With the cost of healthcare continuing to rise in the United States each year, the cost of your health insurance doesn't have to necessarily increase with it. With the right tools and tips, you can make smart decisions to drastically decrease claims, which will help lower your premiums in the future.
1. Compare the costs of different healthcare facilities before you go.
Each provider doesn't charge the same thing for the same service. You can shop around for the best price. Contact several different facilities and ask them what they charge for a particular service like an MRI before you have the test. Using that same example, an MRI can cost much more at a hospital than at a imaging or radiology center. Knowledge is power, and in this case, it's also cash money.
Don't forget to contact your insurance company to see how much they cover of the expense and verify that the provider is in your insurance network.
2. Choose generic drugs when possible.
Generic drugs are a great alternative to brand name drugs because they the same active ingredients, strength and dosage, but they cost a lot less. Ask your doctor if there is a generic equivalent to any brand name drugs you take. In 2011, consumers saved $157 billion in healthcare costs simply by choosing the generic.
3. Use in-network doctors and in-network lab facilities.
You can save a ton of money by using in-network doctors. One, because your network provider out-of-pocket costs are lower than what you pay using your out-of-network benefits (example: office visit copay vs. deductible). Two, you get the insurance discounts with in-network doctors and hospitals.
It costs the insurance company less money too because they already have negotiated discounts with in-network providers. It is not unusual to see discounts of 40-60% off services when comparing an in-network and an out-of-network facility. That is 40-60% less that you and/or your insurance company are going to pay for the exact same service.
If your physician is recommending tests, ask if the lab is in your insurance network. This will save you money and the insurance company, too. Everybody gets a victory lap here.
4. Save emergency rooms for emergencies.
If you are experiencing an emergency, always call 911 or seek immediate attention at the closest facility. However, not every situation is an emergency and could just as easily be treated somewhere else like an urgent care facility or even a doctor's office. Things like sore throats, colds, flus and even stitches and sprains can often be treated outside of the ER. And I don't know about you, but I'd rather avoid sitting in the ER waiting are for six hours just to find out that I have strep throat.
5. Take care of health problems before they get out of control.
If you have a health concern, it's best to seek treatment quickly. You will have a better prognosis, require less medical care, spend less out of pocket costs, and need less time out of work if you catch a problem early.
And don't forget to have your preventive care treatment. Things like pap smears, mammograms, PSA tests, colonscopies, well physicals and more are so important to maintaining your good health. And with all policies that are Healthcare Reform compliant, most preventive services are covered at 100% by your insurance company. You do not pay a copay or deductible. It protects your health and costs you nothing. I call that a good deal.
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