With all the talk out of Washington about healthcare reform and how much it's going to cost, what is and what isn't going to be covered, yada yada yada, here's a chance to take matters into your own hands by reducing what you're paying Right Now out-of-pocket for you and/or your family's healthcare.
If you pay for your own health insurance, make sure you shop around for the best deal you can find. There are many websites that allow you to easily compare health insurance plans and I urge you to take advantage of them. Three such web sites are eHealthInsurance.com, HealthInsurance.com and Einsurance.com.
To make this report a little easier to read, I broke down the tips into three sections; (1) General Healthcare, (2) Health Insurance, (3) Prescription Drugs. I'm sure you will find at least one tip if not more that will save you money, probably enough money to treat yourself and/or your family dinner at a nice restaurant or even a weekend vacation! You won't know, however, until you start reading.
General Healthcare Tips
Follow Doctor's Orders
Roughly half of all patients don't follow instructions about taking medicine, which results in 10% of hospital visits a year, according to the Merck Manual of Medical Information. Simply doing what you're told can save you your out-of-pocket share of the average $8,200 cost of a hospital stay.
Track Your Spending
Do you know when you've met your deductibles or how much money is left in your health FSA? Programs such as Quicken's Medical Expense Manager ($50 at quicken.com) can tell you and also alert you to potential savings such as overlooked tax deductions and possible billing errors. Be responsible for your own health records. Make or request copies of your health records so that you don't have to pay for repeat tests when your doctor's office loses charts or you decide to visit a specialist.
Take The Write-Off
The IRS allows you to deduct medical bills that exceed 7.5% of your gross income. That's a high bar, but the list of eligible expenses is extensive, including insurance premiums, dental X-rays, fertility treatments, prescribed weight-loss and stop-smoking programs and even LASIK eye surgery. For details, see IRS Publications
Take An Aspirin
If you're a man over 40, a woman past menopause or a smoker or have high blood pressure, high cholesterol, diabetes or a family history of heart disease, you can sharply lower your risk of a heart attack by taking an aspirin every day or every other day (consult your doctor first). The cost of aspirin: about 20¢ a day. The average cost of treating a heart attack: $25,000, including hospital, doctor and drug bills.
Stress Less
Between 60% and 90% of doctor visits stem from stress-related factors, says Dr. Herbert Benson, founder of the Mind/Body Medical Institute. So chill out: Take a yoga class, listen to music and exercise for at least 30 minutes a day.
Get A Lunchbox
Brown-bagging your lunch can help you lose weight since home-cooked eats contain 20% less fat on average than restaurant meals, according to the U.S. Department of Agriculture. Skipping the $6 deli sandwich could save you about $1000 a year.
Drink From The Tap
Americans spent about $10 billion a year on bottled water, $3 billion on sports bars and $23 billion on nutritional supplements last year. But most of that stuff has little, if any, proven benefit. So ditch the ginkgo biloba, drink from the tap and tote a banana, not a PowerBar, on your way to the gym.
Let The Boss Help
Take advantage of any wellness benefits that your company offers. About six out of 10 large companies now offer benefits like smoking-cessation classes, discounts on gym memberships and health risk assessments.
Adult-Proof Your Home
Home accidents rank among the top reasons for visits to the emergency room. Some easy ways to make your home safer and avoid the $560 average tab of a trip to the ER: Install handrails along both sides of the stairs, use nightlights, put nonslick strips in tubs, check smoke alarm batteries every month and keep candles at least three feet from anything that can burn. For more tips, go to Home Safety Council.
Floss Daily
It's the best way to prevent periodontal disease from $200 for minor problems to $2000 or more to replace a tooth.
Give Blood
Donate blood at least once per year and in the process you will receive free blood pressure, iron-level, and temperature checks. Donating blood could also help find potential health care problems before they become major. My own brother found out that he had a disease known as "Celiac" which began as part of routine blood donation when he discovered that the iron level in his blood was extremely low which led to him being seen by a doctor which led to his diagnosis. Giving blood is also a good way to be a good neighbor.
