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.
Look at your prescription coverage every year. Some insurance companies will change the kind of medication they cover or the pharmacies where you can get your prescriptions at. It is important to be aware of these sorts of changes when you are considering re-enrollment. When your daily meds are dropped by your health insurer, then start the hunt for a new plan right away.
Health insurance can help you pay less taxes. Your health insurance premiums are tax deductible. Any money you spend to cover your deductible, your prescriptions, or any visits that your insurance doesn’t cover can also be deducted from your taxable income. Federal and state taxes are different, so it’s best to check the guidelines.
Do not ever openly volunteer unsolicited information when your potential medical insurance provider calls in regards to your application. You should answer the questions asked as directly as you can, but no more. Remember that the insurance companies are trying to make money, and anything you say can and will be used against you, in the form of raising premiums or denial of coverage.
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. It may be less expensive for each of you to get coverage through your own workplaces, so do the calculations to find out which is best.
If you don’t see the doctor that much, you should most likely get a Health Savings Account, or HSA. The money you save on not having to pay deductibles and high premiums can be funneled into your HSA and saved for future health needs.
It is cheaper to be on a group plan when you have insurance. Your rate will be lower if you are in a plan at work rather than an individual plan on your own. If you’re unemployed or self-employed, consider joining a trade union to take advantage of group health insurance rates.
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. Either way, the most important factor is that you have some type of health insurance coverage. Being uninsured in these times means you are running a serious risk. You never know when something could happen that could wipe you out financially. Be smart, and research the options for health insurance that protects you and still fits within your budget.