Health insurance is a must-have in the event you have a serious medical emergency. You never know when disaster will strike in the form of illness, accident or injury. If you aren’t prepared with a good health insurance plan, you could stand to lose everything. If you have a good health plan in place, you can rest easy that your expenses will be taken care of. You have a couple of choices when it comes to purchasing health insurance. You can go with an individual plan, or if your employer offers group insurance, you can save money by choosing that plan.
If you require health insurance and have are a recent college graduate, there are some things for you to think about. If you’ve got a job, use the employee-based insurance it provides. Those younger than 26 are still eligible to be on their parent’s insurance plan as well as a private and personal one.
Any coverage has exceptions loopholes, including your own health insurance plan. It is essential to read your insurance policy thoroughly to familiarize yourself with what is and what is not covered. Make sure you are ready to pay for medical expenses that are not covered, such as certain medications that can come out of pocket.
When a health insurance company calls you as part of the application process, never volunteer information. If you have a condition and they don’t ask about it, withold that information. If you volunteer extra information they will make a record of it, and may use it to raise your premiums, or even deny you insurance coverage at all.
Also check to see if the doctors and hospitals you are comfortable visiting accept coverage from the insurance company you are considering. This information should be readily available to you from the health insurance company.
If you are relatively healthy and do not visit the doctor often, start an HSA (Health Savings Account). Just think, the money you are not paying in higher insurance costs can be set aside for any future medical expenses.
Don’t neglect reviewing the bills you receive. Even when having a plan related to health insurance, you could be in for a shock with some bills you weren’t expecting, such as the high cost of some medications. Many doctors write prescriptions without considering whether or not the medication is covered, or if there is a generic (and cheaper) version available. It is a good idea to compare prices at many locations. The price of the same medication can vary widely at different pharmacies.
If you are unable to afford comprehensive health insurance, you undoubtedly still want to be protected in the event of an unforeseen illness, injury or accident. In this case, catastrophic health coverage may be your best bet. Even if you have insurance already, catastrophic coverage can provide extra protection against unusual events.
Whenever you look at health insurance for catastrophic events, do your due diligence. Be sure the catastrophic events you worry about are actually covered. You should also consider Health Savings Accounts as a good alternative coverage option for those events that insurance will not cover.
Although group insurance can be cheaper each month, individual plans have more options. Whatever option you choose, the most important thing is to have some form of health insurance in place. Being without health insurance in this day and age is leaving a door open for trouble. It is too easy for something unexpected to happen that could leave you penniless. Be smart, and research the options for health insurance that protects you and still fits within your budget.