Health insurance can be a short and long term saving investment. Do research and create a list of questions to ask when applying for your policy, making sure you have the answers before you make a decision. The following tips will help tell you what you need to know before buying any health insurance.
When thinking about what type of insurance plan to purchase from your employer, keep in mind the overall health issues of everyone in your family. You might be drawn to buy insurance with a lower premium if none of you have any health issues. This may be enticing, but if health issues arise you could be in for some trouble.
If you have recently graduated from college and you need health insurance, you have a couple options. You may be able to get health insurance from your employer, if you have one. Until you reach 26, you are able to be listed on your parents’ insurance policy. You can also check our personal plans though too.
During open enrollment, assess your insurance needs. Even if a certain plan fit you well in the past, your needs may have changed, thus, you need different coverage. Open enrollment can also be the best time to change vision and dental coverage if that is offered.
Individual policies usually are much more expensive compared to the group coverage given by employers, so it is advised to plan accordingly. It is possible you might have to be satisfied with a higher deductible and/or less coverage. Shop around to get the best coverage and rates.
Each year, check to see which prescriptions are covered. Every year, when you re-enroll in your insurance plan, your insurance company has the right to change the plan terms. Read all the paperwork when you re-enroll and ask your insurance agent to clarify anything you’re confused about. In particular, keep an eye on the prescription drugs covered by your plan and note changes that may occur from year to year. If a prescription medication that you need to take routinely is not covered by your insurance policy, it’s time for you to find a new health insurance company.
Let your health insurance get you money back on your taxes! Many people are not aware that your health insurance premiums count as a tax deduction. Any money you spend to cover your deductible, your prescriptions, or any visits that your insurance doesn’t cover can also be deducted from your taxable income. State taxes are different than federal taxes though, so make sure to check the guidelines.
A good money-saving health insurance tip you can use is to start an HSA – Health Savings Account. This is especially good if you do not visit a doctor all that often. The money you save on not having to pay deductibles and high premiums can be funneled into your HSA and saved for future health needs.
As this article discussed, be sure you ask the proper questions so you get the right coverage that you need. Doing your homework yields serious dividends when it comes to picking the right provider and policy. Use the insights here to aid in making wise and conscientious decisions.