5 Ways to Lower Your Health Care Costs

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For several years in a row now, the cost of health care has outpaced the rate of inflation. This means that even as the cost of other goods and services remains flat, or rises only slightly, your out-of-pocket health care expenditures will increase disproportionately. Many experts predict that health care spending will rise about 7 percent in 2015 alone! Part of this increase will be passed on to you via increased health insurance premiums and prescription medication co-pays. But luckily, there are some things you can do to lower your health care costs.\r
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Review your health insurance plan this fall. Before Open Enrollment season begins this fall, evaluate your current plan to be sure it really suits your needs. Many young, healthy people otp for a low-premium, high-deductible plan because they rarely go to the doctor. But those who manage chronic medical conditions or need several prescription medications should carefully compare the benefits of each plan. If you expect any big changes in 2016, such as the birth of a new child, weigh the cost of increasing your premium against having to pay a larger deductible.\r
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Shop around doctors and hospitals. Doctors and hospitals are willing to discuss their fees with you, and they aren’t all the same! Before scheduling procedures or choosing a specialist, compare prices just as you would if you were shopping for a car.\r
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Shop around for prescriptions. Speaking of comparison shopping, you should also shop around for the lowest price on your medications. Check with wholesale clubs and online pharmacies, or ask your pharmacist about using generic drugs. If you need a particular prescription which tends to be expensive, ask your doctor whether another drug may work just as well. Your insurance plan may offer better coverage on an alternate medication.\r
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Check your medical bills. Often we tend to accept any medical bill as correct, and simply write a check for the balance after our insurance pays their portion. But keep in mind that your medical bills are processed by real people, who can and do make mistakes. If you’re familiar with your coverage limits, you will be armed with the knowledge to spot mistakes on your bills.\r
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Open a Health Savings Account. If you tend to shell out hundreds or even thousands of dollars on co-pays, prescriptions, and deductibles each year, why not pay those expenses with pre-tax dollars? A health savings account will also help you budget for medical expenses, if you choose to make direct deposits straight from your paycheck into the account.