They are under the impression that health insurance is something for older or more affluent people. Planning to not get sick isn’t a great health plan. As you will soon realize, health insurance is critical.
When you are thinking about purchasing health insurance for yourself, sit down and think about all the costs that are associated with it. Do your calculations on how much you can pay for premiums, deductibles, and co-pays before you choose which insurance policy to buy.
If you’ve just graduated from college and are looking to purchase health insurance for the first time, keep the following in mind. If you are employed and the company offers insurance, you can enroll in that. Under current health care laws, those under 26 years of age are allowed to remain on the insurance policy of their parents, though this could change. Be sure to check out individual policies, too.
Check your prescription each year. Prescription coverage is subject to change in most insurance policies. You should double-check all terms so you don’t get surprised after you’ve renewed your coverage. If a regular medication has been dropped and a substitute isn’t acceptable, you may need to find a policy with a different company.
All health policies have some loopholes hidden within them. Read the policy through and through, so you know what it does and doesn’t cover. Be prepared in advance to pay out of pocket for things that may not be covered, like certain medications or procedures.
No matter what, you will save money by buying generics over brand name drugs. Generic drugs contain the same active ingredients as brand name medications, and are available for most prescription medications.
Review your insurance plan annually to see which prescriptions are covered. The list of prescriptions covered changes every year, so read it over each time you renew your policy to see what is and isn’t covered.
Keep in mind that some employers will charge an additional fee, known as a spousal surcharge, if you add a spouse to your plan whose employer also provides health insurance coverage. You may be able to save a little money if you each get health insurance through your own jobs, so be sure you figure out the cost for both scenarios.
Group insurance rates are cheaper. Thus, health insurance plans you purchase through your employer will always offer lower rates than individual insurance plans. One of the best ways to get around that is joining a professional organization that offers its members insurance.
Many people do not have the income to pay for complete health insurance coverage. If you are one of these people, but still want some level of health insurance, obtaining a health insurance policy that protects you from catastrophic events could be an effective and affordable alternative. Of course, this type of coverage can also be purchased for additional protection in extreme situations.
Hopefully, this article has urged you to give thought to a health insurance policy. Many people don’t realize until too late, that having health insurance might make the difference between life and death. Being prepared for any such contingency is key to living a long, healthy life. Paying for health coverage can feel costly, but it is nothing compared to the potential financial devastation from neglecting to have that protection.