How to Save Money on Healthcare

Several changes in the past few years have prompted shifts in the insurance industry, resulting in many Americans having to pay a higher percentage of their medical costs than ever. The Affordable Care Act results in more coverage for Americans but also high deductibles in many cases, especially in employer-provided plans. It’s not uncommon in 2015 to hear someone complain that the insurance their employer offers includes bloated deductibles.

In fact, according to the Kaiser Family Foundation, employer-provided health insurance increased $391 from 2009 to 2014. Even more alarming, 32% of people face deductibles of $1000 or more, compared to just 6% in 2006. It’s very clear that it’s time for many Americans to consider options that save money on their health insurance.

The health insurance system appears broken, but the tips below can help the majority of Americans avoid the extra costs and manipulation that make today’s health insurance industry so intimidating.

Assume the Role of Detective

It would be nice to trust every doctor and insurer, but let’s face it: they can be in the business of profiting together. As a result, it’s important for consumers to ask every question possible in regard to potential medical costs. For example, inquire as to whether a test is truly mandatory or if there’s a less expensive alternative to a particular treatment. Also, whenever a costly medication is prescribed, ask if there’s a generic version of it. If the doctor is less than forthcoming, use a website such as GoodRX to find generic prices for medication alternatives. Importantly, in the case of any procedure — no matter how minor — it’s important to clarify the exact cost as well as get it in writing.

It’s crucial for consumers to play detective in regard to cost-savvy alternatives, even if it means shopping around. Professional nurse and author Michelle Katz says being a sleuth can potentially save life-changing money: “It’s a matter of being your own advocate; it can be the difference between paying $150,000 for a procedure and $30,000 for a procedure.” It’s also important to use resources like Healthgrades, which provide user-submitted grades for everyone from dentists to neurosurgeons in helping to pick the right facility for you.

In addition to all this, verify that bills and insurance company statements are always accurate. Insurance companies deal with thousands of customers on a regular basis, so mess-ups can happen. It can be up to you to spot them, and the difference can be thousands. With that in mind, keep a copy of all test results and records in case you’re over-charged.

Don’t Rely on Online Information

Insurance companies change their details all the time. As a result, it’s not always true when an insurance says they’re affiliated with a particular doctor. A doctor’s office will know whether they accept a type of insurance, but the insurance companies may not, as the sheer number of facilities they’re dealing with means some information isn’t updated or removed in a timely fashion. As a result, it’s crucial to contact a particular facility directly to confirm that they do truly accept your insurance.

Memorize What Your Insurance Offers

To get a firm grasp on what will be a costly visit and what won’t, it’s important to know firsthand what your insurance covers. This is often available in the brochure or online. Knowing your insurance’s coverage in regard to emergency room visits, x-rays, doctor visit co-pays, pre-approvals and dental care is important in helping avoid significantly costly medical events. Take your time and dig into your health insurance policy ASAP.