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.
Your first step in acquiring a new health insurance package should be crunching the numbers and coming up with a rough estimate of the total costs involved. All the different parts to a policy like co-pays, premiums and deductibles can be confusing, so make sure that you understand it all before you purchase anything.
Health insurance Premiums
Did you know that your health insurance can help you pay less on your taxes? Not everyone is aware of this fact, but the amount of money you pay in for health insurance premiums can actually be claimed on your taxes. Health insurance premiums, prescription costs, deductibles and other expenses not covered by insurance may be deductible on your tax return. Check to see what guidelines the federal and state governments have for tax breaks.
Expect your policy to have a number of loopholes. Read and comprehend every word of your health insurance policy. Learn exactly what is and is not covered. Be prepared to pay for some things that will not be covered, such as some medications or procedures.
No matter what, you will save money by buying generics over brand name drugs. Generics are available in most cases and contain the exact same ingredients as a brand name.
If you want to get pregnant in the future, ensure your insurance covers the pregnancy costs. This is important to know because some health insurance plans cannot be used for certain aspects of pregnancy and labor.
In the end, it is cheaper if you have a group plan, that is why you have cheaper premiums if you work for someone. One of the best ways to get around that is joining a professional organization that offers its members insurance.
Keep an eye on all of your bills. Even when you have a health insurance plan, you might be surprised at the bills you encounter, especially with prescription medication. Many doctors write prescriptions without considering whether or not the medication is covered, or if there is a generic (and cheaper) version available. Don’t forget to shop around. The price of medication can be different at each pharmacy.
Do not wait util you get injured or sick to find out exactly what your health insurance plan covers. It may be too late once you fall ill. That’s why it’s important that you take the time now to learn everything you can about your particular policy. You do not have to live your life under insured!