There are so many types of health insurance to choose from, it’s no wonder people often feel helpless about it.
At InusranceUSA.com we provide you with thorough and up-to-date information on all types of health insurance.
The following are some handy tips you can turn to when it comes time to buy health insurance for you and your family.
- If you have a choice among several providers, choose the one that provides the highest quality care as well as what it pays and doesn’t pay for. Make sure you consider all aspects including deductibles, co-payments, out-of-pocket limits, and more.
- If you have health problems, a plan with higher premiums but lower co-payments is probably a better option.
- Consider a Flexible Spending Account or Health Savings Account to cover out-of-pocket healthcare expenses. These accounts are tax-free as long as they are used for medical purposes only.
- Look for incentives offered by your employer or insurance company to lower your premiums. These may include losing weight, exercise, and smoking cessation.
COBRA or Consolidated Omnibus Budget Reconciliation Act was passed by Congress in 1986. In it there is a provision which states that, if you are suddenly terminated or separated from your job, you have the right to continue your employer’s group health coverage. Anyone, who involuntarily or voluntarily loses their job or has their hours drastically reduced is eligible for COBRA.
If you are in-between jobs or healthcare plans, consider the following:
- You can continue to contribute to your FSA or HSA under COBRA, which gives you more time to use the money in them.
- You can use your HSA to pay COBRA costs and other health insurance premiums if you are receiving unemployment compensation.
- You might be able to make penalty-free withdrawals from your IRA to pay for healthcare premiums if you’re unemployed.
Whether or not you are insured, if you need to take medication you can cut your costs by doing the following:
- Purchasing generic drugs when at all possible.
- Asking your doctor is there is a cheaper over-the-counter alternative to expensive prescription drugs.
- Further savings can be found by purchasing store-brand or off-brand OTC drugs rather than name brand.
- You may be able to have your doctor double your dose so you can use a pill cutter.
More Health Insurance Tips
Whether you are single, married, or have children, it is imperative for people to have health insurance. This coverage is used daily by millions of people around the world. Most people obtain their health insurance coverage through their place of employment. If you are lucky, you may have choices between various providers. This is not often the case, but if you do have a choice, it is best to take the extra time to compare various plans and benefits from the different providers. If you do not have a choice, you will simply have to opt between individual, couple, and family coverage. The benefits are the same regardless of this choice. All members covered under the health plan will receive the same benefits.
A major factor when obtaining health insurance is your age. It will cost more if you are older. Many people are now forced to re-enter the work force after they have stopped working because of early retirement. It may be difficult to get affordable health insurance coverage if this is the case. Despite the high cost, it is very important to have the coverage. Also take into consideration the coverage you will be providing for your family. Many companies will not accept patients that have pre-existing conditions. This is a common problem for older individuals. Most people will be required to sign a waiver stating there will be no treatment for the pre-existing condition. Make sure you obtain this information before enrolling in any health plan. If you will not be able to get the medical care you need, then that plan is not right for you.
Most states offer financial assistance to those who cannot afford health care. In many cases, these people can be eligible to receive Medicaid coverage. This may be the best option if the plan your company offers will not cover your medical needs. This is usually the best choice for seniors who are still in the work force. There is an option if you have worked with a company that employs more than 20 individuals; you may be able to purchase an insurance known as COBRA. You can only receive COBRA benefits if your employer offers group insurance to employees. COBRA plans only last for 18 months. This type of plan is beneficial to those in between jobs or newly retired individuals. Because of the rising coast of health care, many people are taking chances by not carrying coverage. This is not advisable, especially if you are an older individual. One accident or serious illness could amount to thousands of dollars in medical care. You must be prepared for the worst, and there is no better way to protect yourself medically and financially than to carry health insurance.
Because of changes in society and lifestyles, many health insurance companies will cover a domestic partner. This can save thousands of dollars a year for couples who are not legally married, but reside together. If this is your situation and you are currently looking for health insurance coverage, it may be best to find an insurer that offers this option. The plan is similar to the couples or family plan, offering full coverage for your partner. Most people who co-habitate carry their own health insurance. Changing to a domestic partner plan can save a lot of money.
When you first are seeking an insurance plan, you may be required to undergo a physical. This is usually the case when obtaining private coverage. This is most often the case for those individuals who are self employed. It may be difficult to find an affordable plan when you are in this situation. Smokers and obese individuals will find that their cost will be higher than others. Obesity is closely related to other health problems, including diabetes, cancer, heart disease, and depression. Insurance companies take obesity as a sign of overall health. Obese individuals have a hard time finding a health insurance plan that will cover all their medical conditions. On average, people who have private individual coverage are paying upwards to $700 a month out of pocket. This is a serious decision that will require a lot of research. It is important not only to find the most affordable price, but you also want to make sure you are getting the coverage that you will need. Many health insurance plans do not include prescription coverage. If you are someone who has to take daily medication, having this coverage is essential. This will raise the cost of the premium, but it is an option you cannot go without. Considering the rising cost of medication, the few dollars extra a month for prescription coverage is worth it.
The best way to deal with the health insurance company battle is to take advantage of any group plan that you can. If your employer offers insurance coverage, that is usually the best option. The rates are based on the entire group of employees. Most plans offered by employers are affordable. Many employers pay a portion of the premium, leaving the employee with a smaller payment. If you are lucky, you may even find an employer that covers health care 100%. This is not common, but it does exist. There are two types of health insurance plans that are available, managed health care and indemnity plans. Indemnity plans are more expensive, but they provide the individual the opportunity to make more choices. They do not have to be limited to a certain group of physicians. Additional coverage, including mental health, prescription coverage, vision, and dental care are typically not included in indemnity plans. Most employers offered managed plans. There are different types of managed plans, including HMOs, PPOs, and POS. You will need to know which plan your employer offers. Most managed plans have lower premiums and low co-payments.
When you are looking for a new health plan, make sure not to be drawn to the lowest price. You want to take the time needed to compare all your options. Make sure you will receive the coverage that suits your needs and will protect your family. Millions of insurance companies offer health coverage, so this will take some time and patience. Always remember that this is one of the most important decisions you will make, and you want to ensure that your family and yourself will always be able to receive the medical care needed, without the worry of financial hardship.