There are many ways to save money on insurance, but going without coverage isn’t one of them. Medical bills from even a minor car accident can delete your savings – a major illness can push you into bankruptcy.

2. Comparing options can be confusing!

There [...]]]> 1. Insurance can be expensive, but not so much as not having any!

There are many ways to save money on insurance, but going without coverage isn’t one of them. Medical bills from even a minor car accident can delete your savings – a major illness can push you into bankruptcy.

2. Comparing options can be confusing!

There is no such thing as standard coverage. Benefits and costs vary widely from plan to plan. If you have choices, you’ll have to examine each one closely to find the best deal. This is where you need the expertise of a licensed agent.

3. Price should not be the only reason for choosing a plan!

What your insurance covers is just as important as, and sometimes more important than how much it costs. Your best value is the plan that addresses your particular needs.

4. Know your plan!

Your health insurance will cover you for a hospital stay, but how about doctor visits, prescription drugs and dental? Know and understand your coverage

5. HMO or PPO?

Plans with network generally cost less, but you are restricted to their doctors and hospitals. Freedom of choice can cost you more in premium.

6. If coverage is available from work, it may be your best deal.

Group coverage, when paid by an employer, is almost always a better deal than anything you can get on your own. In a group setting, you have far less chance of being declined due to pre-existing conditions. The risk is spread among all members of the group.

7. Check out your providers before you join!

A growing number of public and private sources compile information on the track records of individual doctors, hospitals, and health plans.

8. If you lose your job you are still entitled to insurance!

State and federal regulations protect you from losing your health coverage in the event you lose your job. Unfortunately, they do not protect you from high premium costs.

9. What if you and your spouse both work and are entitled to group plans?

If you and your spouse both get health insurance at work, you must decide 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. Ask questions about taxation.

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.