You may not know much about health insurance or be shopping for a policy for the first time. You may not understand the complexities involved and the things you need to consider. This is true even if you are switching policies in many cases. This article is filled with useful tips to guide you in choosing the right policy and avoid expensive mistakes.
When you are getting a health care plan, consider the health of your family and yourself. It is tempting to pay less of a premium if you are a healthy individual. Saving money is good up front, but if you don’t have enough coverage, problems can get expensive quickly.
Check with your company’s human resources department to see if you qualify for a wellness program for employees. A lot of employers encourage their employees to adopt healthy habits and get health insurance. Joining certain fitness programs may help your company pay less for its insurance coverage.
Choosing catastrophic coverage can offer big savings on medical insurance costs. Comprehensive may cover physician visits and medications, catastrophic covers emergency room and hospital visits.
Did you know that your health insurance can help you pay less on your taxes? Your health insurance premiums are tax deductible. You can also include all money paid for prescriptions, your deductible, doctor visits, co-pays and any other non-covered medical expense. Federal taxes are not the same as state taxes, so you should look into the difference.
Understand that every health insurance policy has loopholes. Check over your policy with great care, so that you know what it will, and will not pay for. Be ready to take care of the cost for specific procedures and medications that insurance will not cover.
If you are contacted by an insurance carrier in conjunction with your application, do not give information for which they did not ask. Only give them the health information they specifically ask for. If you give them additional information they did not ask for, they will record it, and could find a way to raise your rates or possibly deny you for coverage.
Regardless of the type of health insurance you have, you’ll save a lot of money by opting for generic drugs over their name brand equivalent. 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.
Remember that each state regulates the private insurance companies under its own jurisdiction, so interstate commerce laws prevent private insurance from being sold to you in one state if you live in another. This means your policy will probably not give you coverage for an out-of-state hospital. Check with the insurance company before you sign up for the policy to avoid disappointment later.
It is now time to start shopping for a health insurance policy with confidence, using what you have learned in this article. You can now shop with more confidence, knowing that you can recognize good quality health insurance and understand how to get the best coverage for your money.