Many of us wouldn’t be able to afford healthcare without insurance. However, many of us aren’t fully aware of the extent of our coverage. This can often result in us paying for expenses out of our own pocket that aren’t necessary. Here are just a few tips on how to make the most of your health insurance plan and pay less out of your own pocket.
Fine-Tune Your Insurance Plan
Certain providers can allow you to fully customize your insurance plan to meet your needs. This could allow you to get more out of your plan. For instance, if you rarely need to go to the doctors for small ailments but still want to be covered for serious emergencies, you could consider a catastrophic health plan. However, you may be able to add a few extras that you need such as dental cover if you regularly visit the dentist or cover for eyewear if you need glasses.
Shop Around for Treatment
Shopping around for treatment can reduce the amount your insurer has to pay – and could potentially reduce the deductible that you have to pay. If it’s not a medical emergency, consider taking the time to shop around for treatment. Certain clinics may be able to offer discounts that save you hundreds. Some people go abroad for cheap treatment, however very few insurers are likely to cover you for this.
Take Advantage of Free Preventative Healthcare Services
Some health insurance schemes cover preventative healthcare services such as screenings and immunizations. Medicare packages in particular tend to cover these services – in fact, you can often get Silver Sneakers coverage on United Healthcare. Some people end up paying for these services out of their own pocket not realizing that their insurance covered them. Check your insurance scheme to see which of these services you’re covered for and make use of them.
Use a Health Savings Accounts (HSA)
A health savings account (HSA) can be a useful way for paying for your insurance deductible. These are savings accounts in which an employer is able to contribute pre-tax earnings that gather interest – these funds can be used to pay for various forms of medical treatment and may even include over-the-counter medication and eyewear. HSAs ensure that you have some money to pay for your deductible, while also paying for other personal costs.
Be Wary of High Deductible Plans
High-deductible plans can have cheaper rates, but when it comes to paying for treatment, you’ll have to pay more out of your own pocket. If you regularly visit the doctor for expensive treatment, these types of plans could be financially crippling. You’re better off taking out a plan with a low deductible so that you’re paying less out of your own pocket every time you require treatment.