Making your health plan work for you

Health insurance premiums are one of the most substantial, yet essential, expenses that we have each month.Yet, many of us feel that there is nothing that we can do to change the costs of covering our family with health insurance.Fortunately, there are a number of ways that you can get the most out of what you pay in premiums every monthly by making your health plan work for you.Here is how to do it.

You have options

While you may have health coverage provided by your employer, you still have a number of plan options available to you.Contact your employer's human resource office, the health plan administrator, or your union representative if you need help finding information to help you to match your needs and preferences with the plans that are available to you.There are always strategies for creating balance within your plan so that you can obtain the coverage that you need at a price that you can afford to pay.In addition, being in contact with these entities is useful in the event that a health insurance claim is denied.You will need to understand how your plan handles grievances and where to make appeals of the plan's decisions.

Know what's covered

Out-of-pocket expenses are the expenses that can really put you in a financial bind.These expenses are often unpredictable in when they occur and how much they will amount to.The first thing that you want to make sure is that your plan covers preventative care (most do) and that the deductibles make sense for the kinds of medical needs that you can plan for.You also want to be aware of the regulations regarding in and out of network providers, specialist fees, emergency care, etc.

Be aware of events that change health care benefits

Marriage, divorce, childbirth or adoption, or the death of a spouse are life events that may signal a need to change your health benefits.Changing jobs or losing your job will also mandate a change in health plans.Educate yourself on plans like COBRA and why it is so important to not allow yourself to go without proof of credible insurance coverage for more than 2 months. Also, you may want to consider HIPPA if you are changing jobs.HIPAA generally limits pre-existing condition exclusions to a maximum of 12 months (18 months for late enrollees). HIPAA also requires this maximum period to be reduced by the length of time you had prior creditable coverage.

Look for companies that offer an employee wellness program

More and more companies are realizing the financial benefits of offering their employees a wellness program designed to encourage employees to work out, stop smoking, and generally adopt healthier lifestyles. Companies who offer wellness programs often have a greater awareness of the need for quality health care and attention to personal health.Many times companies will wellness programs have also worked out deals with their insurance providers that provides the company with health plan discounts.

Make your health plan work for you through retirement

As you plan for retirement, find out what health benefits, if any, will be available to you and your spouse during your retirement years.Make sure there is no conflicting information among these sources about the benefits you will receive or the circumstances under which they can change or be eliminated.The last thing that you want is to find yourself retired, but without health coverage because of a technicality.When you know what your health plan options will be at retirement, you can use that information to determine if you will be eligible for Medicare or Medigap insurance coverage.