Tips To Help You Lower Medical Insurance Costs
Medical insurance- whether supplied by your company or bought by you-can be both costly and complex. To better understand your alternatives and control your medical insurance expenses, consider these tips and suggestions from the National Association of Insurance Coverage Commissioners (NAIC), a voluntary company of state insurance regulatory officials:
Know Your Choices
• • Married couples in situations where both spouses are offered health insurance through their jobs need to compare the protection and costs (premiums, co-pays, and deductibles) to determine which policy is best for the family.
• • Constantly stay in-network when possible, making sure to get referrals and pre-certifications as required by your plan.
• • Keep all invoices for medical services, whether in- or out-of-network. In case you exceed your deductible, you might qualify to take a tax deduction for out-of-pocket medical costs.
• • Consider opening a Flexible Spending Account (FSA), if your company uses one, which enables you to set aside pretax dollars for out-of-pocket medical costs.
• • If you lose or alter jobs, be conscious of your rights to continue your group health protection from your old employer for approximately 18 months (though you have to pay the premiums), as supplied under COBRA (the Consolidated Omnibus Budget Plan Reconciliation Act).
Health Insurance Coverage Tips for
Various Life Stages
The NAIC’s customer Web site, Insure You, (www.InsureUonline. Org), describes the different types of health insurance coverage and provides focused suggestions to consumers based on their most likely requirements in various life stages. For instance:
• • Young singles who might not yet have a full-time job that uses health benefits need to understand that in some states, single adult dependents may have the ability to continue to get health protection for an extended duration (ranging from up to 25 to 30 years old) under their parents’ health insurance coverage policies.
• • Young couples expecting a kid ought to ensure they register their newborn with their medical insurance company within the due date needed.
• • Established households with kids should consider Flexible Investing Accounts if readily available to assist spend for common childhood medical problems such as allergy tests, braces, and replacements for lost eyeglasses, retainers, and so on, which are frequently not covered by standard health insurance.
• • Empty nesters/seniors who are under 65 and no longer employed, but whose COBRA advantages have run out, must look into high-deductible medical plans. At this life stage, customers may wish to assess whether long-lasting care insurance coverage makes sense for them.