Friday, February 5th, 2010
Many Americans, given the skyrocketing cost of health insurance, are now seeing higher deductibles and more out-of-pocket expenses. It is because of this that we all must do what we can to save on our health insurance.
The following tips can guide you when looking for practical ways to save on your health insurance expenses:
- Read and re-read your health insurance’s policies regarding pre-approvals. Many times, individuals do not go through the proper channels and seek pre-approvals from their insurance companies, only to find out that a very expensive procedure or treatment is not covered under their health insurance policy. Although not all health insurance policies include pre-approvals, those that do typically include very specific language on getting preapprovals for procedures ahead of time.
- Carefully read any and all correspondence that comes from your health insurance company. This includes bills, explanation of benefits and itemized deductions for hospital stays and doctor’s visits. It is not uncommon to find mistakes when it comes to billing, so you may very well find mistakes that otherwise could have cost you big. If you don’t understand something, immediately contact your health insurer and ask for an explanation or clarification.
- Carefully read your Explanation of Benefits from your health insurance company and compare them with your statements. Pay close attention to the amount that your insurance company pays and the amount for which you are responsible. More importantly, if your health insurance has been denied, ask for an explanation from your health insurance company. Many times, individuals simply pay their health insurance bills without asking questions. These oversights can end up costing you hundreds - perhaps thousands - of dollars in out-of-pocket expenses!
- Don’t be afraid to ask for discounts on your doctor’s visits and prescription medications. Many times, your doctor may offer you discounts on services, particularly if you have high deductibles. If your doctor prescribes a medication, ask for any free samples, and always ask if the medication your doctor prescribes is available in generic form.
Tags: cost of health insurance, explanation of benefits, health insurance, health insurance deductibles, health insurance expenses, health insurance policies, save on health insurance
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Tuesday, December 1st, 2009
If you are fortunate enough to have employer health insurance, then congratulations are in order! With your employer health insurance, however, often comes confusion and questions. While each employer will offer different plans and different policies, the following information can help you to better understand your employer-based health insurance policy:
- Most employer health insurance plans include managed care plans, including health maintenance organizations (HMOs) or preferred provider organizations (PPOs). It is important to understand that a HMO plan will only cover those doctors within the plan’s network, while a PPO will pay a portion of your costs if you choose to see a doctor outside of the network.
- Your health insurance may vary in cost depending on the services they offer and your out-of-pocket expenses. Deductibles, co-pays and prescription costs may also vary according to the plan you choose.
- Some employers may expect you to pay a certain portion of your monthly health insurance premium, and may require a larger payment from you if you choose a more expensive healthcare plan. Likewise, a less expensive plan may result in lower out-of-pocket expenses.
- Before choosing a healthcare plan, make sure it caters to your specific needs. For example, if you have many prescriptions you will want to likely search for a plan that offers low co-payment prescriptions costs.
- Compare your health insurance benefits with those of your spouse to determine which plan provides better coverage at a better price. Remember to compare such factors as doctor’s visit co-pays, monthly premiums and prescription medications.
- Read the plan carefully and ask your company’s human resources manager for answers with any of your questions. Many times, insurance representatives will visit companies during open enrollment to answer any questions regarding their health insurance plans.
- Don’t forget to pay close attention to any cap on benefits. For example, does your plan have a yearly or lifetime cap on health insurance benefits?
- Check to see if your family doctor is included in your health insurance plan. Many times, being able to keep the same doctor makes a big difference.
Tags: co-pays, employer health insurance, employer health insurance coverage, health insurance deductibles, health insurance premium, health maintenance organizations, HMO, managed care plans, PPO, prescription costs
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