Tips To Assist You Lower Health Insurance Costs
Health insurance- whether supplied by your company or bought by you-can be both costly and complex. To better understand your alternatives and manage your medical insurance costs, consider these suggestions and recommendations from the National Association of Insurance Commissioners (NAIC), a voluntary company of state insurance regulation officials:
Know Your Choices
• • Couples in circumstances where both spouses are provided medical insurance through their tasks should 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 sure to get referrals and pre-certifications as needed by your plan.
• • Keep all receipts for medical services, whether in- or out-of-network. In the event you exceed your deductible, you may certify to take a tax deduction for out-of-pocket medical expenses.
• • Consider opening a Flexible Investing Account (FSA), if your employer offers one, which enables you to set aside pretax dollars for out-of-pocket medical expenses.
• • If you lose, or change jobs, understand your rights to continue your group health coverage from your old company for approximately 18 months (though you have to pay the premiums), as supplied under COBRA (the Consolidated Omnibus Budget Reconciliation Act).
Medical Insurance Tips for
Different Life Stages
The NAIC’s consumer Website, Insure You, (www.InsureUonline. Org), explains the various kinds of medical insurance and offers focused ideas to consumers based upon their most likely requirements in different life phases. For example:
• • Young singles who may not yet have a full-time job that uses health advantages should be aware that in some states, single adult dependents may be able to continue to get health protection for a prolonged duration (varying from as much as 25 to thirty years old) under their moms and dads’ medical insurance policies.
• • Young couples anticipating a kid should make certain they register their newborn with their health insurance coverage supplier within the deadline needed.
• • Recognized households with children should think about Flexible Spending Accounts is readily available to assist pay for common childhood medical issues such as allergy tests, braces, and replacements for lost eyeglasses, retainers, and so on, which are typically not covered by standard health insurance.
• • Empty nesters/seniors who are under 65 and no longer utilized, however whose COBRA benefits have run out, need to investigate high-deductible medical plans. At this life phase, consumers may want to examine whether long-lasting care insurance coverage makes sense for them.