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.
When time for open enrollment occurs, you need to reevaluate your health insurance policy. Your current coverage may no longer be adequate if your health conditions have changed or if you need coverage for a new family member. Open enrollment is also the time to make changes to dental and vision insurance coverage if your employer offers that.
If you have recently graduated from college and you need health insurance, you have a couple options. If you got a job right out of college, check the health insurance they offer. You can get on your parents’ insurance if you’re under 26, in which case, you can also use that time to research plans.
Vision insurance is wise if you’ve had a history of vision issues in the past, or it’s in your family history. Your coverage should include at least a percentage of the cost of your eye exams as well as a portion of the price of the corrective devices you buy. Vision insurance is not mandatory, and some people spend less money not having this type of coverage.
Individual policies tend to cost quite a bit more than a group plan, so be sure that you plan out your finances accordingly. You may find yourself needing to plan for a higher deductible or reduced coverage to bring your policy cost down. Your best bet here is to do a little bit of comparison shopping in order to find the best package.
Check your prescription each year. Sometimes, insurance companies change which medications they cover. When re-enrollment time comes around, you should always check to make sure your medication is covered. If you suddenly find that your health insurance plan is not covering your ongoing medications any longer, then start your search for a new plan.
Vision Problems
Having health insurance can lead to tax deductions! One commonly-overlooked tax benefit is that your premiums are actually tax deductible. You can also include all money paid for prescriptions, your deductible, doctor visits, co-pays and any other non-covered medical expense. Be sure to check the separate guidelines for state and federal tax differences.
Vision insurance is a good thing to have if you already have vision problems, or if there are vision problems in your family. The insurance covers all or most of your check-ups plus contacts or glasses. This type of insurance may not be necessary for some people, as they don’t use vision services enough to make it worth the cost.
When a health insurance company calls you as part of the application process, never volunteer information. Answer only questions which are directly asked. Any extraneous information that you provide can be used to increase your premiums or deny coverage.
Be aware of your tax credits for health insurance bills. Not everyone knows that premiums are deductions. The money spent on deductibles, prescriptions and co-pays for doctor visits are also deductible. Be sure to check the separate guidelines for state and federal tax differences.
You need to find out which health insurance company and plan is best suited for you. There are many different plan choices, including PPO, POS and HMO. Consider all the options offered by each health insurance plan before deciding which one to purchase. If you like your present doctor, make sure with any policy you choose there is an option to stick with him.
Most health insurance plans have loopholes, and yours is probably not an exception. Read your paperwork thoroughly, so you know what your policy covers and what it does not. Be prepared to pay for some things that will not be covered, such as some medications or procedures.
Health Savings Accounts (HSAs) are a great idea for someone who rarely visits the doctor. Any dollars you save towards deductibles, premiums and copays can get saved in an HSA and applied towards future medical expenses.
Health Insurance
Be sure to review your bills carefully. Even with a health policy, you can still encounter surprising high bills, particularly for prescriptions. Generic versions of medications are often ignored by doctors writing prescriptions. Also make sure that you shop around. Different pharmacies have varying prices on generic medications.
If individuals are not able to afford a full comprehensive health insurance policy, but still would like coverage in case of an accident, life-threatening illness, or injury, catastrophic health insurance would be a good option. Of course, this type of coverage can also be purchased for additional protection in extreme situations.
Although catastrophic health insurance offers low premiums, it has high deductibles, so do your homework. You need to make a list of the catastrophes you think you could possibly face and then ensure whichever policy you choose covers them all. Once you finalize your decision, set up your Health Savings Account (HSA), then start contributing to it so that you have money to cover the policy deductible if needed.
When you get sick or injured is not a good time to be informed that you are not covered properly by your health insurance. Prepare ahead by learning as much knowledge about insurance as you can. Be aware of the different alternatives that you have. Make a wise investment buy choosing the proper health insurance.
Even indoor pets can benefit from having a health insurance plan. Your pet could hurt itself or get sick even if it stays inside the house. Even while indoors, a pet can break a tooth or bone, and need to have expensive vet care.