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.
Your choice of health insurance hinges on what it covers. Choosing a policy that covers what you need is the best way to get your money’s worth.
When considering a health care insurance plan from your employer, take into account your own personal health and the health of your family. This is a balancing act, becasue you may choose to buy less insurance coverage because of the lower premiums and the fact that you have no current or expected health issues. This will save you money right away, but may end up costing more if any problems arise in the future.
Check with your company’s human resources department to see if you qualify for a wellness program for employees. Employees who are willing to go in for a checkup may be eligible for discounts. Signing up for physical fitness programs can help you save money on your insurance premiums and even lower your company’s payments for insurance.
You can get catastrophic insurance instead of comprehensive to save cash. Unlike comprehensive insurance, catastrophic coverage has less coverage for routine care, and will only cover “big ticket” costs.
Let your health insurance get you money back on your taxes! Lots of people don’t know that health insurance premiums are tax deductible. Any money you pay for your deductible, co-pay, or even prescriptions are claimable as well. Be sure to check the separate guidelines for state and federal tax differences.
Do not volunteer personal information to health companies who call to solicit services or ask for applications. Give responses only to specific queries they have made. By volunteering extraneous details, it is likely that they will note them in your file and possibly increase your policy costs or deny coverage altogether depending on the information you provided.
Generic prescriptions are a great way to reduce cost, regardless of what type of insurance policy you have. In very rare circumstances a generic won’t be available to you. Generics have been proven to be as effective as any name brand.
Make the decision on a health insurance plan that is best for you. Select either a POS, PPO or HMO. Each have benefits and drawbacks that you need to investigate and determine what suits your needs the most. Check to make sure your doctor will be covered under their plan.
A good money-saving health insurance tip you can use is to start an HSA – Health Savings Account. This is especially good if you do not visit a doctor all that often. The money saved to pay deductibles and premiums can be placed in this account to pay for any kind of medical expenses needed.
Keep track of your bills. Even with health insurance, you are likely to receive some startling bills. This is especially true if you use any prescription drugs. Generic versions of medications are often ignored by doctors writing prescriptions. You should also do some comparison shopping. Even generic medication prices can vary at different pharmacies.
Compare all your options. For instance, group insurance will be less costly but an individual plan will provide you with more choices. 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. It’s possible for something bad to happen that may possibly leave you without any money. Be smart, and look into health insurance options as soon as possible.