10 Tips to Maximize Your High Deductible Health Insurance
Healthcare is expensive, and when you have a high deductible insurance plan, you might as well get the most out of it. Below are 10 ways to maximize your policy and get the best care for your body and best value for your money.
1. Use free services.
Certain preventive health services are free with a high deductible policy. Check out the list of free procedures and screenings online or make a request from your firm. Just make sure everything is documented correctly so your insurance company can cover the cost.
2. Ask for discounts.
Inform your healthcare provider about your situation. Some offer discounts if you pay cash, while others come up with less expensive alternative treatments. You can also ask the doctor or hospital if there is a low- or no-interest instalment plan available for you.
3. Buy generics.
Always ask for generic prescriptions and shop around for the best prices.
4. Call around to compare hospital prices.
Hospital prices vary across the country. An expensive procedure in your state may be more affordable in another. It pays to do your research. While the price should not be the only basis for choosing a hospital, it never hurts to look for affordable options. Bonus tip: mention your insurance company when you ask for a quote to get accurate prices.
5. Choose an in-network medical provider.
You get more value for money when you choose to stay in-network compared to outside of your insurance plan’s network.
6. Open a health savings account.
If you own certain high deductible plans, the IRS lets you create a health savings account where you can deposit pre-tax earnings for health care.
7. Create an emergency fund.
A high deductible plan cannot serve you well if you lack the finances to pay for health services before the insurance kicks in. A solid emergency fund will keep you from racking up interest and piling up health-related debt.
8. Make records.
File all your medical receipts and documents. Insurance companies can get it wrong sometimes and having all the papers will help you a lot.
9. Know your body.
Manage simple things at home but do not delay when you experience serious symptoms. Some people go to the hospital late out of fear of medical bills but that is nothing comparaed to losing your good health!
10. Know the system.
It can be overwhelming to try and understand how your high deductible health insurance plan works, but this is the only way to get the most out of it. Learn all inclusions and exclusions so you can maximize all the benefits available to you.