Do not approach health insurance with fear. It is true the field is complex and your options are many, but the more you learn, the safer you will feel. Health insurance is similar to healthcare itself. An ounce of prevention is worth a pound of cure. By making smart choices when you select health insurance, you can avoid difficulties in the future.
Before choosing a policy, be sure that you know exactly what coverage you are buying. Health insurance which covers incidents like these might make a difference being able to afford downtime you might incur.
Individual policies usually have higher costs than the group coverage offered by employers, so plan accordingly. You may have to settle for less coverage, a higher deductible, or both. Shop around to get the best coverage and rates.
Vision insurance can be worth having if you have vision issues, or if your family has a history of vision problems. Coverage could include your physical exams as well as portions of the cost for spectacles and contacts. You do not have to have vision insurance, and some choose to save money by not buying this coverage.
Did you know that your health insurance can help you pay less on your taxes? Lots of people don’t know that health insurance premiums are tax deductible. The money you pay for deductibles, visits or prescriptions that aren’t covered by insurance are also deductible. Be sure to check the separate guidelines for state and federal tax differences.
When you are filling out your application with the insurance company over the phone, make sure that you are only providing them with the information that they request. Answer only the questions that are asked. By volunteering extraneous details, it is likely that they will note them in your file and possibly increase your policy costs or deny coverage altogether depending on the information you provided.
Read your policy to ensure you know exactly which prescriptions are covered and which are not. This can change annually, so checking regularly will ensure that you do not suddenly find out that your prescriptions are no longer covered.
Some employers do not let your spouse ride on your insurance without a spousal surcharge if your spouse’s employer also offers insurance. It might be cheaper to each have separate coverages with your employers. To find out the right way to go, calculate both scenarios.
If you don’t see the doctor that much, you should most likely get a Health Savings Account, or HSA. You could put any money that you would have been using to pay deductibles and premiums into your HSA to use for medical expenses.
Be sure to review your bills carefully. Even if you are covered by a health insurance policy, some bills may surprise you, particularly when you need to purchase prescription medicine. Some doctors will write out their prescriptions with the name brand only, never thinking of the generic. You definitely want to shop around for the best price. The price of medication can be different at each pharmacy.
Catastrophic Health insurance
If you are considering purchasing catastrophic health insurance, check up on the details of what is covered by this option. You have to make sure that the insurance will cover catastrophic events that may affect you. If you purchase catastrophic health insurance, be sure to set up an account called: Health Savings Account. You must then make regular deposits. This will enable you to pay your deductible in the event of a catastrophe.
Don’t wait until you get sick to discover exactly what your health insurance policy does and doesn’t cover. Be prepared before you need your insurance by making sure that you fully understand your policy and what options you have. It is not advisable to live with bad health insurance, but you can correct that at any time.