Whether you are new to the insurance world, wanting to combine your policies, or shopping for better rates or coverage, you probably have some uncertainty about what choices to make. Read on to find many tips and tricks to help you save money while getting the coverage you need.
Find out if your place of employment offers any type of employee wellness program. This can save you health insurance costs. Many companies offer benefits for those who choose to make important lifestyle changes. You may then be able to sign up for fitness programs, which can help the company save money on its insurance coverage and lower your own premiums.
Before you sign up for another year of coverage, ensure your prescriptions are still on the reimbursement list. 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 medication isn’t covered anymore, you may want to look for another insurance company.
Medical insurance can cut down on your taxes. Many people don’t realize that their health insurance premiums are tax deductible. The money spent on deductibles, prescriptions and co-pays for doctor visits are also deductible. Get the advice of your tax accountant if you are unsure about which expenses are deductible.
Read your health insurance policy thoroughly to discover which medications are eligible for coverage. The list changes yearly, so check when you re-enroll so that you won’t be surprised when filling a prescription.
A group plan offered by your employer will always be cheaper than individual insurance, as your employer will be able to negotiate discounted rates due to buying policies in bulk. The best way to avoid paying the high individual rate is by joining a trade group that offers insurance to its members at a reduced group rate.
Keep track of your bills. Even with health insurance, you are likely to receive some startling bills. This is especially true if you use any prescription drugs. Many doctors write prescriptions without considering whether or not the medication is covered, or if there is a generic (and cheaper) version available. Additionally, find a pharmacy with low prices. Generic medication differs in price from location to location.
Do plenty of research before purchasing catastrophic health insurance. Not all policies will cover the same catastrophic circumstances, so make sure that you have the policy that covers the ares that you are most concerned about. You should also consider Health Savings Accounts as a good alternative coverage option for those events that insurance will not cover.
The advice in this article should reassure you that you can make wise choices relating to your insurance needs. 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.