5 Essential Health Insurance Tips That Save Time And Money

5 Essential Health Insurance Tips That Save Time And Money

For most people, it is because they have no understanding of it, they don’t understand it, they do not think it is important, or they have no money for it. Today’s post focuses on how health insurance works.

Let’s get started.

1) When you are thinking of getting health insurance, you should know all the costs.

When time for open enrollment occurs, evaluate your needs when it comes to health insurance. Open enrollment allows you time to change vision and dental coverage if that is offered.

Health insurance companies like to change what medications they are willing to cover, so investigate the details when you re-enroll. If a medication you rely on daily is not covered anymore, you need to find a new insurer.

2) Health insurance can help you pay less on taxes.

The money you pay for deductibles, prescriptions and co-pays for doctor visits are also deductible. Be sure to check the separate guidelines for state and federal taxes as they can differ from state to state.

Private insurers are regulated by the local state government insurance agency, similar to how it is regulated by your home state. Make sure you review your insurance provider about these gray areas.

3) Choose the type of health insurance policy which fits your needs.

You can select from among an HMO or PPO. Each have benefits and drawbacks that you will need to investigate and determine what suits your needs the most. Be sure that you can continue seeing your current doctor.

Read over your health insurance coverage to find out which medications are eligible for coverage. The list of covered prescriptions changes annually, so check the list every time you re-enroll to avoid any unpleasant surprises.

4) Check that you are covered for all aspects of your pregnancy.

If having a baby is in your plans, make sure that your health insurance covers all aspects of your pregnancy. This is extremely important because there are plans that will not cover certain aspects of pregnancy and labor needs.

5) Open your own Health Savings Account (HSA)

If you are relatively healthy and don’t need to visit the doctor often, it would be wise for you to open your own Health Savings Account (HSA). The money saved can be set aside in premiums and insurance deductibles goes into this account to be used for future medical expenses.

That’s it for today.

Keep in mind that if you are well-informed about the fundamentals of health insurance you will be able to make more responsible decisions for yourself and your family. Health insurance is a topic that should not be put to the side. All things considered, it may well be one of the single most important purchases you can ever make.

I’ll be back again next week with some more health insurance tips. In the meantime time, start from wherever you are, use whatever it is you have, and most importantly, do whatever you can do.

About Stewart Andrew Alexander

Stewart Andrew Alexander is the Managing Editor of Medical Spotlights, an Online Digital Journal dedicated to bridging the gap between medical practitioners, and a growing public trying desperately to find jargon free information about doctors in their local areas.