Tips To Help You Lower Health Insurance Coverage Costs
Health insurance- whether offered by your company or bought by you-can be both pricey and complex. To better understand your options and control your health insurance expenses, consider these pointers and suggestions from the National Association of Insurance Coverage Commissioners (NAIC), a voluntary organization of state insurance regulatory authorities:
Know Your Alternatives
• • Couples in circumstances where both spouses are used health insurance through their tasks must compare the protection and expenses (premiums, co-pays and deductibles) to figure out which policy is best for the family.
• • Always stay in-network when possible, making certain to get referrals and pre-certifications as required by your plan.
• • Keep all invoices for medical services, whether in- or out-of-network. In case you exceed your deductible, you might certify to take a tax reduction for out-of-pocket medical costs.
• • Think about opening a Flexible Spending Account (FSA), if your employer provides one, which allows you to set aside pretax dollars for out-of-pocket medical costs.
• • If you lose or change tasks, understand your rights to continue your group health coverage from your old employer for up to 18 months (though you need to pay the premiums), as offered under COBRA (the Consolidated Omnibus Budget Plan Reconciliation Act).
Medical Insurance Tips for
Different Life Stages
The NAIC’s consumer Website, Insure U, (www.InsureUonline. org), explains the various types of health insurance and gives focused pointers to consumers based upon their most likely needs in different life phases. For instance:
• • Young singles who may not yet have a full-time job that uses health advantages need to be mindful that in some states, single adult dependents may have the ability to continue to get health coverage for a prolonged period (varying from as much as 25 to thirty years old) under their moms and dads’ health insurance coverage policies.
• • Young couples expecting a child must ensure they register their newborn with their medical insurance provider within the due date needed.
• • Recognized households with kids must think about Flexible Spending Accounts if offered to assist spend for typical youth medical problems such as allergy tests, braces and replacements for lost eyeglasses, retainers and so on, which are often not covered by standard health insurance coverage.
• • Empty nesters/seniors who are under 65 and no longer used, but whose COBRA benefits have run out, ought to investigate high-deductible medical strategies. At this life stage, consumers might wish to assess whether long-lasting care insurance coverage makes good sense for them.