Get Immunized
Get immunizations to prevent certain diseases. See the Center for Disease Control's recommendations.
Take A Virtual Trip To The Doctor
A trip to the doctor doesn't necessarily have to cost you anymore than your monthly Internet bill. Sites like WebMD can help you diagnose your symptoms and find creative ways to get healthy.
Health Insurance Tips
Choose Wisely
Poor health insurance coverage is better than no health insurance coverage because the uninsured have higher death rates from chronic disease and accidents. Don't just take the easy way out during open enrollment and sign up for the same health plan as you had last year. These days the difference in premiums is small, ranging from an average of $590 a year for an HMO to $637 for a PPO; the real differences lie in the plans' co-pays and deductibles. To figure out which option is best for you, estimate what your total annual costs are likely to be under each plan, depending on your family's medical needs (many companies have online calculator tools to help figure this out). If you have kids, you'll likely want a plan with low co-pays for doctor visits and good coverage for preventive care; if you're young and healthy, a plan with higher deductibles and lower monthly premiums may be a better bet.
Get Married
Getting married just for the health insurance deal is of course not recommended, but spouses can pool together their savings and find two-for-one deals that are cheaper than paying for two separate accounts.
Widen Your Network
You know that seeing an in-network doc will save you 50% or more on the cost of treatment. But sometimes only an out-of-network specialist will do--say, if that physician is far more experienced in performing the procedure you need than in-network docs. In those cases, it's worth calling your insurer's pre-certification department to explain why using the out-of-network provider is essential and ask for coverage at in-network rates. You've got a good shot. "Insurers would rather strike a deal up front than go through an expensive appeals process," says billing expert Nora Johnson.
Shop Smart For The Best Plan
When selecting a health plan, don't just choose the one with the lowest monthly premium or the one you used before. Benefits can change significantly every year -- as can your family's health needs. The best way to bargain-shop: Jot down your family's average number of doctor visits per year, routine prescriptions, dental cleanings, and other services. Compare what you'd pay over an entire year for these items on each plan. Don't forget to include monthly premiums and deductibles.
Consider A High-Deductible Plan
It might feel like a big switch if you're used to paying $20 office co-pays. But a high-deductible (HD) health plan can save you hundreds of dollars per month in lower premiums. These plans (which have an annual deductible of at least $1,100 for individuals; $2,200 for families) are great if your family is healthy and doesn't usually visit the doctor too often. When was the last time you actually went to the doctor? If you're an ace at home remedies and almost never get sick, paying a lower premium with higher co-pays is a smart move. Another benefit: Most HD plans qualify you to open a health savings account (HSA), where you can sock away (on a pretax basis) money to pay your insurance premiums and out-of-pocket health expenses. Better yet, unused HSA money continues to grow tax-deferred, year after year. An HD plan might not be right for you, though, if family members have chronic (and costly) health conditions, you're not disciplined about saving money in your HSA, or if having such a high deductible makes you uneasy.
Join The Farm Bureau
Believe it or not, you don't need to be a farmer to join your state's farm bureau. Simply by paying an annual membership fee (usually less than $50) you're eligible for all sorts of benefits -- including discounted group health insurance in some states. If you or your spouse are self-employed, this might work for you. For more information, type "farm bureau" and your state's name into your Internet search engine.
Get What You Deserve
Are you paying the tab for acupuncture or chiropractic care? Check your insurer's website or call the help line to see if your plan covers alternative medicine treatments. Some 87% now do. Many also offer discounts on preventive measures like vitamins and bike helmets.
Don't Be Denied
Your insurer refused your claim? Fight back. Begin with a phone call to customer service, and if that doesn't work, put your appeal in writing. Document everything, including the times of calls and the names of the reps you spoke with. "Every plan has an appeals process that you must follow to the letter," says Robert Bland of Insure.com, a consumer information website. For more information, download the Kaiser Family Foundation's guide to handling disputes with your employer or private health plan.
