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| "10 Ways to Beat the Rising Cost of Health Care" (CNNMoney.com) |
Submitted by:
Tip Hero 06/22/2009 12:30 PM
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With the economy still in tough shape, one of the silver linings is that some good deals can be had. But not when it comes to health care costs, as prices and expenses continue to climb -- even if you have health insurance. According to an article from CNNMoney.com:
The average insured worker at a big company is likely to spend $3,826 on insurance premiums and out-of-pocket medical costs in 2009. That's up 9% from last year, a remarkable figure when you consider that inflation overall is pretty close to zero. So how to you fight these rising costs? CNNMoney.com has 10 suggestions that can lower your expenses without sacrificing quality of care. We list the headlines below and provide a quick bit of commentary on each, but we suggest clicking through and reading the full article, as there is lots of good information in there:
1. Negotiate and compare prices - Even if you have insurance, if you have a high deductible or high co-pays, or you go out of network, it's worth putting forth a little effort to reduce costs. The article suggests that you negotiate on rates and comparison shop, and goes on to explain how.
2. Look for generics and low cost prescriptions - Don't just accept the brand-name, higher-cost prescription. "Your insurer or your pharmacy benefit manager - that's the company listed on your prescription card - may have a website that lets you both price drugs and find alternatives with lower out-of-pocket costs."
3. If your employer offers a flexible spending account, sign up - Of those employees who are offered FSAs, only one in five sign up. You can save money through an FSA -- just make sure you know the rules in advance.
4. Don't automatically go with a high deductible - While it can appear to be a great way to keep monthly costs low, it may not be the best move. "In general, if you are older or have a chronic condition, you're better off in a traditional plan."
5. Consider a health savings account - "Like FSAs, these accounts let you save pretax dollars for health costs. The key difference is that you get to keep your money there as long as you want." Families can contribute just under $6,000, and individuals $3,000.
6. Seek alternative ways to get treatment for minor ailments - Consider workplace clinics and walk-in retail clinics in chain stores, as well as urgent-care clinics for more serious issues.
7. Set up an insurance emergency fund - If you lose your job, which unfortunately is something we really need to prepare for in this economy, you should make sure you have health insurance money set aside, in addition to other money set aside for your general emergency fund. The article explains how to figure out how much to set aside.
8. Take steps to be healthier - Not only is it a good idea in general to live a healthy lifestyle, you could be penalized financially for unhealthy habits: "Some 17% of big companies charge or plan to charge higher premiums to employees who engage in unhealthy behaviors such as smoking. Yup, they can do that."
9. "Avoid Medicare mishaps" - "First, don't go with a plan without checking to see if your pills are covered. (Use the formulary finder at medicare.gov to find a plan with your pills.) Second, if you split your time in different areas, only choose an Advantage plan with a provider network in both places."
10. Don't forget about vision and dental costs - Don't automatically go with vision plans. Run the numbers first. And consider paying for vision through your FSA or HSA. The article also explains how you can get discounts on dental if your employer doesn't offer a dental plan.
10 Ways to Beat the Rising Cost of Health Care (CNNMoney.com) |
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