Tips To Help You Lower Health Insurance Costs
Health insurance coverage- whether provided by your employer or bought by you-can be both pricey and complex. To better understand your options and control your health insurance costs, think about these suggestions and ideas from the National Association of Insurance Coverage Commissioners (NAIC), a voluntary company of state insurance coverage regulative officials:
Know Your Alternatives
• • Married couples in scenarios where both spouses are used health insurance through their jobs must compare the protection, and costs (premiums, co-pays, and deductibles) to identify which policy is best for the family.
• • Always stay in-network when possible, making certain to get referrals and pre-certifications as needed by your plan.
• • Keep all receipts for medical services, whether in- or out-of-network. In case you exceed your deductible, you might certify to take a tax deduction for out-of-pocket medical bills.
• • Think about opening a Flexible Investing Account (FSA), if your company provides one, which allows you to set aside pretax dollars for out-of-pocket medical expenses.
• • If you lose or alter tasks, understand your rights to continue your group health protection from your old company for up to 18 months (though you need to pay the premiums), as offered 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 types of health insurance coverage and provides focused pointers to customers based on their likely needs in different life stages. For instance:
• • Young singles who may not yet have a full-time task that offers health advantages must understand that in some states, single adult dependents might be able to continue to get health protection for an extended period (varying from approximately 25 to 30 years old) under their parents’ medical insurance policies.
• • Young couples anticipating a child ought to ensure they register their newborn with their health insurance service provider within the due date required.
• • Recognized families with children ought to think about Flexible Spending Accounts if offered to assist pay for common childhood medical problems such as allergy tests, braces, and replacements for lost glasses, retainers, and so forth, which are typically not covered by standard medical insurance.
• • Empty nesters/seniors who are under 65 and no longer employed, but whose COBRA advantages have run out, ought to research high-deductible medical strategies. At this life phase, consumers may wish to examine whether long-term care insurance makes sense for them.