Top 10 Things You Need to Know About Health Insurance

1. Insurance costs a lot but having nothing costs even more.

There are many different ways to save money when dealing with health insurance, but waving coverage is not the way. Medical bills are expensive and can added up quickly. Even a minor car accident can put a large dent in your savings - If you are not careful a major illness can push you into bankruptcy.

2. If your employer offers insurance, take it.

Group coverage, particularly when it's employer-subsidized, is almost always a better deal than anything you can get on your own, even if you're young and healthy. If you're NOT young and healthy, it's definitely a better deal.

3. Comparing different plans and carriers when shopping for health insurance is a must.

Benefits and rates vary from plan to plan and carrier to carrier. Exam each one of your options very carefully.

4. The plan with the lowest premium isn't always the best option.

What the plan covers is more important than what the premium is, because if your plan doesn't cover your condition/ treatment than in the end you are going to be pay for more out of pocket.

5. Even good comprehensive plans can have coverage issues.

You can count on your health insurance to cover you for a hospital stay. Some plans cover doctor visits, but benefits for mental health, prescription drugs and dental care are strictly optional.

6. You'll pay more for better networks.

Plans with the most comprehensive coverage at the lowest out-of-pocket cost require you to use a specified network of hospitals, doctors, labs, and other providers. The more flexibility you demand, the more you'll pay, in either premiums or co-payments.

7. You have a free-look period after you sign up.

You have a 10 day window after you sign up for coverage to review your policy and make sure the premium amount is correct.

8. You can keep your insurance through your previous employer with COBRA.

State and federal regulations protect you from losing your health coverage in the event you lose your job. It will be the same coverage although you are responible for 100% of the premium plus a 2% administative fee.

9. Couples that work together have a little more to think about.

If you and your spouse both get health insurance at work, you must sort out whether it makes more sense to have two policies or for one of you to cover the other. If you have kids, you need to decide who's going to cover them.

10. Tax breaks can help.

Ordinarily medical expenses, including insurance premiums, are not tax deductible until they exceed 7.5 percent of your income. However, if you're self-employed or your employer offers a flexible spending account, you can get a tax break without meeting the threshold.