With all the different health insurances plans available, searching for yourself and family can seem rather complicated. However, your insurance can save your life in a medical emergency. Here are some tips and insights that will better educate you about medical insurance and why you need it.
Before buying health insurance, take time to calculate all of the potential costs involved. Add up the total costs, not just the premium, because co-pays and deductible costs will add up pretty quickly.
If you can’t afford comprehensive insurance, then at least get catastrophic coverage. Catastrophic coverage is for emergency visits and hospitalization, while comprehensive coverage help pay the cost of doctors visits, prescriptions and mental health care.
Check the state and federal tax guidelines to determine which medical costs can be deducted on your tax return. Few people understand that health insurance premiums are 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. There are differences in state and federal taxes, so it’s best to look at tax guidelines to get a clear understanding.
Find the health insurance for your needs. Decide if you prefer an HMO, POS or PPO. Each of these options offers different features and benefits, so you must compare each plan before agreeing to pay for coverage. Importantly, double-check that your current doctor is available in the plan you are thinking of using.
Make sure you choose a plan that covers any medications you currently take, as well as the basics, like antibiotics. During your annual open enrollment period, check for changes to covered prescriptions in your current insurance plan, and evaluate any new options.
Keep in mind that some insurance companies will add a surcharge if a spouse you include on your insurance plan has access to their own insurance through an employer. You may be able to save a little money if you each get health insurance through your own jobs, so be sure you figure out the cost for both scenarios.
If you are relatively healthy and do not visit the doctor often, start an HSA (Health Savings Account). Any dollars you save towards deductibles, premiums and copays can get saved in an HSA and applied towards future medical expenses.
Getting insurance with a group or through your employer is much cheaper than purchasing insurance by yourself. If you want to save money, you can join an organization or group that offers its members insurance.
Watch your bills. Even with an insurance plan, you might find yourself having to pay expensive bills, especially if you have to buy prescription medication. A lot of physicians just scribble out prescriptions for branded pills without thinking about generic substitutes. Make sure to compare prices of medications at different pharmacies. Some generic medications cost less at different pharmacies.
If you are unable to afford comprehensive health insurance, you undoubtedly still want to be protected in the event of an unforeseen illness, injury or accident. In this case, catastrophic health coverage may be your best bet. Catastrophic coverage is also a helpful addition to any existing health insurance because it will cover extreme circumstances that other policies might not.
Do you have any health insurance? With the right kind of health insurance, you can feel assured that you will be able to pay for whatever medical treatments you need. Use this information to cover you and your family.