Health insurance is a monthly expense that most Americans would rather
do without. Unfortunately this is not a luxury that you can afford to
spare. Below are our top ten health insurance tips, about why you need
it and how to get good coverage that fits into your budget!
1. Don’t Go Without Insurance
There are too many Americans (about 15% of the population) that simply
do not have health insurance coverage. Do not let yourself be one of
them. All it takes is one unforeseen illness and all the money you
thought you had saved will be gone; and in its place, a large medical
bill that could leave you in a pile of debt.
2. Consider Your Deductible
Your health insurance deductible is a great way to save money on your
health insurance premium, but it also leaves you with more financial
responsibility in the event of an illness or health insurance need.
Unless you have the deductible set aside in a savings account, it is
best to keep the deductible low and pay the slightly higher premium.
3. Use Employer Health Insurance
If you are looking to save money on your health insurance costs, check
to see whether your company offers employee health coverage. These
insurance plans are less money because they are group plans and can
often be discounted from your check.
4. Don’t Skip On Coverage
Even if you have to pay a bit more for your health insurance than you
would like, it is better to pay it and get the coverage that you need,
rather than go under-insured. Under-insured individuals routinely end
up paying more out-of-pocket money over the course of the year than
they would have spent paying the original health insurance premium.
5. Shop Around
Start by getting several healthcare insurance quotes to get an accurate idea of
how much health insurance you need. Then with this number in mind,
begin calling around to health insurance companies to see who can give
you the best premium for that coverage level. Never take the first
insurance premium that you are quoted.
6. Read the Fine Print
Make sure that you know all of the details, inclusions, and exclusions
of your health insurance plan. Don’t wait until it comes time to make a
claim to find out that your plan doesn’t cover what you need.
7. Understand Your Policy
Some policies have industry jargon, or maybe just aren’t as clear as
they should be. Don’t be afraid to ask questions. Not knowing can mean
unnecessarily jeopardizing your pocket book, or even worse your health.
8. Don’t Consider Just the Rates
While your health insurance rate is very important and needs to fit
reasonably into your budget, it is not the only important factor in
choosing a health insurance plan. You also want to make sure that your
policy has the coverage that you need, and that your insurance company
is reputable and easy to deal with when submitting a claim.
9. Use a Reputable Company
You want to choose a health insurance company with a good reputation.
They should have a secure financial standing (not in danger of going
bankrupt) and good customer services where they consistently pay out
claims without hassle.
10. Review Your Policy Yearly
Once you have chosen a health insurance policy, don’t just forget about
it. Your health needs will change and you need to make sure that your
policy changes with them. Review your health insurance policy each year
and make any necessary changes to prevent being over- or under-insured.