Think about all the costs involved in purchasing a health insurance policy. Do your calculations on how much you can pay for premiums, deductibles, and co-pays before you choose which insurance policy to buy.
If you just graduated from college, and you need health insurance, you have a couple of different options to think about. Many employers will provide health insurance for their employees that you can use. You can also consider your parents’ insurance if you are below 26 years of age. If nothing else works, there are a ton of personal plans available through insurance companies, too.
In order to save some cash on health insurance, find out if your company provides a wellness program for its employees. Many employers offer incentives for employees to have their health and lifestyles assessed. Joining certain fitness programs may help your company pay less for its insurance coverage.
If an open enrollment period is available to you, take advantage of it by reassessing your requirements in a health insurance policy. Perhaps your situation has changed and your policy is no longer adequate. If your employer also offers vision and dental insurance, you should review that also during open enrollment.
To save money on your health insurance premiums, opt for catastrophic coverage rather than comprehensive. Unlike comprehensive insurance, catastrophic coverage has less coverage for routine care, and will only cover “big ticket” costs.
Your health insurance can help you reduce your taxes. Your health insurance premiums are tax deductible. Also, any money spent on your deductible, prescriptions and any doctor visits that your insurance provider does not cover, can help you save money on your taxes. Because state and federal tax regulations vary for these deductions, you’ll want to check your state guidelines first.
Private insurers are regulated by the local state government insurance agency, which means that insurance cannot travel with you across state lines. What this means is that you may not be covered for a hospital visit out-of-state. All insurance companies are different in that regard, so be sure to call and check ahead of time.
Make it a point to find out which prescriptions are covered by your health insurance. This list changes from year to year so check the list when you re-enroll, to make sure that you are not going to be surprised when you go to refill your prescription.
Catastrophic Health Coverage
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. Catastrophic health coverage is an excellent addition to existing health coverage as well. It gives extra coverage in extreme situations.
Even if you have an indoor pet, think about getting pet insurance. There are still many accidents that can happen in the home, such as your pet eating some poison, falling in the house or getting outside – then anything can happen. Your pet may even break a tooth or a bone while living inside and require vet care.
With health insurance, multiple options exist that you may choose from. Research as many options as possible before signing up for health insurance. You want to know what all of the terms on your plan mean and what everything will cost you before you select a plan.
Go over your current policy before you switch. Make a note of annual payments, any deductibles you have, and what is covered after you have reached your deductible. Hang onto all this for your records, along with the information from your current policy to use, when searching for another policy.
Keep a record of all expenses related to your medical coverage, so you have it available when switching to another health insurance policy. You will need to know what you truly pay for expenses out of your own pocket. This includes deductibles and other expense for you and every member of your family.
As stated above, being in good health is crucial for maintaining a happy life. Having good health insurance is essential to making sure you stay healthy. By using the tips in the preceding article, you will make sure you’re properly covered.