health insurance tips

7 Health Insurance Tips That Can Save You Thousands

7 Health Insurance Tips That Can Save You Thousands

You all know that healthcare costs continue to rise. This is due to expensive prescriptions and costly hospital visits.

Luckily, there are many ways to reduce costs when it comes to your health. Here are 7 Health Insurance Tips That Can Sae You Thousands.

7 Ways to Save on Health Care:

1. Choose GENERIC

Skimping on your healthcare is foolish, but, paying a premium for name-brand medication when less expensive generic is available would be ill-advised.

Did you know that the FDA requires both over-the-counter generics and prescription to be identical in strength, dose, efficacy and safety? The generic version will save you approximately 30-50%.

2. Choose a Higher DEDUCTIBLE

Yes, opting for a high-deductible plan can be very risky. If something bad happens, you could be facing a huge out-of-pocket costs.

But, according to Kelsey Allan from TermLife2Go, “if you are relatively healthy and do not anticipate lots of doctor visits annualy, you can increase your deductible in exchange for a lower premium. This can save you lots of money.”

3. Catch ERRORS

Approximately 80% of medical bills contain mistakes. Would not it be better if you had a personal assistant to read your bill and check for errors?

Simplee.com, is a free online tool which keep tracks on what you spend on health care. It links your insurance plans, such as vision, health, dental plans, and health-spending accounts, so they are on display on 1 dashboard.

A user-friendly breakdown of each billing showed what insurance covers and what you owe. Also, the website examines each claim to identify errors, including billing for a service that should be free, duplicate charges, or being billed for an out-of-network provider when that should not be the case.

4. Get an AGENT

Employer plans usually provide the best value, but it is also possible to do better on the individual market if you do not have any preexisting condition. According to Bruce D. Benton, the president of the National Association of Health Underwriters, “In some cases, you can save if you are willing to disclose your medical history”.

Choose a health insurance agent at nahu.org; this is because their fees are paid by insurance companies. This will not cost you anything out of pocket. Also, you also have access to more plans, that can tailor your coverage.

Also, skip benefits you don’t need, such as maternity, eyeglasses and consider an inexpensive, high-deductible plan if you are rarely sick.

5. Pay on TIME

Most people wait to pay their bills until after a medical procedure, such as surgery or hospitalization. But, did you know you could be missing out on potential savings?, according to Michael Foguth of Foguth Financial Group. “If you already have coverage, and you also have a procedure that is coming up, inquire about pre-paying or paying in-full in order to receive a discount”.

6. Think Twice Before Agreeing to TESTS

Asking questions is the key: “When your doctor tells you he wants to order X-rays, lab tests, MRI scans, or CT scans, always inquire what he is looking for and if the test is absolutely necessary”.

Never decline on necessary medical tests based on cost, but, when dealing with this question, some doctors will choose to narrow their focus, and take a more of a step-wise approach.

7. Check Your Insurance

Do not assume that your doctor is still in your insurance network. Doctors typically re-evaluate their list of accepted plans at least yearly, therefore, ask each time you book an appointment.

If your Medical Doctor now works with your plan on an out-of-network basis, his services will often be covered at a much lower rate or never at all.

Consulting another doctor in the same practice? Even if that facility accepts your insurance, the doctor might not. This also goes for referrals.

Sources:
Fitness Magazine
Reader’s Digest

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photo credit: pixabay

Lisa is a researcher in beauty and health products from Australia. She spends most of her time studying health sciences and when she is not working she writes about her findings and experience on various blogs.

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