Most bankruptcy is caused by overwhelming medical debt. There is a sad reason for this statistic, health insurance is costly and can be hard to obtain or understand. If you have a better understanding of it and some good advice though, you can win the war on your health insurance policy. Consider the following.
Help keep your portion of health insurance costs low by taking advantage of perks your employer may offer. For example, a company may offer a rebate of the cost of one monthly premium when you provide proof of a preventative checkup. Read your employee manual or talk to HR to see what incentives your company offers.
If you do not have perfect health, make sure to shop around with different insurance companies. Agencies all have different standards that they use for their different risk levels. Some allow higher cholesterol rates or higher BMI’s in their policies. If you fall on the borderline, it’s worth your time to research who will give you the best deals at your current levels.
As long as your children are still living with you, they can now be covered by your insurance up until they are 26 years old (up from 19 pre-policy change). This means your family can now save more on health insurance premiums, so do not neglect to take advantage of this new law if your kids still live at home.
In case you do have an emergency medical situation, you need to know exactly where to go. Check the wording of your insurance policy. They might be charging you exponentially more for visiting a hospital or doctor that’s not on their predefined list of approved hospitals and doctors. The insurance company will not make an exception for emergencies.
Consider your current, as well as, your future needs when you are shopping for health insurance. You may find that you will need maternity care or insurance for children down the road. If you can find a policy with a good health insurance coverage when you are starting out, it will be much easier in the future for you.
If you use prescription medications and are on a health insurance plan, check with your insurer to see if 90-day prescriptions are available in pharmacies. 90-day refills have long been available by mail, but now they are becoming available in local pharmacies – which means you get the full cost benefit of a 90-day prescription (essentially 90 days’ worth of drugs for a 30-day payment), without having to wait for the medications to come in the mail. It’s a tremendous deal and definitely worth checking out.
It is important to consider the cost of health insurance before you sign with a particular company. Some companies require you to pay a certain amount of money before your coverage will kick in. This is something that is important to know in the event of an accident or injury. You should ask your insurance agent about the beginning date for your coverage.
If you are in college and needing health insurance, consider your options carefully. New legislation allows college students to remain on their parents policy until the age of 26. This isn’t always the best option though, as sometimes colleges and alumni organizations offer low cost health insurance to students.
If you find a plan that you like and that works well with your budget, get a complete copy of what your plan will look like before you buy it. Make sure to read through the entire thing and look for clauses and exceptions that may deny you possible needed coverage. This can be aggravating in the search for a plan, but is is necessary for making sure you receive a good health insurance plan.
When changing to a new health insurance plan, be aware that it may have a different network than your old one. Before switching, see if your usual doctor and other medical professionals are a part of the possible new policy’s network. If not, you may be able to find one that will allow you to continue seeing them. If a change is going to mean you see different medical professionals, make sure to note some specific information so that your medical records can be easily connected to you.
You could always hire a broker if you find it too difficult to sort out your insurance situation on your own. An insurance broker will help you find the best health insurance at a good price. The broker will also be cognizant of your state’s insurance regulations. It is wise to comparison shop for brokers prior to making your selection.
If you have any firm reason to believe that the health insurance you applied is not going to accept you, you should cancel your application before you are denied. Health insurance companies ask you if you have ever been denied insurance, and this raises a red flag. Avoid being denied by researching the conditions for being accepted.
Before you choose a health insurance plan, compare online quotes from different companies. Check out sites like InsureMonkey or eHealthInsurance. Make sure you include extent of coverage along with the cost of the plan. Take your time and try to get as many quotes as possible to see what is affordable for you.
Double check your health insurance enrollment form before applying! Even a single mistake could later invalidate your claim and cause you to lose your insurance completely. It is up to you to cross every T and dot every I. My recommendation is to complete the form in small chunks, leaving it overnight and reviewing what you’ve finished the next day.
Current laws state that all children who are under 26 must continue to be permitted under your health insurance unless their employer offers them health benefits. Even adults who have a pre-existing condition that is chronic or potentially very expensive, like cancer, cannot be rejected when you add them to your plan.
As always, you want to keep yourself healthy and do what you can to stay away from injuries, but with the information given in this article, you can feel confident as you tackle all of your health insurance questions and needs. Everyone deserves to have good health insurance coverage.