Hire Expert Help
Buried under thousands of dollars in bills and claim denials you can't resolve? Consider hiring a professional billing and claims specialist to help you resolve disputes. You'll pay $50 to $250 an hour, but you may save up to 40% on your bills. To find specialists in your area, go to Bill Advocates and Claims.org.
Check Yourself Out
If you're in the market for a new policy and you've applied for individual health, life, disability or long-term-care insurance in the past seven years, go to MIB.com to see whether this insurance industry antifraud group has a file on you. Request a copy (it's free) to make sure the information provided about your health status is right. If you find a mistake, ask for a correction in writing ASAP. Errors can drive up your premiums by hundreds of dollars a year.
Consider Getting An H.S.A.
If you have a high-deductible health plan (at least $1050 for individuals; $2100 for families), you are eligible to fund a health savings account (HSA), which you can tap to pay medical expenses. You'll save about $1500 in taxes for every $5000 you put into an HSA. Any funds you don't use will grow tax-free and can be rolled over from year to year.
Stay Insured
Leaving your job next year? Switch to the lowest-cost plan during this year's open enrollment. Then, after you quit, federal rules (known as COBRA) will let you stay on your employer's health plan for up to 18 months, although you'll usually have to pay the full cost, plus 2%. Once you've tapped out COBRA, you must sign up for a new policy within 63 days or insurers can legally turn you down or refuse to cover pre-existing conditions.
Be Flexible
Add up your co-pays, deductibles and other out-of-pocket medical expenses from last year to figure out how much to put into your flexible spending account (your benefits department can tell you what's eligible). For every $1000 you put in, you'll slash about $300 in taxes.
Don't Lose It
You'll forfeit any funds in your FSA that you don't use by the end of the year or by March of the following year (depending on your company). Need to get rid of some bucks? Stock up on over-the-counter medical supplies like Band-Aids, cold and flu tablets and aspirin; order a six-month supply of contact lenses and solution; or schedule an extra session with your shrink, if you've exceeded the number of therapist visits covered by your health plan.
Physical Out; Screenings In
Skip the annual physical but get specific screening tests recommended by the U.S. Preventative Services Task Force. If your insurance company doesn’t cover USPSTF-recommended tests, question why it doesn’t cover expenses proven to prevent disease and start a letter-writing campaign asking for coverage; write your insurance company and your state’s insurance commissioner.
Continuous Coverage
Carry continuous coverage so that exclusions for preexisting conditions will be limited according to federal law associated with HIPAA (Health Insurance Portability and Accountability Act).
Homeopathic Haste Makes Waste
If you are into using home remedies, herbs, vitamins/supplements, etc, check out their safety, effectiveness, and clinical soundness at Consumer Reports Health Consumer Reports-Health. Always remember to tell your doctor what homeopathic supplements you are using before they prescribe any prescription drugs to you as they may react negatively with the supplements.
Look for Special Services
Many health plans have programs for patients with ongoing conditions like asthma or allergies, including discounts on preventive care, helpful newsletters, and more. Some carriers, for example, have nurses on call 24/7. They can tell you how to safely remove a splinter or whether or not your child's cold symptoms warrant an immediate doctor visit (and another co-pay, ka-ching!). Some plans also offer discounts on acupuncture, gym memberships, massage treatments, and weight-loss programs.
Stay With Your Parent's Health Insurance As Long As Possible
Students just graduating college or vocational school usually have a cushion of time before they're required to find their own insurance coverage. Find out how long you have to depend on Mom and Dad before wasting money on your own policy too soon.
Consider A Discount Medical Card
This article considers the option of getting a discount medical card, a system that "allow[s] consumers to gain access to the healthcare they need without the exclusions, limitations, and paperwork typically associated with health insurance."
