There are a lot of health insurance options out there, but with so many different kinds of coverage, insurance gimmicks and jargon from insurance agents that sounds like a terms from a different planet, it is hard to know whether you’re buying health insurance to live by, or die from! To help you sort through the maze here are some helpful tips to let you know what to expect and what you are getting when you sign up.
Gr andfather Exemptions
Yes! This is real! This occurs when you employer makes no substantial changes to your insurance plan, and, if you are wondering why, it is because this type of insurance is not required to conform to certain required provisions in health reforms laws. This means there will be no copay for preventive services like immunizations, blood pressure testing or smoking cessation programs. It would be a good idea to check with the plan (before the excitement of job acceptance takes over) to see if it is gr andfathered and what benefits it does provide.
Make Plan Adjustments
Things never stagnate in an upbeat area like Brentwood Hills! The coverage you paid for and the benefits you received say, five years ago, will need a definite upgrade! An example of this is adding an ‘adult child’ back into your insurance for coverage. Plans are suited to cover children up to the age of 26; but old-fashioned – this refers to gr andfathered – plans will exclude the ‘child’ if they are insured through an employer. A good bonus is that children under the age of 18 can no longer be turned down for insurance because of pre-existing ailments like asthma or cancer.
Have a Separate Account for Healthcare Expenses
You can save a big amount on premiums in Malibu if you set up a health care savings account for health financing. When set up correctly a small fee is deducted from your pretax income to finance health savings or flexible spending accounts; this makes for a big help. Both of these have pros and cons however. Health savings accounts must be paired with a high-deductible plan while a flexible spending account can go with all plan types, but you will lose any leftover contributions that go unused by the end of the year. This means you won’t be able to pay for over the counter medications like Tylenol or Prilosec using HSA or FSA dollars without a written note from your doctor. Save yourself the head ache (you can’t afford the Tylenol anyway) and decide which plan best suits you beforeh and.
‘Marry’ Your Spouse’s coverage to Yours!
If you spouse or children come under your plan, make sure your boss still gives the same funds toward premiums for family plans. Some companies have made the decision to pay for each dependent separately, in which case ‘Junior’ will be an insurance liability rather than an asset. More and more employers are also adding surcharges for spouses whose employers pay for insurance. In this case, you may find it is better to ‘divorce’ your spouse from the plan – but not from you!