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 the information below, you can find tips that help you avoid those mistakes that are painful to your wallet.
Make sure you consider your overall health, as well as that of your family, as you make your policy selections. If there are no foreseeable or imminent health problems, you may feel that it is appropriate to buy insurance that is less costly. Saving money is good up front, but if you don’t have enough coverage, problems can get expensive quickly.
To lower your insurance premiums, see if your employer offers a wellness program for their employees. Many employers provide incentives for the assessment of their employees’ health and lifestyles. You may then be able to sign up for fitness programs, which can help the company save money on its insurance coverage and lower your own premiums.
Health insurance is great for saving money on taxes! 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. Be sure to check on the guidelines because state and federal taxes are different.
When talking to the health insurance company, never give them more information then they need. Only answer direct questions. If you volunteer extra information they will make a record of it, and may use it to raise your premiums, or even deny you insurance coverage at all.
Private insurance can not be bought across state lines, as it is regulated by your home state. Depending on your rules, a hospital in another state could be outside of your coverage area. Make sure you review your policy carefully to determine if you are covered out of your state.
Determine which plan fits your needs best. Select between a HMO, POS and PPO company. Each company has a variety of plan options you can compare before settling on one. Make sure you can still use your doctor with the plan you choose.
Starting a personal Health Savings Account or HSA is a good idea if you are among the lucky few that rarely goes to a doctor’s office. 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.
For those people who cannot afford regular health insurance but still want to be covered in a drastic incident, the best choice is catastrophic health coverage. It’s a great addition to your portfolio too as extra coverage for extreme circumstances.
Even if your cherished pet spends all of its time indoors, pet insurance is still a good idea. There are still hazards indoors, and unfortunately, disease can strike anywhere. Even though your pet is indoors, they could still break one of their bones or a tooth which requires expensive veterinary care.
If you have medical conditions that are pre-existing, make sure you research your policy and company ahead of time to make sure you qualify. Your pre-existing condition could cause some providers to deny you coverage and others to charge you exorbitant prices. You need to do a lot of research so that you can be sure you are getting a great rate on your insurance.
The knowledge you’ve just learned should help you have the confidence to make the correct insurance choices. This way, you know your money is being spent well and you have the comfort of knowing you and your family are protected.