Navigating the world of health insurance can be a confusing process, no matter what your goal is. You goal may be to replace an existing plan with one with lower premiums, or maybe you are purchasing your first insurance policy. Whichever case it is, it is normal to have questions. In this article, you will find some helpful tips that might help you avoid expensive mistakes.
Do your research and calculate your costs if you are thinking about purchasing individual health insurance. Take into consideration all the costs coming your way, such as premiums, deductibles and co-pays. While these can be confusing at first, it is in your best interest to know the costs, and reasons, before you purchase a policy.
To save cash on health insurance, ask if you company has wellness programs for their employees. Many employers offer incentives for employees to have their health and lifestyles assessed. By doing this, you can then enroll in fitness programs. This provides your company with savings on insurance coverage, which, in turn, reduces your premiums.
Figure out what your needs are before open enrollment is offered. What worked for you in the past might now be inadequate, especially if your health has changed or you need to add someone to your coverage. Remember to make any necessary adjustments to your vision and dental plans during open enrollment as well.
Bear in mind that the costs for individual policies are usually higher than those of group insurance offered by employers. It is likely that you will have to compensate by accepting a higher deductible or less coverage. Get quotes from several different insurance companies to find the best rates and coverage.
Expect your health insurance policy to have loopholes in it. Make sure you read the policy thoroughly, so there are no surprises about what it doesn’t cover. Some procedures or prescriptions will come with costs that you have to pay up front.
If you are contacted by an insurance carrier in conjunction with your application, do not give information for which they did not ask. If you have a condition and they don’t ask about it, withold that information. They may take any information you give and use it against you, leaving you with hefty premium increases or no coverage at all.
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 over your health insurance policy in order to have knowledge about which prescriptions will be covered through it. The prescriptions that are covered change on a yearly basis, so check the list every time you re-enroll to avoid any unpleasant surprises.
For those that are young and healthy, and do not visit the doctor very often, a HSA, or Health Savings Account may be the way to go. Money could be put into this account instead of paying premiums and copays. If medical expenses are incurred in the future, use these funds to pay for them.
Watch out for fees and hidden costs, especially due to lack of coverage for certain items. Even if you are covered by a health insurance policy, some bills may surprise you, particularly when you need to purchase prescription medicine. Some physicians just write out prescriptions without taking into account the generic version related to the medication. Don’t hesitate to compare prices as well. Even pharmacies in close proximity to one another can have varying costs for the same generic prescriptions.
After reading this article, you should feel more confident in your ability to make wise decisions regarding health insurance. You can spend your hard earned money smartly and have proper health insurance that you need.