Being healthy should always be a priority, and taking care of yourself is very important. However, things happen, and you may become sick or injure yourself.
Healthcare, which many need, can often be expensive and even unaffordable to some. Here are some ways to save on healthcare:
1.Choose a healthcare plan that works for you. Low-deductible plans have higher monthly premiums but will cover more of your health costs. This plan suits those with health issues who need regular care. High-deductible plans have lower monthly premiums, but you must pay more out of pocket. This plan is suitable for those who rarely need medical care.
If you have a high-deductible healthcare plan, you should enroll in a Health Savings Account, or HSA for short. HSAs are great for saving money for medical expenses, medical bills, and higher deductibles. Any money you contribute to an HSA is tax-deductible or, if made through payroll deductions, is pretax, which lowers your overall taxable income, and your funds will grow tax-free in the HSA. When you need to make a withdrawal, if it is used to pay for a medical or dental expense (as dictated by IRS rules), you will not pay taxes on that money.
The HSA limit for 2024 is $4,150 for individuals, and families can contribute up to $8,300. HSA is a great way to reduce your tax base, and it covers expenses in your high-deductible health plan. Let’s say, for example, your medical plan has a $2,500 individual deductible annually. Rather than paying a high premium, you could put the money you would pay in a premium into an HSA and use a high-deductible plan.
2. Check your past usage of your healthcare plan. If you are using it sparingly, you’re most likely over-insured. If you’re paying more out of pocket, you’re underinsured. If you have medical insurance through your employer, check with your HR or Benefits Administration Department – they should be able to offer some advice in this area.
3. If possible, only go to healthcare providers covered by your health coverage. Choosing healthcare providers who are in-network is cheaper than selecting those who aren’t in-network. This is because in-network providers have a contract with your health plan and can charge you lower rates.
4. If you take medications, there are a few ways to save money on your next prescription. If you’re taking a name-brand drug, ask your healthcare provider if you can switch to a generic. Generic drugs should have the same ingredients but at a lesser cost. You can also ask your healthcare provider if a less expensive medication can treat you.
5. If you have a procedure, ask your healthcare provider if you can do it at an outpatient surgical center rather than a hospital. Outpatient clinics are typically 45 to 60 percent less expensive than a hospital. This is because outpatients are smaller businesses with less overhead and are generally cheaper to run. Also, you typically won’t be spending the night and will only be there for the day, substantially cutting the cost of being in a hospital.
6. Participate in preventative care. Eating well and exercising will make you healthier and less likely to become ill. If you are sick, the doctor will likely catch it before it becomes too severe.
