Personal Finance Tips for Medical Health Insurance Policies
- Preferred Provider Organization (PPO) plans allow you to choose your own doctors and specialist(s).
- Health Maintenance Organization (HMO) plans require that your primary care physician refers you to a specialist who works within that HMO network.
- Remember to add newborns and to remove older children who now have thier own health insurance policy.
- Consider the maximum life-time payout on your policy even if you are young and healthy. If you find you need a liver transplant, but your medical insurance policy's life-time cap doesn't cover your ongoing care needs, you may find yourself off the transplant list.
Health Insurance Premiums
The amount you pay for your health insurance premium can be affected, in part, by the following items:
- Current health
- Previous illnesses
- Tobacco Use (Smoking, chewing)
- Weight (Overweight or obese)
Health Savings Accounts
Some high-deductable medical health insurance plans give you the opportunity to open a Health Savings Account (HSA) where you can make tax deductible deposits to be spent on your health care needs. If the money is not spent for your health care, it can be saved for retirement.