It is all too common that people are not aware of all the benefits available to them through their health insurance plan. By utilizing the following tips, you can be sure to get the most out of your health insurance and maximize the amount you save on healthcare.
Health insurance is an investment too important to let go to waste; to be sure you are aware of all the benefits and perks available to you through your health insurance plan, it is a good idea to review your plan every year and check for any changes. You can save the most money and receive the most benefits by staying in-network as much as possible for your healthcare needs. If you qualify, opening a Health Savings Account (HSA) will allow you to save tax-advantaged dollars for healthcare expenses.
Review your health insurance plan every year
Even if you feel like you are already familiar with the ins and outs of your plan, some of the details of health insurance plans can change from year to year, and you may miss out on certain benefits, or perhaps even miss a change that would have you reconsider whether the plan is right for you. You absolutely do not want to be paying for services out of pocket without realizing that they are actually covered by your insurance.
Every year, it is a requirement for health insurance companies to send their customers a written summary of their benefits and coverage. If you have not received this in the mail, you can call the number on the back of your insurance card or go to your health insurance company’s website to request the information.
Refreshing yourself on the details of your plan may also remind you of some nifty perks that you previously overlooked, or are maybe even new to your plan. For example, some insurance plans may get you discounts on fitness classes at your gym, certain types of medication, and even massages and therapies.
Get the most out of your health insurance by staying in network
Staying in network when seeking out healthcare whenever possible is potentially the most effective way for you to get the most out of your insurance. Staying “in network” simply means receiving healthcare from doctors and facilities that have a contract with your insurance company. By staying in-network, you will be able to receive healthcare at a discounted rate. If you receive healthcare outside of your insurance network, you will not be guaranteed a discount and will likely be responsible for the full medical bill.
This is one of many reasons why it is smart to have a consistent primary care doctor who is within your network. Having a consistent primary care doctor means not just receiving healthcare at discounted rates, but also receiving high-quality care from a doctor who is familiar with your specific health concerns and history.
If you are unsure about what doctors and facilities are in your network, you can simply call them and ask or check on their website. Be absolutely sure to check on this information if you ever receive treatment outside of your home state, because insurance rules can change from state to state.
Open a Health Savings Account (HSA)
In addition to being familiar with all the benefits available to you and staying in network, opening a health savings account can help further maximize how much you are able to save on healthcare. A health savings account is simply a savings account from which you can make tax-free withdrawals as long as they are for qualifying medical expenses. In some instances, you may even be able to use your HSA for the healthcare of a spouse or dependent. There is no federal income tax for health savings accounts, so you are not taxed for any money you put into it or interest earned. Your funds do not expire in these accounts, so whatever you put in will stay there until the day you withdraw it. The amount you and your family could save with a health savings account makes it well worth looking into.
Benefit as much as possible
These days, with so much information coming at us from all angles, even the details of our own health insurance plans can get lost in the mix. Don’t let any potential savings or perks pass you by. Be certain you are getting the most out of your health insurance by contacting Lighthouse Group today.
Does insurance cover emergency room or urgent care visits?
This is completely dependent on your specific plan. While emergency room or urgent care visits are difficult to predict, it may be worth finding a plan you know will cover your trips to the emergency room and urgent care if you feel it is something that is likely to occur. That way, you won’t have to worry about it if you find yourself in such a situation. In a true medical emergency, you should go to the nearest healthcare facility regardless of whether they take your insurance.
