Tips To Help You Lower Health Insurance Costs
Health insurance- whether provided by your employer or purchased by you-can be both pricey and complex. To better understand your alternatives and manage your medical insurance expenses, think about these tips and ideas from the National Association of Insurance Commissioners (NAIC), a voluntary company of state insurance regulation authorities:
Know Your Alternatives
• • Couples in scenarios where both partners are provided health insurance coverage through their jobs need to compare the coverage and expenses (premiums, co-pays, and deductibles) to figure out which policy is best for the family.
• • Constantly stay in-network when possible, ensuring to get referrals and pre-certifications as required by your plan.
• • Keep all invoices for medical services, whether in- or out-of-network. In the event you surpass your deductible, you might certify to take a tax deduction for out-of-pocket medical expenses.
• • Think about opening a Flexible Spending Account (FSA), if your company uses one, which allows you to reserve pretax dollars for out-of-pocket medical expenses.
• • If you lose or change tasks, know your rights to continue your group health protection from your old company for approximately 18 months (though you need to pay the premiums), as offered under COBRA (the Consolidated Omnibus Budget Plan Reconciliation Act).
Health Insurance Coverage Tips for
Various Life Stages
The NAIC’s consumer Web website, Insure You, (www.InsureUonline. Org), explains the various kinds of medical insurance and gives focused ideas to customers based on their most likely needs in different life phases. For example:
• • Young singles who may not yet have a full-time task that uses health advantages need to understand that in some states, single adult dependents might be able to continue to get health coverage for an extended duration (ranging from as much as 25 to 30 years old) under their parents’ health insurance coverage policies.
• • Young couples expecting a child should make sure they register their newborn with their medical insurance service provider within the due date needed.
• • Recognized families with kids should consider Flexible Spending Accounts is available to help speed for typical youth medical problems such as allergy tests, braces, and replacements for lost glasses, retainers, and the like, which are often not covered by basic medical insurance.
• • Empty nesters/seniors who are under 65 and no longer utilized, but whose COBRA benefits have actually run out, must research high-deductible medical strategies. At this life stage, customers may desire to evaluate whether long-term care insurance makes sense for them.