A lot of people don’t buy health insurance because they feel it is too expensive. Health insurance carriers also offer a variety of plans and it is sometimes difficult to determine which is best. The following article contains some very useful advice that will help you navigate the health insurance maze, and find the best way to provide yourself and/or your family with much-needed coverage.
To lower your insurance premiums, see if your employer offers a wellness program for their employees. A lot of employers offer incentives to any employee who has their health and lifestyle assessed. 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.
Reevaluate your insurance plan during your open enrollment period to make sure you are getting the best coverage that meets your needs. You might find that old choices in your health insurance plan just do not make sense anymore for your current situation. Open enrollment allows you time to change vision and dental insurance if your employer provides these options.
Purchasing insurance on your own often results in higher policy costs compared to group plans offered through an employer. You may need to sacrifice some aspects of your policy to help keep the cost affordable, such as a higher deductible or less coverage. Get quotes from several different insurance companies to find the best rates and coverage.
Health insurance is great for saving money on taxes! One commonly-overlooked tax benefit is that your premiums are actually tax deductible. Money can also be deducted from prescriptions and visits that aren’t covered by the insurance and your deductible. Check to see what guidelines the federal and state governments have for tax breaks.
When a health insurance company calls you as part of the application process, never volunteer information. Only give out information that they specifically ask for. 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.
You need to find out which health insurance company and plan is best suited for you. HMOs and PPOs are common choices, but don’t count out POS plans just because of their acronym. Check out the different options for each before you decide which one is best. Be sure you’ve got the option to keep seeing your current doctor.
Examine your health insurance policy to determine the prescriptions that it covers. Since this prescription list changes often, you should be sure to check it when you enroll again.
Some companies charge extra if your spouse is covered under your health insurance when insurance is available at his or her place of employment. It may be cheaper for you to remove them from your personal insurance and let them use their employer’s insurance plan instead. Tabulate the cost with both scenarios to see which financially benefits you.
Take note of your bills. Even when covered by a full-fledged medical plan, the bills that pop up can catch you off guard, especially in regards to prescriptions. Some doctors write a prescription without thinking if a cheap generic is available. You should also do some comparison shopping. The price of generic medication may vary between different pharmacies.
Keep in mind that insurance companies are money-motivated businesses that will capitalize on consumer ignorance whenever possible. For this reason, it is important for you stay informed. Use your annual open enrollment opportunity to make sure your health insurance policy is still the best option.
