Health Insurance Articles
Three Ways To Help Maximize Yearly Health Insurance Coverage
2010-12-03
If you're looking for the most cost-effective but comprehensive health insurance coverage, you'll want to take an active role in determining which health insurance plan you use. It's easy to just sign up for the most popular plan offered by your employer, but there are ways to save money and still get the coverage you need. Consider the following three strategies for maximizing health insurance benefits:
Tailor Your Health Insurance Coverage
With the availability of consumer-directed health plans, you can opt for a plan that costs you very little each month, but comes with a large deductible that must be satisfied before your insurance starts paying for specific medical expenses. If your family only requires well checks and a few minor doctor visits each year, this may be the best way for you to maximize health insurance benefits at the lowest cost for you. You'll still have health insurance if something big comes up, but you won't have to pay a lot for coverage you don't use. One caveat: if you typically have high medical expenses, the traditional plan is probably most beneficial for you.
Ask For Cost-Effective Solutions
Before accepting the first treatment your doctor offers, ask if it's going to be cost-effective. Ask if that prescription is available in generic or if pills can be prescribed at a higher potency (that way you pay for fewer pills but get the same amount of medication by splitting pills). Ask if the service provider you are being referred to is in network and if they can please check if the service is covered by your insurance plan. If a procedure is going to be costly, ask if there's any alternative treatment that is less expensive.
Take Advantage of Tax-Free Accounts
Check with your employer and your health insurance company to see if you can open a FSA (Flexible Spending Account) or a HAS (Health Savings Account) where you can put money aside, tax-free, to be used for health expenses. The money you'll save on taxes is money in your pocket you didn't have to spend on health care.
Bonus Answer: Stay Healthy
You may think this is obvious, but a lot of people don't realize how much they end up costing themselves by neglecting their own health. There are a lot of avoidable expenses related to health care, so make sure you get enough sleep, eat healthfully, exercise at least five days a week, wash your hands often and stay away from sick individuals.
By maximizing health insurance benefits, you'll save your family money without forfeiting valuable health insurance coverage.
