If you do not have health insurance, you are taking a huge risk. You will have a large bill if something does happen. A broken bone, serious illness, or extensive trauma can result in very high medical bills. Having good health insurance coverage is important, and these tips can help you get the most coverage for your money.
If you’ve graduated college recently, consider a couple different things when looking for health insurance. If you are employed, you can use the employee insurance provided by your job. You can get on your parents’ insurance if you’re under 26, in which case, you can also use that time to research plans.
Insurance Costs
Find out if your place of employment offers any type of employee wellness program. This can save you health insurance costs. Employers will often offer incentives and bonuses to employees who undergo a health assessment. You might be able to take exercise classes that lower the employer’s insurance costs, and some of that savings is passed on to you.
Your prescription benefits can change from year to year, so check with your insurance provider on an annual basis to make sure that you still have the coverage you expect. Health insurance companies tend to change the medications they cover, so see to it that you read the contract’s fine print each time you re-enroll. If you have daily medications that your current insurance stops covering, find a new provider.
Health Insurance
Did you know that your health insurance can help you pay less on your taxes? The premiums that you pay for your health insurance are actually tax deductible! Other tax-deductible expenses associated with health care include out-of-pocket costs for deductibles, prescriptions, and doctor visits that your insurance doesn’t cover. State taxes are different than federal taxes though, so make sure to check the guidelines.
It is important to know that some business will charge you for covering a spouse if they are able to get insurance through their employer. 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.
If you purchase your health insurance with a group plan (through your work), you will notice that your rates will be lower than buying your own personal health insurance. The best way to avoid paying the high individual rate is by joining a trade group that offers insurance to its members at a reduced group rate.
Be sure to review your bills carefully. Even when covered by a full-fledged medical plan, the bills that pop up can catch you off guard, especially in regards to prescriptions. A lot of doctors will not prescribe a generic version if you do not ask for it. Don’t hesitate to compare prices as well. Different pharmacies have varying prices on generic medications.
It is important to have health insurance because life can be very unexpected. You could get sick or have an accident. Use these helpful tips when you are looking for a new health insurance plan to get the best coverage for you family at the best price.
