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.
In order to save money, consider getting catastrophic coverage instead of comprehensive. Unlike comprehensive insurance, catastrophic coverage has less coverage for routine care, and will only cover “big ticket” costs.
Pay less on your taxes with health insurance! Many people don’t realize that their health insurance premiums are tax deductible. You can also deduct the money you spend paying for your deductible, prescriptions or any visits not covered by your insurance. Federal taxes are not the same as state taxes, so you should look into the difference.
Regardless of the kind of health insurance coverage that you have, if you choose generic drugs, you will save money in your insurance. There are a few instances that you won’t be able to get generics, but using them is no different than using the brand name, as studies have shown.
Health insurance is regulated by individual states, so it is important to understand the laws in the state where you live. Depending on your rules, a hospital in another state could be outside of your coverage area. Insurance companies are very particular about this, so make sure that you understand your policy.
See to it that you check with the doctors and hospitals you’re comfortable with and make sure they accept the insurance you are considering. This information should be readily available to you from the health insurance company.
You can be charged an additional fee if any of the people covered under your health insurance policy is entitled to insurance through their employer. In some cases, keeping your coverage separate will result in lower overall costs, so run the numbers for both scenarios.
Getting sick or sustaining injury is not the time you want to discover holes in your insurance coverage. It’s best to learn all you can about your insurance and the options you have before you need to use it. It is not wise to have inadequate health insurance, but you can rectify that situation whenever you are ready to do so.
