Money Talks News: High-Deductible Health Plan -- How to Save
Mon, 23 Sep 2013 12:21:21 GMT —
Easiest way to cut the cost of health, or any other kind of insurance? Raise your deductible - the part of the bill you pay before the insurance company pays any.
Because they're typically the least expensive option, high deductible plans are already popular. And as Obamacare kicks in, they can only get more so.
But these plans are going to make yo pay that first thousand dollars, maybe more. Here's how you're going to keep that out of pocket cost to a minimum.
First, tell the doctor you have a high-deductible plan and ask for discounts. If you're getting medication, request generics. And when you can, shop.
There's nothing wrong with comparing prices at hospitals, labs or doctors.Also, make sure your visit is properly coded. Under Obamacare, preventative care is free.
You don't have to pay anything. But if that's what you're getting, ask the back office to make sure your bill reflects the right code so you're not charged.
If you can, open a health savings account, or HSA. Like an IRA, you put money in, get a deduction and use it to pay medical bills.
Next, keep good records: know what you've paid toward your deductible. And finally, if you can't pay the bill, don't use a high-interest credit card to pay it. Instead, ask the doctor for a low or no-interest installment plan.
Bottom line... High-deductible health plans mean cheaper health insurance, but more out-of-pocket cost.
Do what you can to keep more of that money in your pocket instead. Go to moneytalksnews.com and search for "High-deductible plan."
For Money Talks News, I'm Stacy Johnson.