Completely understanding health insurance plans is not easy, as most of us just know the basics of health insurance like premiums, deductibles, in-network providers, and co-pays. However, when we try to move past the basics to know exactly what a plan offers and what it doesn’t offer, then things start getting confusing. As medical insurance is a prime expense in your monthly budgets, it is significant for you to make the most of the policy. It is always worthy to take time to research and completely understand all the perks, benefits, and options associated with the plans so that it works to our advantage.
Know about the Perks associated with the Plan
It is generally observed that most of us only know about the essential coverage and preventive coverage that our health plans offer but not about any additional benefits that are covered under our plans. In addition to essential and preventive care, some of the health insurance plans also offer discounts for yoga classes, visits to a chiropractor, mediation training, gym membership, and exercise equipment. Some of the plans also provide coverage of the program’s cost that is designed to keep us healthy. These may include nutrition programs, healthy eating programs, as well as programs designed to help people stop smoking. These additional benefits are often overlooked by us. Thus, you are advised that while collecting information on your coverage you should request a copy of your insurance company’s Rights Summer Plan Description that provides some vital details about the plan and also tell you about your rights.
The costs associated with the prescription drugs is one such coverage area on which you should be really up-to-date. Regardless of the health plan, you are having, you should definitely take advantage of one money-saving tip which is to opt for the generic versions of your medications. The other way to save additional dollars on drugs costs that many of us are not aware of is the place from where you purchase your drugs, as it significantly affects the price you pay for the drugs. Therefore, you should take some time to compare costs between pharmacies along with your local warehouse clubs. In most of the states as per law, you do not require a membership to fill and purchase your prescriptions at the warehouse pharmacy. You just have to bring a prescription slip or let your doctor call your prescription into the pharmacy and on arriving at the warehouse inform them that you have come to pick up a prescription.
Flexible Spending Accounts
If your employer offers a Flexible Spending Account, then along with your health insurance you can also take advantage of this account. You are allowed to allocate pre-tax money to your FSA account throughout the year and can use the save funds to pay for certain out-of-pocket medical and healthcare expenses. You should know about all the healthcare expenses that are covered. Professional services like acupuncture and physical therapy may qualify as an expense and some other possible covered medical items include things like bandages, blood pressure monitors, and blood sugar monitoring supplies.
If your Claim is Denied
You should be aware of these money-saving tips that come into play when your medical claim is denied. If your medical claim gets denied you can face a tough financial challenge, but you should know that you can always appeal a denied claim, as it is within your rights to do so. The appeals get reviewed by the specialist in the area of healthcare that you are receiving. Though you need to claim along with supporting documentation or doctor’s letter specifying the reason behind why this treatment was necessary for you. You can seek help from the Patient Advocate Foundation that helps consumers on different healthcare and insurance issues.