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.
When open enrollment time comes, review your health insurance plans and needs. Life changes quickly and today’s coverage may not meet your needs due to adding someone to your family. Open enrollment can also be the best time to change vision and dental coverage if that is offered.
Buying individual coverage typically costs more than the group insurance employers provide, so have your expectations set accordingly. You might have to get a smaller coverage or have a higher deductible, and for some people it will be both. Every insurer will evaluate you differently, so it’s well worth your time to shop several insurers until you find the cheapest rates for the most coverage.
Keep track of your prescription coverage. Health insurance companies like to change what medications they are willing to cover, so make sure you read the fine print every time you re-enroll. If you take a medication daily that is not covered anymore by your insurer, you may need to find a new insurance company — fast.
Did you know that you can actually pay less money in taxes by using your health insurance as a deductible? One commonly-overlooked tax benefit is that your premiums are actually tax deductible. Additionally, all out-of-pocket medical expenses are tax-deductible. Be sure to check the separate guidelines for state and federal tax differences.
Do not offer up information if someone from a health insurance agency is discussing the application process. Answer only the questions they ask you directly, and keep your answers focused and short to offer nothing more than the specific answer. Every communication that you have with the company is notated and assessed when trying to figure out your premiums or coverage. Sometimes the extra information you give could be used against you to deny you coverage, or at minimum an increase to your premiums.
Private insurance can not be bought across state lines, as it is regulated by your home state. If you end up in a hospital outside your state, you might not be covered. Because insurance providers are so picky, it is important that you find this information about before going to another state.
When comparing individual and group life insurance, you will probably find that group is cheaper, but you will get more choices with an individual policy. The most important point is that having some form of health insurance is vital. To be without health insurance today is to court disaster. An unforeseen event that could yield you penniless could happen at any time. Protect yourself, your family and your assets with the appropriate health insurance coverage you need today.