Talk to Your Doctor
If you are a loyal patient with tight finances, explain your need to see a doctor and ask for a break on the cost of an office visit. You may be surprised by the answer. Also, if you can afford to pay cash for the visit, you save them the processing time for insurance claims. Because of this, inquire about a 10 percent savings on the visit.
Talk to your health care provider about prescriptions. Ask about generic drugs as substitutes for some of your brand-name drugs.
“There are a lot of plans that will charge a significantly greater copay if you use a brand name drug versus a generic,” says Martin Rosen, author of The Healthcare Survival Guide. He says, “Taking the generic can be a big, big savings.” Generics usually cost 30 to 80 percent less than brand-name drugs. Consult with your physician to ensure the generic is as effective as the name brand.
Speaking of drugs, talk to your doctor about the possibility of pill splitting. This is advantageous if doubling your pill dose so you can cut it in half is cheaper than single pill dosages. Keep in mind that this is not an option if you take capsules or time-release medication.
Let Your Fingers do the Walking – Call Around
One of the things people with insurance don’t consider is the cost of the procedures recommended by your physician. You still have a choice as to how much you pay for each and every service, in-network or not.
"The most important thing is that patients understand the cost of their care before they get their care," says Jeffrey Rice, MD, chief executive officer of Healthcare Blue Book, an online resource for fair pricing. "Most people who have insurance think that if they stay in-network they're going to get the network discount and it doesn't matter where they go" for their care. "It absolutely matters."
Shop around for facilities that offer the same services. Just because something is in-network doesn’t mean that is the cheapest option.
Also, shop for your prescription. Most pharmacies will give you the price of a medication over the phone. Check with mom and pop pharmacy operations as well as the big-box stores like Walmart or Target. They all set their own prices, and the small pharmacy may have competitive prices.
Use That Internet for More Than Recipes and Kitty Videos
If you have a medical situation, fire up your computer and find out whether the affliction is treatable at home or requires medical intervention. For a cheaper alternative, there are many tasks a pharmacy-associated clinic can accomplish inexpensively if you need medical attention.
For prescriptions, visit pparx.org for the Partnership for Prescription Assistance website. This site has links to more than 400 patient-assistance programs offering a discount on more than 2,500 medications. Each has its own guidelines for eligibility.
If you decide to buy your prescription drugs online to cut costs, be careful of the source. It has to be genuine formulations or there may be adverse effects. Look for the endorsement of the VIPPA, a quality-control association for online drug purchases.
Check Your Bill – Know Your Plan
It is estimated that 80 percent of medical invoices contain errors. Check your paperwork. Ask questions and be persistent. The insurance companies are counting on you not pursuing the issue.
Also, follow the fine print referring to in-network providers, referrals and pre-certifications for out-of-network providers. Make sure you know what your plan covers. Some cover alternative treatments you may not be aware of.
Stay insured. Cobra will charge you the full cost of your health coverage plus two percent. But if your insurance lapses and you don’t get insurance within 63 days, the new company can turn you down for any pre-existing conditions or refuse to cover those conditions.
Widen your network. If an out-of-network provider is a more experienced physician, ask if he or she can be included as in-network. Explain why this decision is essential for your health care.
Hospitals add a steep surcharge to devices like crutches so you may be better off purchasing these items yourself.
Don’t be denied on your claim. Keep track of everything discussed, starting with whom you are talking to, along with the time, date, and conversation points. Record, record, record.
Sign up for Medicare Part D; it is the government’s drug plan. If you are 65 or older, your savings can amount to 28 percent. If you sign up in time, you should be able to find a drug plan for $10.00 a month. Compare prices at medicare.gov.
Also sign up for Medicare benefits. Wellness visits, screenings for colorectal or cervical cancer and flu shots are all covered cost-free under this plan.
Evaluate your health plan every year as premiums and services change from year to year.
FSAs and HSAs – Good Ideas for Your Pocketbook
Flexible spending accounts, or FSAs, use your pre-tax dollars, where you get the greatest value for yearly medical expenses. Your income is lowered by the amount you add to your FSA. The only downside to this type of account is that if you don’t use all the money by the end of the year, you forfeit the unused funds.
When you contribute to FSAs, there is a possibility of savings on federal, state, and sometimes local income taxes. Use this account to pay out-of-pocket expenses throughout the year.
There are also devices called health savings accounts, HSAs that operate similarly to FSAs. With high deductible plans ($1,050 for individuals, $2,100 for couples), you are eligible for a health savings account to pay medical expenses. For every $5,000 you put into an HSA, you get $1,500 in tax savings. Any excess funds will grow tax-free and can be rolled over year to year.
About 40 percent of large employers offer discounts for participating in wellness programs with some adding money to your HSAs.
After perusing these tips, you should be able to save some money on your health plan, whether it is modifying your lifestyle or taking advantage of some of the financial tools. Remember, it’s your health so don’t be afraid to ask questions.