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.
Think about your family’s health needs, including your own, when deciding which employer-sponsored health insurance plan to sign up for. If you have no current medical issues and are in good physical shape, a cheaper premium and higher deductible may be the right choice for you. This will save you money right away, but may end up costing more if any problems arise in the future.
Use health insurance to pay less on taxes! There are many people who don’t know that any health insurance premiums you pay can be deducted from your taxes. The money spent on deductibles, prescriptions and co-pays for doctor visits are also deductible. State and federal taxes can differ, so double check the guidelines.
Regardless of the type of health insurance you have, you’ll save a lot of money by opting for generic drugs over their name brand equivalent. It’s unlikely that your prescription will not have a generic option, and studies have proven that the efficacy of both name brand and generic prescriptions are equal.
Prescription coverage varies by plan, and may have limitations that affect you, so read your policy to see what’s covered. Medicines that are covered may change occasionally. It is better to know in advance and not be surprised at the checkout counter of your pharmacy.
Be sure to check with the hospitals and the doctors that you are comfortable with to make sure that they accept the health insurance that you are considering. Your insurance company should have a website devoted to important benefit information.
Catastrophic health insurance coverage is an option for individuals that cannot afford a standard health insurance policy. Catastrophic coverage will protect you in case you experience a severe, life-threatening illness or an unexpected accident of injury. It can also be added as an extra to your health coverage.
Whenever you are looking into catastrophic health insurance as a coverage option, you must be sure to do your homework. Be sure that the insurance will include coverage for the catastrophic events you have concern over. If you do decide to do this, open a HSA (Health Savings Account) and make regular deposits. This way you will have your deductible covered should you need it.
Compare all your options. For instance, group insurance will be less costly but an individual plan will provide you with more choices. Regardless of what you choose, just make sure that you have coverage of some type. Being uninsured could cause severe financial hardship at a moment’s notice. Even a seemingly minor incident could drain you financially. Research your options, and get coverage!…