Tennessee health insurance plans vary. If you assume that all plans are the same, you might be paying more on health care than you should. The following are three simple tips you may be able to use to your advantage:
1. Know which health insurance plans cover more
There are health plans that make you wait until you have spent enough on health care to equal your annual deductible before they provide coverage. There are also other health plans that provide immediate coverage. The most recent plans cover age-specific recommended health care even if you have not met your annual deductible. However, you will have to go to in-network providers for this recommended health care.
2. Look for plans that give you more value for your money
Not all health plans focus merely on health care. There are some that also have tax-saving features. There is this one type of health plan that lets you claim the expenses you have incurred for dental and health care as tax deductions. These deductions can go as high as a few thousand dollars.
These health plans are known as Health Savings Accounts (HSA). The word “savings” is what makes this health plan so unique. It acts as a savings account, a health plan, and a retirement fund, all-in-one.
If you do not incur any health care expenses this year, you can still contribute funds to your HSA and claim the amount as a tax deduction when you file your income tax.
Once you reach 65 years old and if you have not used up your HSA funds, you get to keep the balance and spend it however you like. But until then, you can’t use your HSA funds on anything else other than qualified health care expenses for you and your family. If you withdraw funds for other purposes, then you will be forced to pay the 20 percent tax penalty.
3. Find the best cost-coverage ratio
There is no longer the need for you to get assistance from several agents in order to find the plan that provides maximum coverage at a price you can afford. With just a click of a button, we can provide you a list of health plans from the leading insurance institutions arranged from the least expensive to the most. All you have to provide are the simple details like your age, smoking status, etc., and in less than a minute, we will get back to you with a brochure of the health plan that best fits your budget.
Of course, you can also apply online. And, if you need the help of a licensed agent, we have dozens who will be happy to assist you with your questions and concerns.