The Update

How Can I Save on Healthcare Costs?

Healthcare costs can take a big bite out of your budget, but with strategic planning, you can save on healthcare costs without compromising the quality of your care. Here’s how:

Choose the Right Health Insurance Plan

Health insurance plays a crucial role in how you manage your healthcare costs, but not all plans are equal. Picking the wrong one could leave you paying more than you should.

Here’s How to Choose the Right Plan:

• Compare coverage. Evaluate plans based on your healthcare needs. If you visit specialists often or take regular medications, ensure those are covered.
• Understand premiums vs. deductibles. Lower premiums can seem attractive, but the monthly savings are often undercut by higher out-of-pocket costs. However, if you’re generally healthy, these plans can save you a lot of money.
• Utilize open enrollment. Review your coverage annually to ensure it still meets your needs.

Take Advantage of Preventive Care

Preventive care is free under most insurance plans. This includes services like vaccinations, screenings and annual wellness visits. Schedule regular checkups for early detection of potential issues and keep up with recommended vaccinations and routine screenings. It’s also important to maintain a healthy lifestyle to minimize illnesses.

Use Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)

• HSAs are available with high-deductible health plans (HDHP). This account allows you to set aside pre-tax dollars for medical expenses.
• FSAs also allow you to save pre-tax dollars for medical expenses, though funds must typically be used within the plan year.

Both accounts can be used for various medical expenses.

Shop Around for Medical Services

Healthcare prices can vary a lot by provider. Be sure to compare costs on various tests or imaging services by using tools, like your insurer’s cost estimator or third-party websites. It’s also a good idea to ask for cash discounts when paying out-of-pocket. Finally, avoid the ER for non-emergencies.

Maximize Generic Medications

When prescribed medication, ask your doctor about generic options. Compare prices at different pharmacies to ensure you get the best deal and use discount programs, like GoodRx, to find coupons and discounts.

Stay In-Network

Ensure your preferred doctors and specialists are in-network before scheduling appointments, and confirm the network status of any hospital or facility you’re referred to. If you do need out-of-network care, ask your insurer about partial reimbursements.

Explore Community and Nonprofit Resources

Local clinics, nonprofits and government programs often provide free or low-cost services for those who qualify. You can also check out prescription assistance programs for reduced medication costs. Finally, see if you qualify for government programs, like Medicaid or CHIP.

Be Proactive About Medical Billing

Ensure all charges on your medical bills are accurate and match the services you received. If a bill seems high, ask the provider about payment plans or discounts for upfront payments.

Free Financial Coaching

If you'd like some additional support, RGCU offers Free Financial Coaching. Our certified coaches can help you and your parents budget for the future, help gameplan for future puchases, and offer insight into all things finance related.