Keeping Your Health Costs Low

Health insurance can be a costly prospect. While the need for medical attention from time to time is impossible to avoid, you can avoid having out-of-control spending on your health insurance policy.

The first step is to know all the details about your policy. Every plan and provider is different, and it is important to know what your policy provides you with and what it does not. Having a familiarity with what kind of options you have in regards to treatment, preventative care, different physicians, and so on can give you a big leg up on making sure that you have the right plan, and planning your medical care accordingly so that you do not end up spending more money than necessary. You can find this information out by contacting your insurance agent or your company's customer service department. It is always better to be sure of the facts rather than assuming you have certain benefits and services available to you. Not having all the information can lead your claims to be rejected by your insurer!

Knowing all the details can help you also pick the plan that best suits your medical needs. The cheapest policy may not be the one that saves you the most money. If you are going to buy a policy, make sure it is one with the benefits that you will utilize the most. Consider your age and health when deciding what type of plan you will opt for, whether or not you will benefit from having cheaper co-pay or cheaper premiums.

Often families spend too much money on health insurance by not considering the pros and cons of dual coverage or individual coverage. Make sure that you are not paying more in your family than you would ever be able to receive in benefits. Sometimes remaining on separate plans within the family is a good safety-net, but it is important to know the differences between the plans to make sure that you are protected.

It is also important for you personal as well as your financial well-being to plan ahead for emergencies. Write down all of your medical information that may help a doctor in the event of an accident or serious medical problem. As well, it can save you a lot of money to find out about when doctors covered by your policy are available to treat you. Going to the emergency room when you can be treated elsewhere is often far more expensive than sticking to the guidelines of your insurance policy. You should also learn what ambulance services are covered by your health plan, and in what situations is it appropriate to take an ambulance.

Your health insurance plan will usually also allow you to purchase drugs from three different categories: generic, cost-effective, and brand name. While you may feel most comfortable with name brand drugs, they can be far more expensive, and it is best to purchase either the generic or the doctor-approved cost-effective medication. Sometimes you can even save money, if your physician approves of it, to buy pharmaceutical drugs in larger doses and split the pills. This, however, is only a viable cost-saving option if your doctor has approved it… remember, your health comes first!

There are many tax-breaks you can take advantage of, as well as the Health Care Spending accounts. These are the Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Medical Savings Accounts (MSAs). These plans allow you to pay for some of your medical expenses out of pocket before taxes. Saving your receipts for dental and optical treatment often qualify for these reimbursements.

Caring for your own health is ultimately the best way to save money on health care. The less claims that you have to make, the lower your premiums will be. Quitting unhealthy habits such as smoking and drinking will not only protect your health, but save you money each time you choose not to buy these products. It pays to eat right and exercise as well.

There are also plenty of options to monitor your own health without seeing a physician. There are free and low-cost health screenings, as well as cheap life-style programs that can help you lose weight, monitor your blood pressure and cholesterol, even get inexpensive treatment for the flu and other illnesses.

If you are sure that you can afford it, it is better seek out a higher deductible. While you will be paying for a greater portion of your health coverage, this will ultimately save you money through lower premiums. It is also a good idea to ask your doctor for discounts, lower prices on elective procedures, and so on. Researching the costs of the same treatments elsewhere can give you good leverage to get the best deal out of your physician.

If you in a low-income family or cannot meet the high prices of health insurance, there are other options available for you. There are several government subsidy programs, such as Medicare and Medicaid that can help provide affordable coverage provided you meet their qualifications.

For great rates on health insurance from top health insurance companies, check out www.getagreatrate.com.

©2004 The Lawrence Marketing Group

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