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.
When you are choosing which health insurance plan you want, consider how healthy you and your family are. You might be drawn to buy insurance with a lower premium if none of you have any health issues. This will save you money right away, but may end up costing more if any problems arise in the future.
See if there’s an employee-wellness program with your company that could possibly save you money on health insurance. Many employers provide incentives for the assessment of their employees’ health and lifestyles. 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.
Expect that there will be loopholes in any health insurance policy. Read the policy completely, so that no surprises happen when they decline to cover something. Resign yourself to the fact that certain procedures or medications will not be covered if that is the case.
When you are filling out your application with the insurance company over the phone, make sure that you are only providing them with the information that they request. Answer only the questions that are asked. If you give them more information than they have asked for, they will note it in their files and could take what they have learned to charge you more for your premiums or remove your coverage all together.
No matter the coverage you have, if you choose generic drugs all the time you will save money on health insurance. In the majority of cases, you can get generic medication for much less money, and repeated studies prove that generics are identical to the original drugs, except for the drug’s brand names.
Know that due to federal regulations, you must buy health insurance from an insurance provider within your state. This means that if you go to a hospital that is out of your state, your policy may not cover it. insurance companies can be strange like that, so you need to know all the ins and outs of your policy.
Check your health insurance plan to learn about what prescriptions are going to be covered under it. During your annual open enrollment period, check for changes to covered prescriptions in your current insurance plan, and evaluate any new options.
If you are relatively healthy and don’t need to visit the doctor often, health savings accounts (HSAs) might work for you. This allows a person to save money pre-tax in an account to be used for medical expenses later. The premium savings from a high deductible can go into the account, for example.
Pay attention to your bills. You might find some surprises on your medical bills, even when you are supposed fully covered by an insurance plan. One of the most common unconsidered costs that add up are those associated with prescription medications. Sometimes, doctors will write a prescription and won’t consider a generic version. It is a good idea to compare prices at many locations. A generic medication can vary in price from pharmacy to pharmacy.
Comparing private insurance premiums with group rates can be discouraging, but the benefits of individual insurance might be worth the cost. The most important take-away here is that you need to have some form of health insurance, even if it isn’t top-of-the-line. To not have health insurance today really is a recipe for disaster. It’s too easy to experience something unexpected that may leave you broke. Be smart, and look into health insurance options as soon as possible.