If you want to get insurance, want to combine your insurance policies into one, or want to save some money, it can be confusing to know all the right questions to ask in order to make an informed choice. There are a lot of tips here to help you stay away from mistakes that can cost you a lot.
When thinking about what type of insurance plan to purchase from your employer, keep in mind the overall health issues of everyone in your family. You might be drawn to buy insurance with a lower premium if none of you have any health issues. While it is cheaper off the bat, this may be a risk if problems develop.
There are many options for the college graduate when it comes to choosing health insurance coverage. If you are currently employed, you may be eligible for your employer’s insurance plans. 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.
When open enrollment time comes, review your health insurance plans and needs. What worked for you in the past might now be inadequate, especially if your health has changed or you need to add someone to your coverage. You should also review your employee vision and dental plans during this enrollment period, if you have them.
Before you sign up for another year of coverage, ensure your prescriptions are still on the reimbursement list. Every year, when you re-enroll in your insurance plan, your insurance company has the right to change the plan terms. Read all the paperwork when you re-enroll and ask your insurance agent to clarify anything you’re confused about. In particular, keep an eye on the prescription drugs covered by your plan and note changes that may occur from year to year. If your usual medications are not covered anymore, look for a different insurance program.
If you can’t afford comprehensive insurance, then at least get catastrophic coverage. You will be covered for emergency care, but not for simple visits to your doctor.
Did you know that you can actually pay less money in taxes by using your health insurance as a deductible? It’s common for people not to know that health insurance premiums are tax deductible. You can also include all money paid for prescriptions, your deductible, doctor visits, co-pays and any other non-covered medical expense. Deductions differ for taxes, depending on the state you live in, so double-check the guidelines.
This information will help you learn what you need to do about making an informed insurance decision. You can now make informed financial decisions when choosing your health insurance policy and rest easy knowing that you are covered in the event of an illness or emergency.