| Health Insurance charges are on the rise, and even | | | | amount. In most insurance policies the carrier will pay a |
| though wages are stagnant, insurance costs are | | | | smaller amount and will have a higher deductible. |
| expected to continue on their upward trend. Insurance | | | | For Example: You go in for surgery and the doctor fee |
| is supposed to protect against catastrophic medical | | | | is $1000 dollars. If you go to an in-network provider, the |
| expenses, not paying for regular health maintenance | | | | insurance carrier will pay 80% of the bill and you will |
| cost. Here are a few ways you can save on your | | | | responsible for 20% of the contracted amount of |
| health insurance costs: | | | | $850. Know if the provider is out-network you can be |
| 1. Stay Healthy | | | | charged the total bill of $1000, because there is no |
| Exercising on a regular basis, stop smoking, and | | | | agreed amount with the insurance carrier. Most |
| healthier diet can help keep you in preventing or | | | | insurance companies do cover out-network fee but at |
| improving certain disease and/or conditions. Many | | | | a reduced rate of $1000, not the contracted amount of |
| insurance companies are award their member with | | | | $850. |
| discounts on gym membership's, quit smoking plans, | | | | 8. Regularly reassess you insurance needs |
| health screenings, and some health products. Also, | | | | Changes in you marital status, birth of a child, and if |
| many health insurance carriers cover up to 100% of | | | | you medical needs have changed, Can affect the cost |
| wellness care for routine check-ups, immunization and | | | | of your insurance. |
| diagnostic test. They also offer preventive service | | | | 9. Know your Health Insurance Policy |
| sometimes with or without a waiting period. Most | | | | By having a better understanding of your health plan, |
| preventive services cover mammograms, pap smears, | | | | for what is covered and not cover will help you from |
| and PSA screening to just name a few. | | | | being surprised from any unnecessary fees. Many |
| 2. Increase your deductible | | | | insurance companies offer online access where you |
| A deductible is the amount of money which the | | | | can check your benefits, check for in-network |
| insured party must pay before the insurance | | | | provides and hospitals in your area check drug prices, |
| company's own coverage plan begins. If you are a | | | | and the ability to see how your claim was paid etc... |
| relative health person, a higher deductible can help you | | | | Remember, if you have it use it! |
| lower your monthly premiums by up to 10 to 40%. | | | | 10. Lower your Drug Cost |
| 3. Change your Coinsurance amount | | | | You can lower your drug cost by asking the provider |
| Coinsurance is the percentage amount you and the | | | | for free samples of any drug you may be taking. Most |
| insurance carrier share in the cost of medical cover. | | | | doctors have a closet full of them. Tell your provider |
| Coinsurance comes in various amounts from 100%, | | | | that the drug is too expensive for your budget, many |
| traditional 80/20, 75/ 25, and the 50/50. Ex: most plans | | | | hospitals offer assistance with the cost, through the |
| are 80/20 which means after you might you deductible | | | | financial department. Most major store chains such as |
| the insurance carrier will cover 80% of the charges, | | | | Wal-Mart, Walgreens, and CVS etc... Have prescription |
| and you would be responsible for 20%. By changing | | | | drug plans for $4.00. Drug maker's operates multiple |
| your coinsurance you can save between to 10 to 20% | | | | assistance programs, depending on the prescription for |
| more off your premium. Remember, by changing your | | | | free or at a discounted price. Consider buying |
| coinsurance the more you will be responsible for more | | | | prescriptions through a mail order pharmacy. |
| of the cost. | | | | 11. Seek out free or low cost Health Screening, |
| 4. Increase your physician co-pay amount | | | | check-ups and services |
| By increasing your co-pay, you can reduce your | | | | You can find them in your local newspapers, grocery |
| premium by as much as 25%, which is worth it if | | | | store bulletins, local library or community event. EX: |
| you're seeing a doctor more than twice a year. But | | | | Here in Indiana we have the INShape Indiana Black & |
| determine what the co-pay actually covers - does it | | | | Minority Health Fair where the cost is free anyone and |
| cover diagnostic tests like lab and x-ray, or does it just | | | | you can receive over $1000 worth of free medical |
| cover the doctor visit? | | | | screenings. |
| 5. Increase your Out-of-Pocket cost | | | | 12. Take advantage of tax breaks with a FSA or HSA |
| Out-of-Pocket is the total annual cost you pay for | | | | Plan |
| health insurance coverage before the plans pays | | | | Flexible spending arrangement (FSA), a |
| 100% of your claims. The more you agree to pay for | | | | tax-advantaged account that allows an employee to |
| out-of-pocket expenses in the form of deductibles and | | | | set aside a portion of his or her earnings to pay for |
| coinsurance payments the less you'll pay in premiums. | | | | qualified expenses. The advantage is that money |
| 6. Consider a Major Medical Health Plan | | | | deducted from your check into an FSA is not subject |
| Commonly called Catastrophic Health Insurance, they | | | | to payroll taxes; but the disadvantage is that funds |
| offer limited insurance coverage for routine medical or | | | | cannot be rolled over and must be spent on qualified |
| doctor visits with a high deductible. Premiums are low | | | | health care related expenses, so if you don't use the |
| because the insurance is intended for major medical | | | | money you'll lose it. |
| expenses such as hospital stays, x-ray's, and surgeries | | | | Health Savings Account (HSA), and allow you to put in |
| to name a few. The high deductible that must be paid | | | | pretax contributions that grow tax-free and can be |
| out of pocket before the insurance kicks in | | | | rolled over from year to year. Your deductible can |
| 7. Make sure your doctor or hospital is In-Network or | | | | then be paid with funds from your HSA account, or |
| Out-Network | | | | you can pay your deductible out-of-pocket and save |
| Most insurance companies provide an extensive list of | | | | the money in your account and to assist in paying for |
| providers and hospitals that are in there contracted | | | | qualified medical expenses. |
| network. By going to an in-network provider you will | | | | 13. Check for state-run programs that offer free or |
| receive a higher savings on medical care. Reason | | | | low-cost insurance. |
| being is that these providers are contracted with the | | | | 14. Paying for what you need |
| insurance carrier to provide their services at an agreed | | | | Remember, in the long run you are in-charge of your |
| amount discounted fee. By going to an out-network | | | | health care cost. |
| provider you will be charged the non-contracted | | | | |