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Health Insurance Details – What Is Important, What Is Not

November 7, 2017

Health insurance is a must-have in the event you have a serious medical emergency. You never know when disaster will strike in the form of illness, accident or injury. If you aren’t prepared with a good health insurance plan, you could stand to lose everything. If you have a good health plan in place, you can rest easy that your expenses will be taken care of. You have a couple of choices when it comes to purchasing health insurance. You can go with an individual plan, or if your employer offers group insurance, you can save money by choosing that plan.

When thinking about a health insurance policy from your job, think about your health and your family’s health. You might be drawn to buy insurance with a lower premium if none of you have any health issues. This may be enticing, but if health issues arise you could be in for some trouble.

It is important to review your health insurance policy each year during open enrollment. Just because something worked for you previously, it might not work now, especially if you have different health care needs. Do not forget to make any needed changes to vision or dental insurance.

If you can’t afford comprehensive insurance, then at least get catastrophic coverage. Prescriptions and doctor’s visits are covered by a comprehensive plan, while hospital and emergency care is covered by catastrophic health insurance.

Be aware of your tax credits for health insurance bills. A lot of people are unfamiliar that their health insurance premium is tax deductible. You can also include all money paid for prescriptions, your deductible, doctor visits, co-pays and any other non-covered medical expense. State and federal taxes differ, so you will need to check the guidelines.

You need to find a health insurance plan that can fit your individual needs. HMOs and PPOs are common choices, but don’t count out POS plans just because of their acronym. Each of these options offers different features and benefits, so you must compare each plan before agreeing to pay for coverage. Make sure that you have the option to keep the doctor that you currently use.

Check with your health insurance carrier to know what prescriptions are covered under your policy. The list is updated annually, and if you take expensive prescriptions, you should ensure they’re still covered before you re-enroll.

You need good health insurance if you are planning on starting a family anytime soon. Certain insurance plans do not cover every aspect of pregnancy and labor.

It’s cheaper for the company you work for to get group health insurance than it is for you to purchase your own, so your premiums through your employer’s plan will be cheaper, even if your coverage is the same. If you want to save money, you can join an organization or group that offers its members insurance.

Individual insurance plans give you more choices, but group insurance plans can cost you less money every month. Either way, the most important factor is that you have some type of health insurance coverage. Going through life without health insurance is asking for trouble. If you suddenly fall ill, the costs could devour your savings in no time. Consider your options, and choose the best policy you can afford.