Challenge the Fine Print
This is the first thing that health insurance providers do not want you to know. When you are discussing a plan with them they will go over all of the details with you before you sign on. This will seem like they are describing everything for you in great detail. Unfortunately there is still fine print that you need to read. This is something that should be reading while you are still talking to the health insurance provider. You also need to challenge the fine print to make sure it is just like your provider says it is. Most insurance companies want you to wait to read the fine print until you have signed up, but by then it might be too late. Read early and challenge often.
What States Say Insurance Policies Are Required To Cover
Every state will have a mandate of the things that health insurance must cover. Certain treatments will be covered and certain things need to be provided. This is something that you need to check on before you go to get health insurance. You also need to keep the provider in line and make sure these things are provided. Sometime health providers will try to sidestep things that need to be done because it will save them money. This is why they might not tell you about this. It is your job to make sure that you are following the state laws and getting what is required. It is up to you to keep them in line.
Use Your Location
You probably have heard a lot about health care and the troubles people have. Well, this is true, people do have troubles, but you do not have to have troubles as well. This is why you need to use your location. Different states have different rules and regulations in regards to health care. Do not be discouraged if you heard about some case in another state that was a lot of trouble. Find out the best ways to use your state to your advantage. Your state should have some information set up for you on the state’s website, so definitely look into that. Find out what your location is best set up for and then use it wisely.
Test Drive a Plan?
You should ask for a trial period to really see if this is something that you can get behind. During this trial period you can really see what the health insurance will do for you, how you can fight fraud, and if you can change anything to make it easier on you. Will your provider allow for this? Well, it depends, so you might as well ask because that never hurts. A trial period will ensure that the plan is the right fit for you and you are the right fit for the company, so it should be looked at as a win-win for both people involved. Take a look and see if this is possible, because you might want to use it if it is available.
Prescription Drug Tips
Bring a List
Get a copy of your insurance company's list of covered prescription medications (known as a "formulary") and share it with your doctor. Many insurers separate drugs into several pricing "tiers," so some medicines cost you more than others. If your doctor knows what's on your insurer's list, he can select the best medication for you at the lowest price. Also, if your plan requires you to get a referral to a specialist, take your insurance plan's preferred-provider list to your primary-care appointment. Your doctor can easily pick out the best specialist who participates in your plan.
The Bigger The Prescription, The Better
Ask for a 90-day supply of your maintenance drugs. If you must pay a copay each time you fill a prescription, you can cut that cost by going longer between refills.
Ask For Samples
Drug companies give away tons of samples to physicians, so your doctor may be able to supply you with several weeks' worth of medication at no charge. While you'll only be able to use samples in the short term, they include enough of the drug for you to determine whether or not you'll suffer a reaction or side effect from taking it. Finding this out will prevent you from paying for a full prescription of a drug that will be useless to you.
Compare Prices and Purchase in Quantity
Beyond comparing branded, generic and over-the-counter drug prices, consider comparing prices among different pharmacies. Comparing pricing from different pharmacies works well for drugs you will take on a regular basis, and not as well for drugs you are prescribed for the short term to help you get over a brief illness. Pricing your drugs may take you some time, but you'll be surprised at the differences in costs. Phone your local pharmacies and ask them what they charge for your drug, and ask what the costs are for a 30, 60 and 90-day supply. Ask your insurance company if it works with a particular mail order pharmacy, such as Express Scripts, and include its pricing in your comparison, too. Many of the local pharmacies have websites to help make your research easier. Walgreens, CVS and others provide pricing online, for example. A website called Pharmacy Checker helps you compare prices, too. Though you may be tempted to explore foreign pharmacy offerings or order drugs from overseas, this can be dangerous -- and it won't necessarily save you money. Foreign drug dispensing companies are a prime source for counterfeit drugs, some of which have caused patient deaths. The FDA devotes a large section of its website to information on the importation of drugs from foreign countries.
