Health insurance. They aren’t dirty words – at least, they don’t have to be. If you spend a little time learning how to get the best health insurance you can reap surprising benefits. Every buyer and every insurance company is different, but here are a few general ideas that can apply to almost every health insurance situation:
If you have multiple prescriptions, lower the cost of your health insurance by signing up for a plan that covers the largest number of your medications. Also, ask your health insurance company to check for generic brand medication, which can significantly reduce your prescription costs. Receiving your prescriptions by mail can sometimes lower costs as well.
To lower the cost of your health insurance plan, make the most of wellness incentives. Many companies give employees cash bonuses to fill out a lifestyle questionnaire which asks about habits such as smoking and exercise. Obtaining a better score on the lifestyle questionnaire can lower the health premiums for all your company’s employees.
Because Obamacare hasn’t officially become law yet due to it being tied up in the Supreme Courts here’s a quick health insurance idea. Most employer supplemented policies cost around one hundred dollars a month. This equates to nearly $1200 a year. Are you going to spending that much on health care in one year out of pocket? Are you usually very healthy? If this is the case, it may be better to have no insurance and pay out of pocket the one or two expenses that actually come up and save several hundred dollars.
When considering a health care insurance plan from your employer, be sure to not forget about possible favored doctors and if they will be included in your plan. This is especially important to consider with an OB/GYN, dentist, or long time family doctor. Sometimes it may be more important to pay more for a different plan than to abandon your favorite doctor.
When considering a health care insurance plan from your employer, be sure to take advantage of any plan that allows you to put aside certain amounts of pre-tax money from your paycheck. This is beneficial because you can save money by not paying taxes on income that is used for items that you will already be purchasing such as contacts or medical supplies.
It is important to plan for the higher cost of an individual policy versus a group policy often offered by employers. You might have to choose an insurance with a bigger deductible, or one that has a less coverage, or both. Shop around, and compare plans to find the best rates and coverage.
Sign up for a flexible spending account. If you are paying for your own health insurance costs, consider the move to an HSA. An HSA is a Health Savings Account that you can contribute towards, tax free, and then withdraw the money, also tax free, for any medical costs you face.
Buying health insurance is not that different from staying healthy. The time to act is long before trouble comes up. Insurance buyers who learn all they can and prepare themselves well can get the health insurance they need for significantly less money. And once the policy is bought, smart research will help the holder get the most out of it.