Tips To Assist You Lower Medical Insurance Costs
Medical insurance- whether supplied by your employer or bought by you-can be both pricey and complex. To better understand your alternatives and control your health insurance costs, think about these suggestions and ideas from the National Association of Insurance Coverage Commissioners (NAIC), a voluntary organization of state insurance coverage regulatory officials:
Know Your Alternatives
Couples in situations where both partners are offered health insurance through their jobs need to compare the coverage and costs (premiums, co-pays and deductibles) to identify which policy is best for the family.
Constantly stay in-network when possible, making sure to get recommendations 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 may certify to take a tax deduction for out-of-pocket medical bills.
Consider opening a Flexible Spending Account (FSA), if your employer provides one, which permits you to reserve pretax dollars for out-of-pocket medical costs.
If you lose or change tasks, know your rights to continue your group health coverage from your old employer for up to 18 months (though you need to pay the premiums), as supplied under COBRA (the Consolidated Omnibus Budget Plan Reconciliation Act).
Medical Insurance Tips for
Various Life Stages
The NAIC’s consumer Website, Insure You, (www.InsureUonline. Org), explains the different kinds of health insurance and offers focused suggestions to consumers based upon their most likely requirements in various life stages. For example:
Young singles who may not yet have a full-time task that uses health advantages should be mindful 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’ health insurance policies.
Young couples expecting a kid should make sure they register their newborn with their health insurance provider within the due date required.
Recognized families with children need to think about Flexible Spending Accounts if offered to help pay for common youth medical problems such as allergy tests, braces and replacements for lost eyeglasses, retainers and so forth, which are often not covered by standard health insurance coverage.
Empty nesters/seniors who are under 65 and no longer utilized, but whose COBRA benefits have run out, should research high-deductible medical plans. At this life phase, consumers might desire to evaluate whether long-lasting care insurance coverage makes good sense for them.