A significant part of the population postpones the decision to obtain health insurance to such an extent that they are putting themselves at serious risk. Many people simply do not give it any thought; others feel that it is too expensive or just unnecessary. This article gives you the information you need to make an informed decision.
Your choice of health insurance hinges on what it covers. A health care insurance plan that covers work related injuries or other accidents can be very beneficial and make a huge difference in your ability to get through difficult financial times.
Check your prescription each year. Health insurance companies tend to change the medications they cover, so see to it that you read the contract’s fine print each time you re-enroll. If a pill you are using every day is no longer covered, you might want to switch to another insurance company.
A cheaper alternative to comprehensive insurance is catastrophic coverage. Comprehensive covers certain instances, but catastrophic covers emergency care and hospital visits, as well.
Health insurance can help you pay less taxes. Lots of people don’t understand the premiums that you pay on your health insurance can be deducted off your taxes. Prescription medications, non-covered office visits and deductibles may also be deducted. State taxes differ than federal, so you may want to check those guidelines.
If you get a call from the health insurance company as part of your application process, don’t give out any extra information. Just give them answers to the specific questions they ask you. Any extraneous information that you provide can be used to increase your premiums or deny coverage.
Regardless of the kind of policy you have, choosing generic medications will always save you money. It’s unlikely that your prescription will not have a generic option, and studies have proven that the efficacy of both name brand and generic prescriptions are equal.
The Health Savings Account (HSA) option is likely the best choice for you if you rarely visit the physician. Savings from premiums or deductibles go into this account and the money that is put into your HSA is not subject to state or federal taxes.
Watch out for fees and hidden costs, especially due to lack of coverage for certain items. Even with health insurance you will get bills that you did not expect. Prescription medications especially can add up to a significant expense that you may not have factored in to your out-of-pocket costs. Some physicians just write out prescriptions without taking into account the generic version related to the medication. Also make sure that you shop around. The price of the same medication can vary widely at different pharmacies.
A recommended option for those who can’t afford regular, comprehensive policies but need coverage in the event of an unexpected injury, accident or life-threatening sickness is catastrophic health coverage. It’s also good to add it to your comprehensive policy as an added coverage in case of extreme circumstances.
When you are properly informed and educated, you are able to make enlightened choices about the appropriate coverage for you and all your loved ones. Health insurance is a topic that should not be put to the side. Health insurance is one of the more important things that you can buy.