Some people are underinsured, or not insured at all, due to the high costs of health insurance plans. There is plenty of potential confusion in the field, too, thanks to the wide range of plans and policies available from each provider. The following article will help you understand the range of providers out there, as well as common types of health insurance plans.
If you’ve recently finished college and are looking for health insurance, you should consider a few things before purchasing any policy. You may be able to get health insurance from your employer, if you have one. You can also be listed under your parents’ policy until you turn twenty-six, or look into personal plans.
Purchasing insurance on your own often results in higher policy costs compared to group plans offered through an employer. You may have to settle for less coverage, a higher deductible, or both. Just look around for the best type of coverage you can get for yourself by shopping around.
You can lower your premiums by choosing a catastrophic coverage option instead of a comprehensive one. Catastrophic coverage only covers major medical expenses, like hospitalization and emergency surgeries; in comparison, comprehensive covers that, plus most minor health care related costs like physicals and prescriptions.
Health insurance can help you pay less taxes. Some companies offer a savings account for medical expenses. The money that goes directly into this account is tax free. Also, any money spent on your deductible, prescriptions and any doctor visits that your insurance provider does not cover, can help you save money on your taxes. State and federal taxes can differ, so double check the guidelines.
Do not volunteer personal information to health companies who call to solicit services or ask for applications. Answer only their direct questions. If you tell them more than they ask for, you may inadvertently give them information that could result in an increase in premiums or even the loss of benefits.
Because of certain laws, private insurance is not allowed to be purchased from another state. This means that going to an out-of-state hospital might not even be covered in your policy. Each insurer is different, so read the fine print before you buy.
Look into different health plans, and decide on the one that best fits your needs. Chose from HMO, PPO and POS. They’ll have various options you should research before making a selection. Importantly, double-check that your current doctor is available for use in any plan you are considering.
It is important to check with your medical care practitioners before purchasing a new insurance policy, to be certain your potential plan will be accepted for their services. The insurance company you are considering will usually post a list of providers in your area who are on their approved list, but it still wouldn’t hurt to call for a confirmation or update.
Keep in mind that health insurance companies are out to make a profit, and they are all too willing overcharge you if you let them. Use your annual open enrollment opportunity to make sure your health insurance policy is still the best option.