None of us can predict the future and we can be confronted with health problems at any time in our lives. Health insurance whether you buy it, or whether it is provided by your employer, can be expensive and complicated. The National Association of Insurance Commissioners (NAIC) is a voluntary organization of state insurance regulatory officials. They are the best place to go for advice on how you can lower health insurance costs and get the best deal. Once you understand the choices available you will be better placed to control your health insurance costs.
Know Your Options For Lower Health Insurance Costs
If you are married and both offered health insurance through your employment, make sure you compare the coverage and costs. Don’t forget premiums, co-pays, and deductibles all influence which policy is best for you and your family.
Make sure you get referrals and pre-certifications from the specified, approved network as required by your plan and keep proof of payment. You need to keep all the receipts for medical services, whether in or out of the approved network. This is important as if you exceed your deductible, you may qualify for a tax deduction for the excess.
You want to consider opening a Flexible Spending Account (FSA), if your employer offers one. This will allow you to pay for your medical expenses out of pretax earnings.
Don’t worry if you lose or change your job, that your group health coverage from your old employer will stop. You have the right under COBRA (the Consolidated Omnibus Budget Reconciliation Act) to maintain your coverage for up to 18 months. Bear in mind you will have to pay the premiums yourself so build that in to your budget.
Tips for Different Ages and Situations
If you are young and single and haven’t yet got a full-time job with health benefits, you may be covered under your parents’ health insurance policy. In some states, single adult dependents,up to 25 to 30 years old, may be able to continue to get health coverage for an extended period from their parents’ health insurance.
If you are starting a family make sure you register your baby with your health insurance provider within the deadline. There is lots to think about when you have a baby, make sure you don’t forget this.
You may already have kids. If so, you may be able to use your Flexible Spending Account to help pay for common childhood medical problems. Kids’ treatments can be expensive and not all situations are covered by basic health insurance.
What about if you are a Senior under 65 and no longer employed? If your COBRA benefits have run out you should research high deductible medical plans. This is the time of life when you may want to look in to long term care insurance as an option.
Lower health insurance costs are something to aim for at all stages of life. You should put effort in to reducing all your living expenses as it can soon add up. Reducing your outgoings will give you more spending power to spend on the things in life you really enjoy.
