The issue of saving money on your health insurance is not as simple as saving money on life insurance.
It may not be saving money in terms of dollars but in terms of getting the most from your health insurance plan.
How do you do this? There are several things you should know in order to enable you get best from your plan.
Here are a few of them.
1.
There are at least half a dozen health insurance plans, and they all differ in one way or the other.
You therefore need to be very careful in choosing the health plan that would suit your family needs.
Understand the basics of plans like HMO's, PPO's, Point of Service, Self Directed Health Plans and Fee for Service.
If you do not take time to make the right choice, you may pay a high prize at the end of the day.
2.
Understand how your plan works.
The answers to these questions tell you the difference between the plans: oAre the clients allowed to choose their own primary care doctor? oCan you visit a health care provider that is not on the network of the insurance provider? oHow much do you have to pay per visit to a health provider that is not on the network? oCan you visit a specialist of your choice? oDoes the plan cover preventive health care? oDo you have to pay deductibles or copayments Answers to these questions would tell you that it would be disastrous to choose the wrong plan.
For example, if one of your family members has a condition that requires regular visits to a specialist that is not on your network and you have to pay high rates for every visit that means that your out of pocket expenses would be high.
3.
Always keep records.
Make sure you cross check your medical bills to ensure that they are accurate.
You need accurate records in event of liability claims.
4.
Use Pre-Tax Dollars for medical expenses.
Most employers have a savings plan that allows the employee to save some money before the tax is deducted.
This is called Flexible Spending Accounts ands Health Savings Account.
This account is dedicated to paying medical bills that are not covered by health insurance.
5.
Finally, do your utmost to stay healthy.
Develop healthy habits and kick those habits that are harmful to your health.
It may not be saving money in terms of dollars but in terms of getting the most from your health insurance plan.
How do you do this? There are several things you should know in order to enable you get best from your plan.
Here are a few of them.
1.
There are at least half a dozen health insurance plans, and they all differ in one way or the other.
You therefore need to be very careful in choosing the health plan that would suit your family needs.
Understand the basics of plans like HMO's, PPO's, Point of Service, Self Directed Health Plans and Fee for Service.
If you do not take time to make the right choice, you may pay a high prize at the end of the day.
2.
Understand how your plan works.
The answers to these questions tell you the difference between the plans: oAre the clients allowed to choose their own primary care doctor? oCan you visit a health care provider that is not on the network of the insurance provider? oHow much do you have to pay per visit to a health provider that is not on the network? oCan you visit a specialist of your choice? oDoes the plan cover preventive health care? oDo you have to pay deductibles or copayments Answers to these questions would tell you that it would be disastrous to choose the wrong plan.
For example, if one of your family members has a condition that requires regular visits to a specialist that is not on your network and you have to pay high rates for every visit that means that your out of pocket expenses would be high.
3.
Always keep records.
Make sure you cross check your medical bills to ensure that they are accurate.
You need accurate records in event of liability claims.
4.
Use Pre-Tax Dollars for medical expenses.
Most employers have a savings plan that allows the employee to save some money before the tax is deducted.
This is called Flexible Spending Accounts ands Health Savings Account.
This account is dedicated to paying medical bills that are not covered by health insurance.
5.
Finally, do your utmost to stay healthy.
Develop healthy habits and kick those habits that are harmful to your health.