It is normal for you to feel a bit of uncertainty when it comes to your health insurance, regardless of whether it is your first insurance policy, you are looking to pair some of your existing policies together, or you are simply seeking lower rates or more coverage. There are a lot of tips here to help you stay away from mistakes that can cost you a lot.
Before choosing a policy, be sure that you know exactly what coverage you are buying. Make sure the coverage will be enough to meet your needs, so you can financially survive your injury or illness.
If you have recently graduated from college and you need health insurance, you have a couple options. If you got a job right out of college, check the health insurance they offer. Other options include personal insurance plans, as well as being included on your parents’ health insurance plan if you are below 26.
Remember that an individual policy is usually more expensive than what you would pay if you were a part of a group. You might need to choose a higher deductible and reduce some parts of your coverage to keep the costs affordable. Look around for the best rates and coverage.
If you, or any of your family members, have vision issues, then it is a good idea to get optical insurance. This insurance covers some of your contacts, glasses and check-ups. You are not required to carry vision insurance, and it may be cheaper in the long run to not have this coverage.
Do a quick check annually to verify what prescription medications your policy will continue to cover. Prescription coverage is subject to change in most insurance policies. You should double-check all terms so you don’t get surprised after you’ve renewed your coverage. If you take a medication daily that is not covered anymore by your insurer, you may need to find a new insurance company — fast.
Regardless of your prescription insurance plan, you can save more money at the pharmacy by requesting generic medications. Odds are, most of the time you’ll be able to get generics, and research has regularly demonstrated that they only difference in these drugs is their brand name.
Keep in mind that some employers will charge an additional fee, known as a spousal surcharge, if you add a spouse to your plan whose employer also provides health insurance coverage. It could be more cost effective to maintain separate coverage through respective employers. Therefore, you should ensure you calculate both of these scenarios.
If you do not visit the doctor very much, you should look into starting an HSA, or Healthcare Savings Account. Money could be put into this account instead of paying premiums and copays. If medical expenses are incurred in the future, use these funds to pay for them.
This information will help you learn what you need to do about making an informed insurance decision. You can now spend money confidently and have peace of mind with the proper health insurance policy.