Health insurance is a major expense for many Americans. It’s important to get the most out of your health insurance policy, so here are five tips to help you do just that:
understand your benefits
When it comes to your health insurance, there are many benefits that you can take advantage of. You should know what these benefits are and how they work in order to get the most out of them.
First, let’s talk about limitations. Some policies will have limitations on how much coverage they offer or what kind of treatments it covers. For instance, some companies may only cover 80% of costs for certain procedures—or none at all! This is usually fine if you’re healthy enough not to need those services (but keep an eye out), but if you get sick again while covered under this policy then suddenly paying full price isn’t such a great deal anymore…
compare rates from the best companies
This is the best way to find out what kind of coverage you need and how much it costs.
- Comparison tools: Use a comparison tool like HealthPocket or Insure for Less to see how your premiums compare with other insurers’ rates—and watch out for discounts! You might be able to get a better deal if you shop around.
- Discounts: Check for discounts from the company that offers the lowest price first, then look at those offered by other companies with similar coverage levels as well as health plans within your network area(s). Most insurance companies do offer some sort of discount through their website or phone customer service center; it’s worth asking if yours does too!
- Value: Look at what is covered in each plan so that there are no surprises when purchasing one later on down the road (or even before getting sick enough). Also consider whether any extra services such as vision care plans might help reduce costs further down the road which may not come up until after having been diagnosed with something serious like cancer treatment options available only through certain hospitals depending on where they live outside major cities such as New York City where people tend towards higher priced private medical centers instead because they’re located close enough together so residents don’t have far travel time between them anymore due lack availability affordable housing options near these locations anymore either
know the law
If you’re not sure what the law is, or if it changes based on where you live and work, there are resources available to help. The National Association of Insurance Commissioners has an online resource that allows consumers to look up state laws regarding health insurance plans and policies.
If your employer offers different types of insurance plans with varying coverage levels and benefits packages, then it’s even more important that you understand both their terms and conditions as well as those of any supplemental policies offered by them (such as dental or vision coverage).
if you have a life change, update your policy
- Life changes can affect your health insurance needs. If you get married, divorced, have a baby or move to another state, you may need more or less coverage than before. You might also find that it’s time for an update if you haven’t changed plans in awhile and want to make sure that your coverage meets the new standards of minimum essential benefits (MEBs) required by the Affordable Care Act (ACA).
- Update your policy if there’s a change in marital status. Once married, divorced or widowed doesn’t mean that one spouse becomes eligible for Medicare—it just means they’re no longer considered single under federal law (and therefore ineligible for many forms of health insurance). If this is the case with either spouse on a particular plan then updating their coverage could be beneficial since they’ll now be able to keep their existing plan even though they weren’t eligible before.*
ask about flexible spending accounts and health savings accounts
As you’re looking over your health insurance options, it’s important to know how flexible spending accounts (FSAs) and health savings accounts (HSAs) work. Flexible spending accounts and HSAs both help you save money on out-of-pocket medical expenses—but they have different rules.
Flexible Spending Accounts are funded with pretax money; this means that when you make eligible purchases using your FSA, the amount deducted from your paycheck is considered income for federal tax purposes.
Health Savings Accounts are funded with after-tax money; this means that when you make eligible purchases using HSA funds, no additional taxes will be owed on them since these benefits are paid for out of pre-tax dollars (which can still be used towards other qualified medical expenses).
get the most of your health insurance 5 tips
- Understand your benefits.
- Compare rates from the best companies.
- Know the law. If you have a life change, update your policy. Ask about flexible spending accounts and health savings accounts (HSA). learn more
We hope you’ve found this article useful and informative. We don’t know what the future holds, but we do know that it is important to keep up with changes in health care coverage and make sure you are getting the most out of your insurance. If you have any questions about our suggestions, please do not hesitate to reach out!