Health insurance is a must-have in the event you have a serious medical emergency. You never know when disaster will strike in the form of illness, accident or injury. If you aren’t prepared with a good health insurance plan, you could stand to lose everything. If you have a good health plan in place, you can rest easy that your expenses will be taken care of. You have a couple of choices when it comes to purchasing health insurance. You can go with an individual plan, or if your employer offers group insurance, you can save money by choosing that plan.
Your prescription benefits can change from year to year, so check with your insurance provider on an annual basis to make sure that you still have the coverage you expect. 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 a pill you are using every day is no longer covered, you might want to switch to another insurance company.
Choose catastrophic insurance coverage over comprehensive to lower your premiums. Prescriptions and doctor’s visits are covered by a comprehensive plan, while hospital and emergency care is covered by catastrophic health insurance.
It does not matter which type of health insurance you have, everyone will save money if they choose to get generic drugs when filling a prescription. In most cases, you can get generics, and generally there isn’t a difference between these and the brand names anyway.
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. Depending on your plan, a trip to the ER in another state may not be covered. insurance companies are fickle that way, so always make sure you find out first.
Review your insurance plan annually to see which prescriptions are covered. This changes every year, so you should ensure you look over the list yourself when you re-enroll, so that you won’t be shocked when you refill your prescription.
Looking at both group and individual health insurance, you will see that group rates are generally cheaper. However, you might also find that an individual plan gives you more options. Remember that any type of health insurance is better than nothing. Going without health insurance in this day and age could be financially catastrophic. It’s possible for something bad to happen that may possibly leave you without any money. Be astute, and do a lot of research on the best health insurance options for you.