5 Ways to Cut Your Health Care Costs
- October 31, 2017
- Posted by: marlenedubois
- Category: Nursing Assistant Classes
A recent survey showed in which 22 percent of Americans considered health care to be the single most critical issue facing the U.S. today. in addition to for not bad reason. Since 2000, health-care costs have nearly doubled, rising at several times the rate of salary increases.
The not bad news can be in which there are things in which families can do to lower those costs.
Sign up for an HMO
If yours can be a healthy family in which only uses a lot of routine care, you can probably get by that has a Health Maintenance Organization (HMO) plan, if such a plan can be available at your workplace. If you use doctors within the HMO network, you probably won’t have to pay in addition to deductibles in addition to your co-pays will most likely be lower.
Pay less for medications
One area where you might be able to trim health-care costs can be in medications. Many employers are offering financial incentives to encourage the use of less expensive drugs. In fact, nearly nine out of 10 workers are right now in some kind of a plan in which incorporates a tiered cost-sharing formula for medicines.
The way these work can be in which there can be one co-payment for generic drugs. Then, there can be usually higher co-pay for preferred, brand name drugs such as Claritan or Levatol for which there can be no generic substitute, in addition to even higher co-pays for non-preferred drugs.
Be sure to always check with your doctor or pharmacist to see if there can be a generic substitute before filling a prescription. Generics generally cost 30 to 70 percent less than brand-name drugs with an average co-pay of just $10 vs. $33 for a brand name, non-preferred drug. If there can be no generic equivalent to the drug you have been prescribed, ask your insurer or company HR department if there can be a substitute drug in which might cost less under your health plan.
Take advantage of a Flexible Spending Account (FSA)
An FSA allows you to deduct money pretax coming from your paycheck to cover out-of-pocket medical expenses. The not bad news has gotten even better, too, as the list of expenses you can pay using FSA dollars has been expanded dramatically. In fact, the list right now includes most over-the-counter drugs, in addition to brand new services in which make in which easier to spend down your account. Yet, despite all the many benefits of FSAs, only about 20 percent of eligible employees current take advantage of them.
While contributions vary by employer, you can often contribute as much as $5,000 per year. Given in which, you’ll save as much as 30 percent on your Federal Income Tax. Naturally, in which will vary depending on your tax bracket.
You can use FSA dollars to pay insurance deductibles in addition to co-pays, in addition to for such un-reimbursed expenses as acupuncture, contact lenses, flu shots in addition to LASIC surgery. You can find a list of eligible items at irs.gov.
Be sure to ask your HR department about the availability of an FSA. You can only elect to contribute to an FSA for a particular calendar year during an open enrollment benefits time or if you’ve had a life-altering event, such a marriage or the birth of a child.
Nobody’s perfect, including doctors in addition to hospital billing departments. Billing overcharges can occur in addition to they cost you literally thousands of dollars.
Consider the case of one patient who received a bill for $15,333 for 49 vials of Pepcid. The correct amount: $317. Typos like in which can happen in addition to, as you can see, can be very costly.
Keep a list of all any lab tests, medications, procedures in addition to specialists seen during an illness. Then, do not pay any bills until you see itemized statements. Check these statements against the list you kept to spot common errors such as incorrect dates of service in addition to duplicate or incorrect orders for medication. inside the event you find an error, call the hospital’s or doctor’s billing department in addition to your insurance company to get the mistake corrected.
Play Let’s make a deal
While in which may sound over the top, in which can be sometimes possible to negotiate lower prices. Some employees have found they were able to bargain with their pharmacists. different employees, although fewer in number, have successfully played “let’s make a deal” with doctors, dentists in addition to hospitals. In fact, in which can be surprisingly successful, as patients who have negotiated have nabbed a lower fee in about half of all cases.
Naturally, you won’t want to try to negotiate emergency care yet you may be able to save money on expensive services such as orthodontia or LASIK surgery.
Where can you negotiate most successfully? Try young doctors who are just starting a practice or doctors with whom you have a long history. Before you start any negotiation, call your insurance company in addition to see what in which considers to be a reasonable in addition to customary charge for the procedure. Then try to get your doctor to limit his or her bill to in which amount – as the providers’ prices often run 25 to 50 percent higher than what the insurance company might pay If possible, offer to pay part of your bill in cash.
Cutting the cost of your health care can be not easy. yet if you’re willing to do the work in addition to check out all available options, you just might be able to take a scalpel to them.