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.
You are going to need to know the full scope of your health coverage. It is vital to have extra coverage if it turns out that you are not able to return to work for a considerable amount of time.
Check out your company’s wellness program, if they offer one, to save money. More and more companies are starting to offer incentives to employees who agree to have a health and lifestyle assessment. If you qualify, you may be able to save some cash on your premiums by participating in programs that can save your employer money.
When time for open enrollment occurs, you need to reevaluate your health insurance policy. Even though you may have had the same plan for a number of years, it may be too expensive or it might not cover your current needs. Open enrollment is also the time to make changes to dental and vision insurance coverage if your employer offers that.
During each enrollment period, check for changes in your prescription coverage, co-payments and annual deductibles. 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. You will want to consider switching providers if your current one yanks your medications off the approved list.
To save money on your health insurance premiums, opt for catastrophic coverage rather than comprehensive. Catastrophic coverage is for emergency visits and hospitalization, while comprehensive coverage help pay the cost of doctors visits, prescriptions and mental health care.
The way you manage your health care insurance may actually earn you tax breaks around April. Few people understand that health insurance premiums are tax-deductible. Also, any money spent on your deductible, prescriptions and any doctor visits that your insurance provider does not cover, can help you save money on your taxes. Be sure to check on the guidelines because state and federal taxes are different.
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. You should always keep in mind how important it is to have health insurance. To not have health insurance coverage in today’s world is just asking for trouble. Life can come at you fast, and any sudden illness or accident could find you draining your life savings in no time at all. Be smart, and look into health insurance options as soon as possible.Tags: dollars, getting, health, insurance