There has been a big hullabaloo around health care reform for years. And, finally, we have legislation that is meant to keep the big insurance companies in check, improve coverage and lower costs. Regardless of your political leanings, health care is expensive. Don’t wait for the laws to take effect and trickle down to save your health care dollars. Here are some easy and painless ways to save a few health care dollars while still caring for your health.
- Generic, One word. Buy generic and save tons on all of your over-the-counter and prescription meds. Yes, yes, yes. Generics have the same efficacy as name brand meds and drugs. You can save 50% and more.
- Insurance Options. Evaluate all of your insurance options. Can you opt for a higher deductible or higher out-of-pocket? If you are generally healthy and look to insurance mostly for catastrophic coverage, this may be a better deal for you. Also, if you are able to be covered on someone else’s policy (spouse, domestic partner, parents), see if that is cheaper. Depending on the coverage and how much an employer contributes, different combinations might make more sense.
- Negotiate. It might not be any fun, but if you don’t have insurance coverage or your insurance doesn’t cover what you need, talk to the billing department. Doctors and medical facilities routinely discount services - after all, that’s what they do for insurance companies. Just make sure you handle it upfront.
- Be Flexible. If you have access to a flexible spending account, use it. Your FSA will let you pay for nearly all of your health and medical needs (including over-the-counter items) pre-tax, so it can save you big. There are things to know about FSAs, though - you’ll lose what you don’t use at the end of the year. So, if you have any money left over in your FSA, run to the drug store and stock up on all of your cough medicine and contact lens solution.
- Preventative Care. Some times, it’s just better to spend the money and avoid an even bigger issue down the road. For example, putting off having a cavity taken care of is likely to lead to more problems - and more expense. Similarly, not managing certain routine exams and procedures can lead to much bigger issues down the line. Of course, the best preventative care you can do is to eat right and exercise - that’s the cheapest investment you’ll make in your health.
Health care is expensive and necessary - just be smart about it.
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nice post. thanks.