Prescription Assistance Programs
No drug coverage? Visit the Partnership forplays for the Prescription Assistance website, which has links to more than 400 patient-assistance programs offering discounts on more than 2,500 medications. Most programs require you to demonstrate financial need. But some, such as Merck's discount card, are open to all income levels. Prescription assistance programs (PAPs) are an excellent resource, particularly for those families with limited income.
Use a Drug Discount Card
If you're one of the few Americans still paying retail prices for prescription drugs, consider getting a drug discount card which will save you anywhere from 10% to 50% on all types of prescription drugs. Usually these cards cost anywhere from $20 to as much as $50 per year, but you can get a really good discount drug card for FREE by going to USA Drug Plan website.
Grab Generics
Whenever you can, opt for generic drugs, which on average cost less than a third as much as their brand-name counterparts, according to the National Association of Chain Drug Stores. If you're paying retail for one prescription a month, you'll save $863 a year by going with the generic version instead of the brand name. In some states, unless the doctor designates DAW (dispense as written) on your prescription, the pharmacist may substitute a generic drug automatically. Got drug coverage? You'll still save $13 on the average prescription co-pay, or $156 for a year's supply. And don't forget about over-the-counter medications: By sticking to the no-name store brand, you'll save $100 of the $400 that the average American spends annually on over-the-counter drugs. If there is no generic version of a brand-name drug you're taking, ask your doctor about a therapeutic substitute or an older drug in the same category. A drug that has been on the market for more than 10 years will almost always have a generic version available.
Go Postal
Call your drug insurer (I.E. your pharmacy benefits manager) and ask if you can order your prescriptions directly from the plan. Typically you will save 15% to 35% on your monthly co-payments at the pharmacy, or nearly $90 a year on the average prescription.
Split 'Em Up
High-dose pills are generally priced the same as their low-dose counterparts, so ask your doctor if you can safely split a higher-dosage pill in half. You'll save about $179 to $610 a year per prescription if you don't have drug coverage or 50% on your co-pays if you do.
Buy Online
You may find the best deal of all at an online drugstore, particularly if you order more than one prescription at a time. Recently, for example, you could order a 90-day supply of Lipitor, a popular cholesterol-lowering drug, for $306, or as much as 30% off typical retail prices, at Drugstore.com. To make sure a site is legit, check to see that it carries the seal of the Verified Internet Pharmacy Practice Sites (VIPPS), a quality-control program sponsored by the National Association of Boards of Pharmacy.
Sign Up For Medicare Part D
If you're 65 or older and don't currently have drug coverage, sign up as soon as you can. Average savings on drug costs: 28%. If you delay and need coverage in the future, you'll get hit with a permanent penalty of 1% of your premium for every month you were eligible and didn't enroll. If you're in good health now, simply choose the lowest-cost plan in your area; you should be able to find one with premiums of less than $10 a month. Already enrolled? Now is your opportunity to switch to a different plan if you're not satisfied with the one you have. Compare plans in your area at the Medicare website.
Sources For This Healthcare Report
http://www.grandtimes.com/articles/money.html
http://ibdcrohns.about.com/od/dailylife/a/healthcosts.htm
http://healthinsurance.about.com/od/healthinsurancebasics/a/discountcards.htm
http://www.doctorspiller.com/dental_practices.htm#what_if_you_have_no_insurance
http://www.rncentral.com/nursing-library/careplans/50-easy-tips-to-lower-healthcare-expenses
http://www.rncentral.com/nursing-library/careplans/how-to-get-cheaper-healthcare-without-insurance
http://www.parents.com/family-life/work-money-politics/family-finances-101/save-money-on-health-care/
http://www.wisebread.com/50-ways-to-squeeze-value-from-your-healthcare-dollar-without-killing-yourself
http://money.cnn.com/magazines/moneymag/moneymag_archive/2006/11/01/8392429/index.htm
