You enrolled in a health insurance plan because you wanted to take care of yourself and your family, in a physical, medical sense. But saving money on medical bills was certainly another important motivation. But are you saving enough? More importantly, could you be saving a bit more money? Double check to be sure you’re taking these steps to reap the most value from your health insurance plan.
Do you understand your plan? When you first enrolled, your health insurance company probably sent you a packet of information. Did you save this information for future reference? Do you understand your plans provisions and limitations? If not, you might be missing out on some good offerings.
What do you do, after you’ve met your deductible for the year? You might not always meet your deductible each year. But if you do, you should take advantage of the situation. Go ahead and schedule any necessary screenings or procedures before the end of the year, and before your deductible resets to “0”.
Are you using in-network providers? If you are, then you’re probably getting the best price value… If not, using out-of-network doctors or facilities might cost you extra. In some cases, the difference in price is quite significant.
Are you taking advantage of prescription services? Your health insurance provider might offer mail-order prescription services, allowing you to order a 90-day supply of medications. These can save you money, but also time. Who wants to stand in line at the pharmacy each month?
Do you stay in touch with your health insurance company? They might send you regular emails or even snail mail. Are you opening and reading everything? Often the purpose of these communications is to inform you of money-saving opportunities, like free screenings, wellness programs, and more. Also, download their app onto your smartphone if they offer one.
Have you consulted with a medical billing advocate? Sometimes, hospitals do make errors in billing their patients. These errors can amount to thousands of dollars, so it makes sense to question everything before paying! If you hire a medical billing advocate, they usually do not collect a fee unless they find a discrepancy in your bill. In that case, the fee is usually one-third to one-half of the amount you save. Your health insurance provider might even supply this service.
Are you enrolled in the right plan? This question might be the most important of all. Since your needs can change over time, resist the temptation to automatically re-enroll in your current health insurance plan each year. Review the previous year’s spending, analyze your medical needs, and compare different plans to find the one that best meets your needs while saving you the optimal amount of money.