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.
Before opting into your company’s health care pool plan, you should first focus on the health of you and your family to see if this type of plan is right for you. This could lead you to purchasing insurance that has a cheaper premium if you anticipate no health issues. While that may be cheaper upfront, it could be risky if problems start developing.
Your first step in acquiring a new health insurance package should be crunching the numbers and coming up with a rough estimate of the total costs involved. Deductibles, premiums and co-pays can be hard for someone to understand so make sure you you add up the costs of everything before you purchase the insurance.
If you have recently graduated from college and you need health insurance, you have a couple options. If you are employed, talk to your boss about employee-based health insurance. If you are not yet 26, you can remain on your parents’ health insurance, though you may want to look into getting your own coverage.
To save money on your health insurance, see if your company offers an employee wellness program. Several companies offer benefits for their workers to have evaluations done of their living behaviors and wellness. You could sign up for some fitness programs, so that your company can save on insurance coverage, and possibly lower your premiums.
When it’s time for open enrollment, evaluate your needs when it comes to health insurance. 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 offers you the ability to change vision and dental coverage, too, if you have that option.
A cheaper alternative to comprehensive insurance is catastrophic coverage. Catastrophic coverage only kicks in for emergency care and hospitalizations, whereas comprehensive coverages includes coverage for prescriptions and visits to the doctor.
Check the state and federal tax guidelines to determine which medical costs can be deducted on your tax return. Lots of people don’t understand the premiums that you pay on your health insurance can be deducted off your taxes. The cost of covering your deductible, co-pays and prescriptions are also tax deductions. State taxes are different from federal taxes, so make sure you check guidelines.
Comparing private insurance premiums with group rates can be discouraging, but the benefits of individual insurance might be worth the cost. Whatever option you choose, the most important thing is to have some form of health insurance in place. Being uninsured could cause severe financial hardship at a moment’s notice. Something unexpected could happen in the blink of an eye, and you could wind up broke. Be smart, and do your homework about the health coverage choices available.