Living without health insurance can be risky if you develop a serious illness or undergo trauma, such as breaking your leg or getting a concussion. It is safe to have sufficient health insurance, and these tips can help you get the coverage you need for your family.
It is important to review your health insurance policy each year during open enrollment. Although your current policy may have been effective thus far, that may no longer be the case because health situations for you or your dependents may have changed. You might also need a different policy in order to add new people to it. If your employer also offers vision and dental insurance, you should review that also during open enrollment.
Vision insurance can be worth having if you have vision issues, or if your family has a history of vision problems. This type of insurance pays for a portion of the cost of eye exams and check-ups as well as corrective lenses like glasses or contacts. Insurance for your vision is not required, and many people find they save money by not having a vision plan if they do not have any risk factors.
In order to save money, consider getting catastrophic coverage instead of comprehensive. Comprehensive coverage will give you prescriptions and doctors visits, but catastrophic will cover more expensive medical bills from hospital stays or emergency room visits.
Health Insurance Premiums
Health insurance is great for saving money on taxes! Although many people aren’t aware of the fact, health insurance premiums are tax deductible. Health insurance premiums, prescription costs, deductibles and other expenses not covered by insurance may be deductible on your tax return. Federal taxes are not the same as state taxes, so you should look into the difference.
During the phone interviews that health insurance companies conduct before granting coverage, don’t answer questions the company doesn’t ask. Simply respond to whatever questions they ask. If you give them more information than they have asked for, they will note it in their files and could take what they have learned to charge you more for your premiums or remove your coverage all together.
Each state has its own rules for insurance, so you have to buy coverage in the state of your residence. This means that going to an out-of-state hospital might not even be covered in your policy. Make sure you review your policy carefully to determine if you are covered out of your state.
Find the health insurance for your needs. You can pick between POS, PPO or HMO. Each offers their own unique benefits and shortcomings which must be considered before choosing which you want to go with. Just be sure to go with one that lets you keep your current physician.
It is important to have health insurance because anything can happen. Illness and accidents may strike without warning. Compare a variety of insurance policies before you decide on the one that will best meet your needs.
