Health insurance policies typically come with in-built cost-sharing features including, among others, copayment, deductibles, out-of-pocket limit, and coinsurance. To put it another way, no health insurance policy covers 100% of your medical costs. For this reason, it makes financial sense to get the most from your health insurance. Here are some health insurance tips and tricks on how to get the most from your health insurance.
Buy Generics instead of Brand-Name Drugs
Whenever possible, buy generic medication instead of a brand-name medication. This is because although generic drugs are typically less costly compared to their brand-name counterparts, they are typically pharmacologically identical to their brand-name counterparts. To put it differently, they have exactly the same route of administration, dosage, intended use, and efficacy as the brand-name drugs. Keeping this in mind, generic drugs offer you a cost-saving opportunity to get the medication you require at a far lower cost. Additionally, you can use mail-order prescriptions to lower your medication costs further, especially if you’re using medication over a relatively long period. It is worth noting that you can even get medications via mail order through your health insurance carrier. Of course, you should always consult with your physician before you use any medication.
Open a Health Savings Account
Depending on the nature of your policy, you can add a health savings account to your policy. Take note that money saved in a health insurance savings account is tax-free. Besides this tax benefit, your savings will also earn interest and roll over every year. What’s more, your employer may also add to your savings. Overall, a health savings account is a great way to save money for your medical costs, allowing you to get the most from your health insurance.
Embrace Preventative Care Services
Preventive care is any health service that aims to prevent health emergencies. Examples of preventative care services include:
• Routine checkups, for example, annual physicals
• Dental cleanings
• Well-woman appointments
• Fitness classes
• Health screenings, such as colonoscopies and blood pressure screening
It is worth noting that some drugs, such as contraception, immunizations, and allergy medications, are preventive, too. That said, according to HealthCare.gov, the law requires most health plans to cover a set of preventative care services, including screening tests and shots, at no cost to a policyholder. This includes health plans offered through the Health Insurance Marketplace, such as Medicaid and Medicare.
Avoid Out-to-Network Providers
In-network providers typically enjoy lower charges compared to out-of-network providers. For this reason, you should use out-of-network providers only when you have no other option. This means that even your children’s doctors should be in-network providers, meaning providers affiliated with hospitals covered on your health insurance plan.
Use these health insurance tips and tricks to get the most out of your health insurance. To get the right health insurance coverage for you and your family, contact the professionals at Patterson & Associates Insurance in Richardson, Texas. Our dedicated team is ready to get you the health insurance coverage you need.