Consider health insurance as an investment and a way to save money rather than an expense. Before you purchase a health insurance policy, it is important to ask the right questions and do research. This article contains the basics of what you need to know to make good decisions about health insurance.
Calculate all costs of health insurance prior to signing a contract. Specific insurance language such as premium and deductible amounts may be difficult for some people to comprehend, so be certain you are knowledgeable of all related costs and fees prior to purchasing insurance.
When it’s time for open enrollment, evaluate your needs when it comes to health insurance. Even though you may have had the same plan for a number of years, it may be too expensive or it might not cover your current needs. You can also make changes to vision, dental and other insurance options.
Vision Insurance
Vision insurance can be worth having if you have vision issues, or if your family has a history of vision problems. This insurance will help to cover a certain percentage of your eye check-ups as well as your contacts or glasses. Vision insurance is not something that you have to have, so it may cost you more to get the coverage.
Your prescription coverage should be checked annually. Prescription coverage is subject to change in most insurance policies. You should double-check all terms so you don’t get surprised after you’ve renewed your coverage. If a medication you rely on daily is not covered anymore, you may need to find a new insurance carrier.
Health insurance can help you pay less on your taxes. The premiums that you pay for your health insurance are actually tax deductible! Health insurance premiums, prescription costs, deductibles and other expenses not covered by insurance may be deductible on your tax return. Check your state tax guidelines to ensure you’re adhering to both local and federal rules.
If you talk to a health insurance agent, don’t tell them anything they don’t ask for. If you have a condition and they don’t ask about it, withold that information. If you add any extra information, it will be notated in their records and could result in higher premiums or even a rejection of your application.
Make sure you choose a plan that covers any medications you currently take, as well as the basics, like antibiotics. Medicines that are covered may change occasionally. It is better to know in advance and not be surprised at the checkout counter of your pharmacy.
Be sure to check with the hospitals and the doctors that you are comfortable with to make sure that they accept the health insurance that you are considering. Look on the insurance company’s website for a list of medical providers they work with.
If you do not visit the doctor often, it would be wise for you to open your own Health Savings Account (HSA). The money saved can be set aside in case it becomes necessary to pay for a premium.
Since it’s cheaper to do a group plan, your employer rate will be cheaper than a personal insurance plan. The best way to avoid high individual rates is to join a trade group which offers insurance to members.
Watch out for fees and hidden costs, especially due to lack of coverage for certain items. Even with an insurance plan, you might find yourself having to pay expensive bills, especially if you have to buy prescription medication. Many doctors write prescriptions without considering whether or not the medication is covered, or if there is a generic (and cheaper) version available. Additionally, find a pharmacy with low prices. Generics are generally cheap, but different pharmacies have different prices.
Make sure your health insurance policy is suitable for your needs by asking certain questions. Doing proper research can really pay off in helping you choose which company, and which coverage, you should choose. Using the tips in the above article, you should have no problem choosing what you need.
