Many would agree that it’s difficult to not have health insurance nowadays. However, it can be difficult to know how to find a plan that is right for you and that you can afford. Apply these tips to shop for the right policy.
Figure out the costs before getting your own health insurance. Don’t buy a policy until you calculate the total of all of the associated expenses. This can be difficult if you’re not familiar with terms such as deductibles, co-pays and premiums, but do the best you can to include all costs.
A good money saving tip for health insurance is to ask your company if they offer an employee wellness plan. A lot of employers offer incentives to any employee who has their health and lifestyle assessed. You might be able to find fitness programs that will help your employer save money on insurance coverage, which will lower your premiums.
Individual policies usually are much more expensive compared to the group coverage given by employers, so it is advised to plan accordingly. This means that you could possibly have to get and settle for a higher deductible, less coverage or both. As with any service, you should do your research to find the best price and plan.
One way you can monetarily save on health insurance premiums is to choose catastrophic coverage instead of comprehensive. Catastrophic coverage only kicks in for emergency care and hospitalizations, whereas comprehensive coverages includes coverage for prescriptions and visits to the doctor.
Be aware of your tax credits for health insurance bills. 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. Money can also be deducted from prescriptions and visits that aren’t covered by the insurance and your deductible. Get the advice of your tax accountant if you are unsure about which expenses are deductible.
When talking to the health insurance company, never give them more information then they need. Simply respond to whatever questions they ask. If you give them more information than they have asked for, they will note it in their files and could take what they have learned to charge you more for your premiums or remove your coverage all together.
Look into different health plans, and decide on the one that best fits your needs. You can choose from PPO, HMO and POS. Various options are available from each company that you should consider prior to making your choice. Make sure that you’ll be able to keep your doctor if you want to.
Keep in mind that some insurance companies will add a surcharge if a spouse you include on your insurance plan has access to their own insurance through an employer. You might save money by having them get their own insurance, make sure you compare them.
Take the time to read your bills in full. Even when you have a health insurance plan, you might be surprised at the bills you encounter, especially with prescription medication. Some doctors don’t think of generic (and cheaper) versions of medications, and just prescribe the brand name medicine. If you can use different pharmacies, do some research to find out which one has the best prices. Even generic medication prices can vary at different pharmacies.
Health insurance is among the most vital kinds of insurance one should have. Don’t let yourself become overwhelmed by all of the options out there for health insurance. Follow these tips to find the best policy and the best price possible.