Whether you are looking to buy a new policy, combine policies, or seeking better coverage or lower rates, you may have some questions about the very important decision you are about to make. Read on to find many tips and tricks to help you save money while getting the coverage you need.
You might be able to save cash on health insurance if your employer has a wellness program available. Many companies offer benefits for those who choose to make important lifestyle changes. You could sign up for some fitness programs, so that your company can save on insurance coverage, and possibly lower your premiums.
During each enrollment period, check for changes in your prescription coverage, co-payments and annual deductibles. Since insurance companies are prone to altering what drugs they will cover, read all the fine print each time you re-enroll. If a regular medication has been dropped and a substitute isn’t acceptable, you may need to find a policy with a different company.
Catastrophic Coverage
To save the most money possible on health insurance premiums, consider catastrophic coverage instead of a more comprehensive one. Catastrophic coverage is for emergency visits and hospitalization, while comprehensive coverage help pay the cost of doctors visits, prescriptions and mental health care.
Understand that every health insurance policy has loopholes. Read and comprehend every word of your health insurance policy. Learn exactly what is and is not covered. Be prepared beforehand to pay for certain things out of your pocket, such as certain medicines or treatments.
Do not offer up information if someone from a health insurance agency is discussing the application process. You should answer the questions asked as directly as you can, but no more. 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.
Make sure the doctors and medical facilities you routinely use recognize the insurance you are considering before you sign up with the plan. Most insurance companies will have a published list of doctors that are covered. It can be as simple as going to the insurance providers website and doing a search to find them.
If you’re in good health and don’t need to visit the doctor very often, an HSA, or health savings account, may prove beneficial for you. Any dollars you save towards deductibles, premiums and copays can get saved in an HSA and applied towards future medical expenses.
Be sure to review your bills carefully. Even with health insurance you will get bills that you did not expect. Prescription medications especially can add up to a significant expense that you may not have factored in to your out-of-pocket costs. Many doctors just write the prescription without even thinking of offering you the option of a generic medication. Additionally, find a pharmacy with low prices. The price of medication can be different at each pharmacy.
The knowledge you’ve just learned should help you have the confidence to make the correct insurance choices. Not only will you save money on your health insurance, but you’ll feel more at peace knowing that you have coverage for all your health care needs.
