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Expanding Health Coverage

As the economic crisis carries on, it's very important for us to learn more about our insurance coverage. However, according to the most recent survey from the NAIC (National Association of Insurance Commissioners), a lot of people don't know about important components of their health coverage, components that could significantly affect their ability to pay for insurance. 1,000 people were involved in the survey, but only about six out of ten understood that they could appeal a denied insurance claim, and less than a third understood how their premiums were determined. By expanding your health insurance knowledge, you can further understand how different services and procedures affect what you pay for coverage. Before you make any policy decisions, take your time, and research all your options.

As is the case with so many other areas of life, to expand your health coverage, you need to plan ahead and save for an emergency. A great way to do just that is to get a flexible spending account, or FSA for short. Standard insurance policies don't always cover braces or certain tests, but a flexible spending account can help you keep a lid on your out-of-pocket medical expenses by letting you set aside pre-tax money to pay for non-covered medical care. Ask the HR department at your place of employment if they have an FSA program, and what kinds of medical expenses are reimbursable. Keep in mind, however, that unused FSA money does not carry over into the next year, so try to closely estimate your spending in these cases.

A perfect time to expand your health coverage is during an open enrollment period. Open enrollment is when group health plan members can register for a new plan, or change certain benefits and services within their existing plan. During open enrollment periods, insurance carriers are mandated to accept all group applicants without requiring evidence of insurability or underwriting. Open enrollment is a good time to go over your coverage, prescription drug formulary, and deductible amount. In most cases, the open enrollment period only comes once per year, and if you miss it, you may not be able to enroll in an employer's program or make policy changes until the next year. Ask your employer's HR department when open enrollment occurs, and when your policy will take effect. Expanding your health coverage may take some time and effort, but you'll be repaid in the form of lower monthly premiums and decreased overall health care spending.