and prescriptions. Get the advice of your tax accountant if you are unsure about which expenses are deductible.
When a health insurance company calls you as part of the application process, never volunteer information. Answer only the questions that are asked. 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.
Regardless of the kind of policy you have, choosing generic medications will always save you money. It’s unlikely that your prescription will not have a generic option, and studies have proven that the efficacy of both name brand and generic prescriptions are equal.
Research different types of health plans, and decide on the one that best fits your needs. You can pick between POS, PPO or HMO. Each one has disparate benefits that you will need to consider before purchasing a policy. Make sure that you’ll be able to keep your doctor if you want to.
Look over your health insurance policy in order to have knowledge about which prescriptions will be covered through it. The list is updated annually, and if you take expensive prescriptions, you should ensure they’re still covered before you re-enroll.
Check with physicians and medical care providers that you use routinely to be sure that they will accept whatever health insurance you may be purchasing. This information should be readily available to you from the health insurance company.
If your spouse has a health insurance possibility through an employer, you may have to pay a surcharge to add your wife or husband on your plan. Take a look at the details and determine whether you could actually benefit financially by keeping your policies separated.
Group plans are ultimately cheaper over time, and this is the reason why insurance rates are cheaper with an employer than for those who provide their own insurance. If you are self-employed, you could look into joining a trade organization that has group rates for its members.
With any luck, this article should have made you think more about health insurance. A health insurance policy can be the difference between death and life; when you finally get that, it might be too late. It is much better to take heed and to prepare. Health insurance isn’t cheap, but it’s nothing compared to what your regret can cost you.