Do not approach health insurance with fear. It is true the field is complex and your options are many, but the more you learn, the safer you will feel. Health insurance is similar to healthcare itself. An ounce of prevention is worth a pound of cure. By making smart choices when you select health insurance, you can avoid difficulties in the future.
Look at all of the total costs for any policy when choosing health insurance. The specifics on insurance and their co-pays, premiums, and deductibles can be very difficult to understand fully, make sure you do your homework!
Health Care Needs
Open enrollment is a time for you to assess your health care needs. Just because something worked for you previously, it might not work now, especially if you have different health care needs. Wait until open enrollment time to make these changes, as well as changes to your vision or dental coverage.
It is usually cheaper to obtain insurance through group policies, such as those provided by employers, than obtaining an individual policy. You may need to sacrifice some aspects of your policy to help keep the cost affordable, such as a higher deductible or less coverage. Your best bet here is to do a little bit of comparison shopping in order to find the best package.
To save money on your health insurance premiums, opt for catastrophic coverage rather than comprehensive. Unlike comprehensive insurance, catastrophic coverage has less coverage for routine care, and will only cover “big ticket” costs.
No matter what, you will save money by buying generics over brand name drugs. Studies confirm that no real drop-off in quality occurs when you go to a generic brand. Only in the few cases where there is no generic should you opt for the name brand.
Read your policy to ensure you know exactly which prescriptions are covered and which are not. This list can change each year, so a prescription that is covered one year may not be the next. Be sure to check the list every time you re-enroll.
In some cases, insurance companies will charge you extra for adding your spouse to your plan if he has the option of getting insurance through work. 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.
Group insurance rates are cheaper. Thus, health insurance plans you purchase through your employer will always offer lower rates than individual insurance plans. The best way to get cheaper insurance for yourself is to find a trade organization to join that offers health insurance to its members.
Catastrophic health insurance is an excellent choice for anyone who cannot pay for a comprehensive insurance policy but wants at least minimal coverage in case something unexpected happens, such as an injury, accident or life threatening illness. Catastrophic coverage is also a helpful addition to any existing health insurance because it will cover extreme circumstances that other policies might not.
Do your homework if you’re looking into getting catastrophic health insurance as your coverage option. Make sure it covers the catastrophic events that you’re worried about. After you purchase the policy, set up a specified savings account. Make regular deposits into this account so that you will be able to afford your deductibles if anything catastrophic occurs.
Know how much you spend on medical coverage and other medical expenses if are ready to change health insurance policies. Know your spending limit for both monthly premiums and out-of-pocket expenses for you and all your family members.
An added option when you need a doctor’s prescription is to get the medication dose doubled. Often times, the bigger pill is not twice the cost of smaller pills, so you could end up saving money by buying these in the long run. This way your pill splitter is going to be paid for before you know it.
Do not learn about the shortcomings of your insurance coverage during an emergency or illness. Be prepared by knowing as much as you can about insurance and also by knowing all the choices you have. If you find your insurance coverage is a problem, it’s one that can be corrected.