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.
Health Insurance
To save the most money possible on health insurance premiums, consider catastrophic coverage instead of a more comprehensive one. Comprehensive health insurance covers everything, whereas catastrophic coverage only covers a visit to the emergency room or hospital care.
Did you know that you can actually pay less money in taxes by using your health insurance as a deductible? Many people are not aware that your health insurance premiums count as a tax deduction. The money spent on deductibles, prescriptions and co-pays for doctor visits are also deductible. Federal and state taxes are different, so it’s best to check the guidelines.
Expect health insurance policies to have hidden loopholes within the fine print. Carefully read your policy, so that you will not feel surprised if your insurance denies a claim. Be prepared beforehand to pay for certain things out of your pocket, such as certain medicines or treatments.
Regardless of the kind of insurance policy you have, you will save money if you always choose generic prescription drugs. Most drugs have generic counterparts which are much cheaper than the name brand. In addition, generic drugs are chemically the same as the name brand.
You should make sure the health insurance plan you are looking into covers all related pregnancy costs, if you plan to become pregnant. If you don’t focus on this in particular when shopping for a plan, your insurance might not cover every part of pregnancy and labor.
If you are someone who don’t use the doctor often, you should look into a HSA or Health Savings Account. The money you are not paying in premiums and insurance deductibles goes into this account to be used for future medical expenses.
A group plan offered by your employer will always be cheaper than individual insurance, as your employer will be able to negotiate discounted rates due to buying policies in bulk. If you don’t have an employer or they don’t offer insurance, join a trade organization that has negotiated lower premium rates for its members.
Catastrophic Coverage
If you are unable to afford the cost of comprehensive health insurance, you may want to consider catastrophic coverage. This will give you some protection in case unforeseen things happen, such as accidents or illnesses requiring hospitalization. Catastrophic coverage is also a helpful addition to any existing health insurance because it will cover extreme circumstances that other policies might not.
You have a lot of choices when it comes to purchasing health insurance. So do not meet with an agent, or sign up with insurance at work, until you thoroughly understand all the various options and plans that are available. Make sure that you understand exactly what everything means before making your selection.
Comparing private insurance premiums with group rates can be discouraging, but the benefits of individual insurance might be worth the cost. The key to health insurance is always having a policy in place. In today’s world, remaining uninsured for health issues is a sure recipe for disaster. Something unexpected could happen in the blink of an eye, and you could wind up broke. Don’t let that happen to you. Look into viable health insurance options right away.