Health insurance providers are trying to make as much money from you as possible and often, the insurance policies that they offer can be difficult to understand. This article contains numerous tips that will help you to select a suitable insurance provider and purchase a health insurance plan that meets both your financial and medical needs.
To lower the cost of your health insurance plan, make the most of wellness incentives. Many companies give employees cash bonuses to fill out a lifestyle questionnaire which asks about habits such as smoking and exercise. Obtaining a better score on the lifestyle questionnaire can lower the health premiums for all your company’s employees.
If you’re self-employed, remember that health insurance is tax-deductible. Talking to your accountant could mean that your health insurance costs less out of pocket than you expected, because of tax law allowances on your adjusted gross income. Medical costs can also be tax deductible however, so talk to a tax expert to decide what will offer you the most savings.
When purchasing health insurance make sure that the underwriting terms of the insurance policy meet your requirements. Many health insurance provides now exclude all pre-existing medical conditions. Make sure that you fully understand the financial and health implications of this restriction when considering whether the health insurance policy is suitable for you.
Get a copy of your health care plans drug formulary and make sure that any medication prescribed to you is on that list. Every insurance company has a different formulary that shows what they cover. The out of pocket cost of an uncovered prescription can be in the hundreds of dollars so make sure that you are covered.
Get health insurance through a group. Whether it be an employee group, a union association, or other organization that works with certain categories of people, check to see if they have health insurance. Many groups offer discounted health insurance policies if you sign up for it as a group member, so join up!
Know which hospitals are accepted in your health care plan and let your loved ones know where to take you, in case of an emergency. Planning ahead for these events can help to save you and your family money. You can even carry a wallet card that tells emergency workers what hospital to take you to.
Do not lie about anything when taking out a health insurance policy. It might be tempting to omit certain details. Resist the urge and be completely honest. A little white lie can make your entire policy useless. You do not want to find yourself stuck with the bill if you happen to get hospitalized and caught in a lie.
Check over your policy carefully before re-enrolling. The health insurance company that you have your policy through may have made changes over the last year and when you re-enroll these changes will take effect. Make sure you know what those changes are before paying your premium and re-enrolling.You may find that you do not like the changes and want to change providers.
Some companies charge extra if your spouse is covered under your health insurance when insurance is available at his or her place of employment. It is possible that it is simply more affordable with two separate policies, so compare all scenarios.
Before finalizing a deal with a specific agency, be sure to read some consumer reviews about them. There are many websites online that allow consumers to make complaints about products or customer service and this is true of insurance providers as well. If you have seen that they have many complaints, it may be time to find another option.
Ask if your insurance company offers a “money back guarantee”. Many companies are trying this route out in order to stay competitive. They will allow you to take a policy out and if you aren’t satisfied in a set period of time (usually about thirty days), you get a full refund.
When purchasing a health insurance policy, never pay by cash. Always provide the agent with a check or credit card number instead. Always make the check payable to your insurance company, never the agent. This will provide you with a receipt of your purchase and protect you from any dishonest action on the part of your agent.
If you don’t have a pre-existing health condition that requires many doctors’ visits, test, and prescriptions, then you can save a lot of money by purchasing catastrophic health insurance. You pay for coverage of accidents and illnesses that come on suddenly, like cancer or a stroke, that require hospital visits.
Before choosing an insurance plan, make sure you understand your needs. Look at your medical history: what kind of services do you use the most? Do you have recurring issues? Do you travel often? Once you have a better idea of what kind of coverage would save you money, you can choose a plan wisely.
Health insurance expenses are more than just the cost of the premium each month. Most health insurers will require a co-pay for each visit to the doctor or the hospital. Consider the actual value of your plan by computing the co-payment amounts and what you will actually pay out of your own pocket.
A Health Spending Account allows you to invest some of your pre-taxed earnings in a way which allows you to spend the capital or the earnings on medical costs. All money deposited to the account is tax-free unless you withdraw it for non-medical spending. Check what the federal limits are for you before you start depositing.
If you are reaching the age where your parent’s health insurance plan will no longer cover you, you can subscribe to COBRA for up to three years. COBRA is a relatively cheap solution and provides decent coverage. If you opt for another insurance plan, still apply for COBRA until your new one takes effect.
Many people avoid buying health insurance, as it can be very expensive, but this can cause problems in the future if they fall ill. By applying the advice contained in the tips presented in this article when you next need to purchase or renew a health insurance policy, you can find a policy that is affordable and thereby, avoid the most common health insurance pitfalls.