Medical Insurance A Yearly Checklist
Every year, without exception, you need to review your medical insurance coverage and your medical insurance needs. Following a checklist, like the one below, will help you to make sure that you do everything you need to in order to optimize your medical insurance coverage.
1. Read all documentation. This is especially important because when you take out a policy, all the benefits and limitations will be spelled out in the paperwork. In addition, paperwork that arrives by mail, especially towards the end of the year, typically contains changes to the policy and should be thoroughly reviewed so you know what to expect from your policy and when to look for a different one.
2. Comparison shop even if you are not looking to change providers. It is important to know what is available as insurance offerings change regularly. You should also know what other companies are charging for coverage similar to what you have.
3. Pay attention to the calendar. Each year your deductible will reset and you will have to pay it all over again before your medical insurance coverage will start to pay. Therefore you should try to get claims submitted before the end of the calendar year in order to minimize your out-of-pocket expenses.
4. Write off medical expenses on your income tax. If you have paid out 7.5% or more of your adjusted gross income in medical expenses during the year, you can deduct them at income tax time. Talk with a tax specialist or an IRS representative to get more information.
5. Cut costs on medicine. Request that doctors and pharmacists give you low-cost medicines and generic drugs when possible. You should also comparison shop for medical supplies you need. Use free preventative care when it is available.
6. Put some money aside. If your insurance company has a Health Savings Account, be sure to put in the maximum amount or as much as you can in order to save money at tax-time. The money will be there if you need it for future medical expenses.
7. Improve your health. Often medical insurance companies offer incentives, like discounts to gyms and health clubs. You may even be able to get discounted family rates.
8. Do regular physical checkups. This will ensure that you stay on top of your health and can act appropriately if issues arise. It will also help you make decisions about whether or not to change medical insurance plans and give you a good idea of if you are even eligible for insurance elsewhere.
9. Double check everything. Make sure that your medical insurance policy is exactly what you want and need and that there are no unwanted surprises waiting for you. This is the best way to ensure that the policy you have for the next 12 months is the right one for you.
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