It is common to overlook the need for health insurance until it becomes a necessity. For many people, this happens because they tend to not think about it when they are healthy, or perhaps they do not understand it, but mainly it is because it’s just an added expense. This article discusses the things to help you understand how health insurance works.
Open enrollment is a time for you to assess your health care needs. Your insurance needs can rapidly change as your health changes and your family grows. If your employer also offers vision and dental insurance, you should review that also during open enrollment.
Vision Insurance
Vision insurance is a good thing to have if you already have vision problems, or if there are vision problems in your family. Vision insurance covers a part of your eye exams and will also pay for at least part of your contact lense or eyeglass purchases. 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.
Catastrophic coverage may save money on health insurance premiums, but comprehensive coverage will save money in the long run if you have any serious medical needs. Comprehensive coverage will give you prescriptions and doctors visits, but catastrophic will cover more expensive medical bills from hospital stays or emergency room visits.
Medical insurance can cut down on your taxes. Not everyone knows that premiums are deductions. Money can also be deducted from prescriptions and visits that aren’t covered by the insurance and your deductible. Check to see what guidelines the federal and state governments have for tax breaks.
Figure out which insurance plan best fits your health needs. Decide if you prefer an HMO, POS or PPO. Consider all the options offered by each health insurance plan before deciding which one to purchase. Before you commit to any plan, make sure you can keep seeing the same doctors.
Make it a point to find out which prescriptions are covered by your health insurance. This can change annually, so checking regularly will ensure that you do not suddenly find out that your prescriptions are no longer covered.
Health Insurance
You should consider that certain companies will have a surcharge for having a spouse on a health insurance policy if your spouse can access insurance from an employer. You may be able to save a little money if you each get health insurance through your own jobs, so be sure you figure out the cost for both scenarios.
If you are someone who don’t use the doctor often, you should look into a HSA or Health Savings Account. The money saved to pay deductibles and premiums can be placed in this account to pay for any kind of medical expenses needed.
You should get some pet insurance, although your pet is always inside! Bodily injury, poisoning or any other accidents still have a likelihood of occurring. Your pet can still break a tooth or bone indoors, and that may need pricey vet care.
Pre-existing conditions like diabetes or heart disease may make it harder to find good coverage, so do your homework. There are companies who will not insure you if there is a pre-existing condition involved and some charge outrageous fees for insuring someone with a pre-existing condition. You can make the best of a bad situation by doing your research.
With more understanding on insurance, you will make a better decision on which policy is best for your family and life. Now more than ever, it’s important to have adequate and affordable health coverage. Health insurance may well be one of the single best purchases you can ever make.
