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.
If you have just graduated from college and want health insurance, consider these options. You can use employee-based insurance if you’ve got a job. If you are younger than 26, you can still be covered by your parents, or you can research personal health insurance policies.
To save money on your health insurance, see if your company offers an employee wellness program. Many employers provide incentives for the assessment of their employees’ health and lifestyles. Fitness regimens might be available to you that can cut down on corporate insurance costs, as well as your personal premiums.
Track your health insurance premiums to cut down your tax liability. Not everyone knows that premiums are deductions. Money can also be deducted from prescriptions and visits that aren’t covered by the insurance and your deductible. Because state and federal tax regulations vary for these deductions, you’ll want to check your state guidelines first.
Anticipate that your insurance policy’s language will have at least some loopholes in the coverage it provides. Read your policy thoroughly, so you will not be taken aback when you are told that your insurance does not cover something. Be prepared beforehand to pay for certain things out of your pocket, such as certain medicines or treatments.
Extra Information
When your health insurer telephones you during the insurance application process, do not volunteer any extra information. Simply respond to whatever questions they ask. If you give any extra information, it will be recorded and can be used to raise the premium, or can even be cause for denial.
Keep in mind that insurance is something that’s regulated state-by-state, so you cannot purchase insurance from another state because of interstate commerce laws. One consequence of this is that coverage may be reduced or nonexistent if you receive care outside your home state. Just be sure to figure out what your insurance has to offer when it comes to coverage so you know what to expect.
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. Sometimes, it is less expensive for you and your spouse to have individual insurance through your own employers. Do the math on both scenarios to be sure.
Looking at both group and individual health insurance, you will see that group rates are generally cheaper. However, you might also find that an individual plan gives you more options. Either way, the most important factor is that you have some type of health insurance coverage. If you don’t have health insurance, it could prove to be disastrous. An unforeseen event that could yield you penniless could happen at any time. Be smart, and research the options for health insurance that protects you and still fits within your budget.
