Tips To Help You Lower Medical Insurance Costs
Medical insurance- whether provided by your employer or acquired by you-can be both pricey and complex. To better comprehend your options and manage your medical insurance costs, consider these pointers and suggestions from the National Association of Insurance Coverage Commissioners (NAIC), a voluntary company of state insurance regulation authorities:
Know Your Alternatives
• • Married couples in situations where both partners are offered medical insurance through their tasks need to compare the protection, and costs (premiums, co-pays, and deductibles) to determine which policy is best for the family.
• • Always remain in-network when possible, making certain to get recommendations and pre-certifications as required by your plan.
• • Keep all invoices for medical services, whether in- or out-of-network. In the event you exceed your deductible, you may certify to take a tax deduction for out-of-pocket medical costs.
• • Think about opening a Flexible Investing Account (FSA), if your company offers one, which allows you to set aside pretax dollars for out-of-pocket medical expenditures.
• • If you lose or change jobs, understand your rights to continue your group health coverage from your old company for up to 18 months (though you have to pay the premiums), as provided 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), discusses the different types of medical insurance and offers focused tips to consumers based on their likely requirements in various life stages. For example:
• • Young singles who may not yet have a full-time task that offers health advantages need to know that in some states, single adult dependents may be able to continue to get health coverage for an extended duration (ranging from approximately 25 to thirty years old) under their parents’ health insurance policies.
• • Young couples expecting a kid must make certain they register their newborn with their health insurance coverage service provider within the due date required.
• • Established families with children must think about Flexible Spending Accounts if offered to help spend for common youth medical issues such as allergic reaction tests, braces, and replacements for lost spectacles, retainers, and so on, which are typically not covered by basic health insurance.
• • Empty nesters/seniors who are under 65 and no longer employed, however whose COBRA benefits have run out, need to research high-deductible medical strategies. At this life stage, customers may wish to assess whether long-term care insurance coverage makes sense for them.