Many believe that only wealthy people can afford it or that only the elderly should have it. However, not planning on becoming ill isn’t a good health plan. As you will find out, it is very crucial to have health insurance.
If you just graduated from college, and you need health insurance, you have a couple of different options to think about. You can use employee-based insurance if you’ve got a job. If you are not yet 26, you can remain on your parents’ health insurance, though you may want to look into getting your own coverage.
See if your employer has a wellness program for their employees. Lots of employers provide incentives to their employees for getting their health analyzed. You may be able to join a fitness program afterwards, which will help the company to save money on their insurance coverage, and that in turn would lower your own premium.
Individual policies usually are much more expensive compared to the group coverage given by employers, so it is advised to plan accordingly. Make compromises by settling for higher deductibles or less coverage. Your best bet here is to do a little bit of comparison shopping in order to find the best package.
Choose catastrophic insurance coverage over comprehensive to lower your premiums. Comprehensive plans cover every little prescription or doctors visit, while catastrophic covers only bigger bills like emergency room visits or hospital stays.
Each state regulates private insurance on their own, which means you are not allowed to purchase from another state. This would violate interstate commerce laws. What this means is that if you have to go to a hospital out of your state, there’s a possibility that you might not be covered. Each insurer is different, so read the fine print before you buy.
Check your insurance coverage periodically to determine which medicines are paid for by your plan, and which ones are not. Since this prescription list changes often, you should be sure to check it when you enroll again.
Also check to see if the doctors and hospitals you are comfortable visiting accept coverage from the insurance company you are considering. The insurance company you are considering will usually post a list of providers in your area who are on their approved list, but it still wouldn’t hurt to call for a confirmation or update.
If pregnancy is in your plans for the future, make sure your insurance policy will cover all of your pregnancy-related expenses. Certain insurance plans do not cover every aspect of pregnancy and labor.
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. You may be able to save a little money if you each get health insurance through your own jobs, so be sure you figure out the cost for both scenarios.
The Health Savings Account (HSA) option is likely the best choice for you if you rarely visit the physician. Just think, the money you are not paying in higher insurance costs can be set aside for any future medical expenses.
Hopefully, the above article has made you think about purchasing health insurance. Good health insurance can make a huge difference in your life, but often people wait too long to get the coverage they need. Do not disregard this warning, and make sure you are prepared. It is true that health insurance can come with a high price tag, but the cost of regret is even higher.