While health insurance is designed to protect you and your loved ones from expenses in case of illness or accidents, the costs can sometimes go over the top and drill a hole through your pockets. So if you are wondering on how to cut your health insurance bills, here are a few tips.
1. Choose a High Deductible Plan
A deductible is the amount you have to pay on a medical bill before the insurance caters for the rest. These insurance plans are on the rise and often come linked to preventive-care programs or tax-preferred savings. Families can save up to 25% on health insurance with some of the high deductible plans. This is because the less responsibility the health insurance company has to carry, the more responsibility you have for taking care of your medical bills, which results in lower rates for your health insurance. At work, take advantage of incentives and wellness programs offered by your employer. For example, if you can get a break from paying for premiums by participating in a health-risk assessment, do it.
Before going for the high-deductible plan, make sure you can afford it and also involve your doctor before switching to health insurance plans.
2. Take a Group Policy
Group health insurance is always cheaper because the financial risk to the health insurance company is spread among the group. You can look for group insurance through your employer, professional, or community organizations you are involved in. Group policies are also good because hospitals and doctors contract the insurance company for a fair and already agreed amount. For married couples, having one insurance plan with your spouse is usually cheaper than an individual plan.
One thing to take note of is which healthcare providers are included in your group plan so that you know exactly where to go when you need medical attention.
3. Buy Drugs at Fair Prices
Be sure to compare prices between pharmacies before buying drugs so you get the lowest price possible. If your doctor happens to prescribe drugs for which your plan doesn’t have a preferred price, inquire from him if there is an equivalent drug that costs less.
4. Be Thorough
Check medical bills that have been sent by your health insurance company for accuracy. If your doctor happens to send you a bill that your plan should have paid for, make calls to the insurance company and to your doctor as well. Ensure you keep track of all your medical records so you can save on tax at the end of the year and file all your medical bills well.
When your doctor tells you to take a test, ask whether it is necessary, and if your treatment will change according to the results. Some of the expensive tests that not everyone needs include MRIs, EKGs, and bone density scans for Osteoporosis. Always have an upfront conversation with the doctor’s office before going for any treatment.