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 what type of insurance plan to purchase from your employer, keep in mind the overall health issues of everyone in your family. If you have no current health issues, you may get a policy that has a cheaper premium. It is less expensive in the beginning, but if you do get sick then it can become very expensive.
Look at all of the total costs for any policy when choosing health insurance. Some health care costs are hidden or difficult to understand. Make sure you take deductibles and co-pays into account as well as your premium amounts when determining the entire cost of a health insurance package.
If you are a recent college graduate and you are looking into health insurance, there are a couple of options for you to consider. Perhaps you can get insurance through your employer. Those younger than 26 are still eligible to be on their parent’s insurance plan as well as a private and personal one.
If you can’t afford comprehensive insurance, then at least get catastrophic coverage. Catastrophic coverage is for emergency uses, and comprehensive coverage is for prescriptions and visits to the doctor.
Let your health insurance get you money back on your taxes! Many people don’t realize that their health insurance premiums are tax deductible. Other tax-deductible expenses associated with health care include out-of-pocket costs for deductibles, prescriptions, and doctor visits that your insurance doesn’t cover. Get the advice of your tax accountant if you are unsure about which expenses are deductible.
Don’t give out unsolicited information when an health insurance provider calls you during the application process. If you have a condition and they don’t ask about it, withold that information. When you volunteer too much information, the result could be an increase in your premiums, or at worst, a complete denial of coverage.
You need to find out which health insurance company and plan is best suited for you. Chose from HMO, PPO and POS. Various options are available from each company that you should consider prior to making your choice. An important consideration is whether or not you want to keep your current primary care physician, and if you do you should ask him which insurance company he is affiliated with.
If you compare group insurance to individual insurance, you can plainly figure out that group insurance has lower monthly premiums; however, individual policies give you more choices. Remember that any type of health insurance is better than nothing. Being uninsured in these times means you are running a serious risk. Something unexpected always seems to pop up at the worst time and that might leave you with no money. Consider your options, and choose the best policy you can afford.