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. Check out this article for some good tips on how you can deal with insurance and find the best possible policy.
See if there’s an employee-wellness program with your company that could possibly save you money on health insurance. Employers will often offer incentives and bonuses to employees who undergo a health assessment. Signing up for physical fitness programs can help you save money on your insurance premiums and even lower your company’s payments for insurance.
Figure out what your needs are before open enrollment is offered. You may want to make changes to your current policy if something isn’t working, or maybe your health needs have changed or your family has grown. Remember to make any necessary adjustments to your vision and dental plans during open enrollment as well.
Individual policies usually have higher costs than the group coverage offered by employers, so plan accordingly. It is likely that you will have to compensate by accepting a higher deductible or less coverage. As with any service, you should do your research to find the best price and plan.
Examine your prescription drug coverage on a yearly basis. Every year, when you re-enroll in your insurance plan, your insurance company has the right to change the plan terms. Read all the paperwork when you re-enroll and ask your insurance agent to clarify anything you’re confused about. In particular, keep an eye on the prescription drugs covered by your plan and note changes that may occur from year to year. If your usual medications are not covered anymore, look for a different insurance program.
Health insurance is great for saving money on taxes! Many people are not aware that your health insurance premiums count as a tax deduction. In addition to this, it’s also possible for you to deduct the cost your deductible, out of pocket costs, and prescriptions. State taxes are different from federal taxes, so make sure you check guidelines.
When your health insurer telephones you during the insurance application process, do not volunteer any extra information. Answer only the questions that are asked. Remember that the insurance companies are trying to make money, and anything you say can and will be used against you, in the form of raising premiums or denial of coverage.
What you’ve read here should have given you the knowledge and confidence you need to make sound decisions when it comes to insurance. You will know the difference between a bad deal on health insurance and a good one, which will help you avoid the regret of choosing the wrong plan.