Some suggestions to help guide you through the hassle of health insurance without a bunch of fluff you don’t have time for.
Access to health insurance is guaranteed by federal law if your company offers group insurance.
On the contrary, if you need to purchase individual health insurance and have medical issues, getting affordable health insurance can be a challenge.
You can take steps to control your health-care premiums no matter which way you go.
Maximize the your company’s plan
If you’re insured by your employer, go over your coverage annually when your company holds open enrollment.
- You might have a variety of insurance providers. Make your choice based on access to quality care and what is included and excluded from the plan.
Scrutinize the:
- co-payments
- deductibles
- limits on out-of-pocket expenses,
- lifetime maximum benefits
- prescription coverage
Have your health needs changed?
A plan with higher premiums and lower co-payments is best for individuals that have frequent health problems.
- You can pay out-of-pocket health-care charges by means of a flexible expense account with pretax money, the US government subsidizes your bill this way, whatever tax bracket your in, that’s how much. You will lose whatever you don’t use in that year and you can’t take it from job to job. Your employer can extend the deadline however, to mid-March.
- You might be able to decrease the premium by taking advantage of employee incentives to lose weight, exercise and stop smoking. (Your employer’s plan cannot single you out for higher premiums or drop your coverage if you develop health problems.)
Less expensive strategies when buying individual coverage
A different alternative for funding out-of-pocket medical expenses is a “health savings account” called an HSA in beaurocratese. But not every high-deductible plan can be partnered with an HSA.
- The IRS allowed HSA contribution limits of $3,050 per year for individuals and $6,150 for families in 2010. Your contribution can be either pretax or deductible, even if you don’t itemize deductions on your tax returns, and earnings and withdrawals for medical expenses are tax-free.
Stick around or visit tomorrow for the next part of the money saving tips on Hassle…uhm..I mean Health Insurance.
