Whether you purchase your own health insurance costs or have it supplied by your company, it can be expensive and complicated. Consider these advice and recommendations from the National Association of Insurance Commissioners (NAIC), a voluntary association of state insurance regulatory authorities, to better understand your alternatives and manage your health insurance costs:
How To Cutting Your Health Insurance Costs
Recognize Your Options
Married couples should evaluate coverage and prices (premiums, co-pays, and deductibles) to decide which policy is best for the family in cases where both spouses are provided health insurance through their employers.
Whenever feasible, stay in-network and make sure you obtain any referrals or pre-certifications that your plan necessitates. For more research click here.
Whether for in-network or out-of-network medical treatments, keep all receipts. If your out-of-pocket medical expenses surpass your deductible, you might be able to claim a tax deduction for them.
If your workplace provides a Flexible Spending Account (FSA), you might want to open one so you can save pretax money for uninsured medical costs.
Be aware of your COBRA rights, which allow you to continue your prior employer’s group health care for up to 18 months even if you have to pay the premiums, if you quit your job or move jobs (the Consolidated Omnibus Budget Reconciliation Act). For more health tips visit our site ArticlesHubs.
Tips for Health Insurance
Various Life Stages
The NAIC’s consumer Web site, Insure U, (www.InsureUonline. org), describes the various health insurance plans and offers consumers targeted advice based on their probable needs at various phases of life. For instance:
Young singles without a full-time employment with health benefits should be aware that in some states, dependent single adults may be allowed to continue receiving health coverage for an extended term (up to 25 to 30 years old) under their parents’ health insurance policies.
Young couples who are expecting should be sure to register their infant with their health insurance company by the deadline.
Established families with kids should think about Flexible Spending Accounts, if they are available, to help pay for common paediatric medical issues like allergy tests, braces, and replacements for lost eyeglasses, retainers, and the like, which are frequently not covered by fundamental health insurance.
Research high-deductible medical health insurance costs for empty nesters and retirees who are under 65, no longer employed, but whose COBRA benefits have expired. Consumers may wish to assess if long-term care insurance makes sense for them at this point in their lives. May you can see about Strategies for Virtual Health and Life Insurance Shopping .