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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!