Having a good healthcare plan is essential, but it can also be extremely expensive.
Whether you’re looking for a new policy or you’re ready to save money on an existing one, there are some things you can do to get the best healthcare savings.
Here are five helpful tips that can help you save money without sacrificing quality coverage, so read on to find out more.
1. Use Your HSA to Your Advantage
If you have an HSA, or health savings account, there are some things you can do to make it more advantageous. Learn about your current plan and what kind of benefits you’re eligible for.
Next, you’ll want to try to max out your HSA whenever possible. Save as much as you can toward it, and use it as often as you can to save your hard-earned cash.
You can also use your HSA funds to cover expenses that you’d normally need to pay yourself. If you don’t use it, the balance can grow every year. There is no deadline to use the money, so those savings simply add up in your account over time.
You can even use your HSA as an investment tool. Talk to a financial advisor who can help you get the absolute most from this extremely helpful account.
2. Shop for the Best Rates
Healthcare premiums can get extremely expensive, but there are some ways you can get those costs down. Find out if you can get a policy with a lower premium via a higher deductible.
This route works best for healthy people, but it can save you tons of money monthly and annually. On the other hand, you can opt to pay more each month to get better coverage if you spend a lot of time at the doctor, in the hospital, or with specialists.
Take the time to really examine your coverage, and call your broker or insurance company to talk about options. Shop around and explore different providers to see if another company will offer you the same level of coverage at a lower price.
You also need to learn about the costs related to your coverage. This will give you better insight into why it costs as much as it does, and how you could potentially save.
3. Healthcare Savings and Prescription Costs
The cost of prescription medication is often overlooked when it comes to your healthcare costs. Thankfully, there are some things you can do to get those costs reduced.
Depending on your condition, you can ask your physician about generic medications as opposed to brand-name ones. A generic medicine is just as effective and can yield you some pretty significant savings at the drug store.
There are also discount cards available that provide patients with a lower price on prescription medications. Use apps that can tell you which pharmacy near you has the lowest price for your prescription.
If you need to take a certain medication long-term, find out about discounts in bulk. For instance, if you know you need to take something for at least three months, ask for a 90-day prescription since it should cost you less than a 30 or even a 60-day prescription.
You might also be able to save money on mail-order prescriptions when possible. Buying medication from the pharmacy could be more expensive due to overhead costs.
4. Look at Medical Bills Closely
An error from the billing department can cost you hundreds or even thousands of dollars. Something as simple as a wrong keystroke can put a simple procedure or doctor visit into an entirely new, more expensive category.
Remember that medical coders are not perfect, and there could be a simple human error that is causing your bill to skyrocket. Always ask questions whenever you’re in doubt about a medical bill you’ve received.
Call your insurance company and get assurance that certain items on the bill will be covered. Never pay a medical bill in full until you’re completely confident that every charge is accurate.
You’ll need to do your due diligence, but it’s certainly worth it if you uncover an error. You might have to make several phone calls between the healthcare provider and your insurance company, but don’t be afraid to fight for the coverage you deserve.
5. Practice Healthy Habits
One of the best ways to get true healthcare savings is to prevent problems before they start. Whether it’s a healthy diet or regular exercise, you can be proactive when it comes to your own health.
Be sure you schedule regular checkup visits with your doctor and have them check for things like blood pressure and cholesterol levels. A good relationship with your doctor can help you stay on the right track towards a healthier life.
Of course, you should never avoid treatment if you encounter a health problem. By knowing what kind of coverage you have, you’ll get peace of mind whenever you need to pay your doctor or hospital a visit.
By getting treatment before things get too severe, you can actually save money. If a minor cold turns into pneumonia, your medical bills can go from antibiotics to a hospital stay and high-cost treatments.
Be Your Best Advocate
When it comes to true healthcare savings, remember that you are your own best advocate. Research plans and shop for one that will fit your needs and your budget.
Don’t be afraid to question billing, and try to find ways you can save on prescription medications whenever possible. Use your HSA to your advantage and never let your health conditions get too far out of hand.
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