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.
When you choose health insurance, know what your policy covers. Having good health insurance that makes up for the coverge gaps in other types of insurance can make a huge difference in how you get through any down time without negatively affecting your finances.
It is important to review your health insurance policy each year during open enrollment. Even if a certain plan fit you well in the past, your needs may have changed, thus, you need different coverage. Open enrollment also gives you the opportunity for making changes to other plans, such as dental or vision.
Individual policies usually are much more expensive compared to the group coverage given by employers, so it is advised to plan accordingly. You may find yourself needing to plan for a higher deductible or reduced coverage to bring your policy cost down. It is always a good idea to get quotes from several different companies, to ensure that you are receiving the best possible deal.
If you get a call from the health insurance company as part of your application process, don’t give out any extra information. Only give them the health information they specifically ask for. If you give any extra information, it will be recorded and can be used to raise the premium, or can even be cause for denial.
Examine your health insurance policy to determine the prescriptions that it covers. The prescriptions that are covered change on a yearly basis, so check the list every time you re-enroll to avoid any unpleasant surprises.
If you don’t see the doctor that much, you should most likely get a Health Savings Account, or HSA. You could put any money that you would have been using to pay deductibles and premiums into your HSA to use for medical expenses.
Since it’s cheaper to do a group plan, your employer rate will be cheaper than a personal insurance plan. If you want to save money, you can join an organization or group that offers its members insurance.
Do not wait util you get injured or sick to find out exactly what your health insurance plan covers. You should prepare beforehand for emergencies by knowing and understanding your policy details and alternative choices available. Going without health insurance is very risky, but you can remedy that at any point in time.