You probably have questions regarding insurance and all the choices involved, regardless of whether you are buying insurance for the first time, combining policies or seeking better coverage or premiums. The following tips will make your decisions easier so that you will not end up throwing your money away.
Before choosing a health insurance policy, you need to know the coverage details. Choosing a policy that covers what you need is the best way to get your money’s worth.
When you are thinking about buying health insurance yourself, be sure you have determined all the costs. Add up the total costs, not just the premium, because co-pays and deductible costs will add up pretty quickly.
Look at your personal health insurance needs when it’s open enrollment time. Your current coverage may no longer be adequate if your health conditions have changed or if you need coverage for a new family member. Open enrollment offers you the ability to change vision and dental coverage, too, if you have that option.
Vision insurance is a good thing to have if you already have vision problems, or if there are vision problems in your family. This type of insurance pays for a portion of the cost of eye exams and check-ups as well as corrective lenses like glasses or contacts. Vision insurance is not something that you have to have, so it may cost you more to get the coverage.
You should review your prescription coverage every year. 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. You will want to consider switching providers if your current one yanks your medications off the approved list.
Choose catastrophic insurance coverage over comprehensive to lower your premiums. Comprehensive plans cover every little prescription or doctors visit, while catastrophic covers only bigger bills like emergency room visits or hospital stays.
Health insurance is great for saving money on taxes! Few people understand that health insurance premiums are tax-deductible. The money spent on deductibles, prescriptions and co-pays for doctor visits are also deductible. State taxes are different than federal taxes though, so make sure to check the guidelines.
If you get a call from the health insurance company as part of your application process, don’t give out any extra information. You should answer the questions asked as directly as you can, but no more. If you tell them more than they ask for, you may inadvertently give them information that could result in an increase in premiums or even the loss of benefits.
These tips should have bolstered your ability to review various policies, and select the plan that fits your health insurance needs. This will help you get the most for the money you spend and feel assured that you have the coverage you need at a price that is right for you.