Open Enrollment - How to save on healthcare expenses

Open Enrollment – How to Save on

Healthcare Expenses

Health insurance is changing. While the

“insurance” for catastrophic expenses remains, much of the

smaller, day to day costs are now paid by you.

Whether you have a PPO, HMO or HDHP, you likely have co-

pays, deductibles and other out of pocket

expenses.

It makes sense to start shopping around.

Fortunately, a lot has changed for the health consumer, so shopping

around is becoming easier. And smarter.

Here is our list of ways to save money on

healthcare

1. Stay in network. Your insurance generally

works better – saves you more money – when you stay in network. If you aren’t sure if a provider is in network, call your

insurance carrier.

2. Shop for prescription drugs. The best deal

may not be at the corner drug store. The grocery

store or “big box” retailer like Costco and

Walmart may have much lower prices.

3. Generics – the low cost alternative. Talk with your doctor or pharmacist about prescription drug

alternatives. You may not need the very latest

miracle drug.

4. Lower costs healthcare providers.

Use urgent care facilities over emergency rooms, as appropriate. Primary care doctors usually less

expensive than specialists.

5. Shop around for lab tests, procedures and everyday advice. You

can book your own bloodwork, MRI, X-ray,

even reach out to doctors via telemedicine

alternatives.

6. Negotiate. Doctor office and hospital

billing staff are often willing to work with you

on balances outstanding, either

through discounts or payment plans.

7. Employer wellness benefits. Make sure you

take advantage of whatever wellness

benefits your employer sponsors. These can be

hundreds of dollars a year.

8. Contribute to HSA’s and FSA’s. These programs offer pre-tax savings for health expenses. Health Savings Accounts can be your health retirement

401(k), with even better tax savings

9. Watch for medical billing errors. Mistakes

are still common. Sometimes the only

person who can catch it is you. Read your

Explanation of Benefits (EOB)

10. Become an engaged consumer. The only constant is

change.

Thank You!