Main points
- Health care is expensive, but there are ways to reduce your costs.
- Health insurance marketplaces provide websites where consumers can compare health plans and find health coverage that fits their needs and budget.
- Saving on prescriptions has become easier with pharmacy discount programs and online pharmacies.
About 112 million Americans are struggling to pay for health care, he said. West Health-Gallup Health Care Affordability Index and Health Care Value Index reported in 2022. These measures were developed after the rate at which Americans report skipping health care due to costs tripled a year ago.
Insurance research done in 2022 Commonwealth Fund Nearly half (49%) of adults surveyed said they could not afford to pay an unexpected medical bill of $1,000 within 30 days, and 46% of respondents said they have skipped or delayed medical care because of the cost.
Health insurance premiums, deductibles and co-pays have increased over the past decade, making hospital visits and medications expensive even for those with employer-sponsored health insurance.
of Kaiser Family Foundation (KFF) By 2022, average premiums for employer-sponsored family health insurance coverage have increased 20 percent from 2017 and 43 percent from 2012. KFF reported 41% of Americans have medical debt.
Unfortunately, the cost of health care is expected to continue to rise. Mercer’s National survey of employer-sponsored health plans Acquired medical plan spending per employee is expected to increase by an average of 5.6% in 2023.
While paying for health insurance can be expensive, those without health coverage often pay higher prices. As of 2011 US Centers for Medicare and Medicaid ServicesThe average cost of a three-day hospital stay is $30,000, and fixing a broken leg can cost up to $7,500.
There are ways to lower your health care costs without giving up your insurance coverage. Read on to learn ways to be a savvy health care consumer.
How to get cheap health insurance
Since health insurance prices vary widely, it is wise to shop and compare plans from different insurance companies.
Including health insurance marketplaces Healthcare.gov and eHealth.com, offering websites where consumers can compare health insurance plans and pricing.
Natasha Cantrell, director of eHealth, said the marketplace helps people save money by allowing people to compare plans from more than 200 insurance companies on one site.
“Consumers can see how plans stack up in terms of premiums, deductibles and co-payments,” Cantrell said.
Ways to save on health insurance
Here are a few ways to save money on health insurance and other health care costs.
Don’t just focus on the monthly premium
While it’s easy to think that you’re saving money if your monthly health insurance premium is low, that’s not always the case.
“The most common mistake people make when comparing health insurance plans is to focus too much on monthly premiums and forget about the out-of-pocket costs that come with getting medical care,” Cantrell said. “Cheap plans aren’t always the most affordable in the long run.”
Cantrell said health insurance plans with lower monthly premiums come with higher annual deductibles, co-payments or copays.
“These plans can be good for people who are young, healthy, don’t use prescription drugs or visit the doctor,” Cantrell said. Still, it’s important to make sure you can afford the emergency deductible or out-of-pocket allowance.
In contrast, Cantrell said many people save money by going with a higher premium plan with lower out-of-pocket costs.
“If you have a chronic health condition, use prescription drugs regularly or see the doctor frequently, the savings you realize from a small deductible can add up to more than your monthly premium,” she says.
Stay in the network
It’s important to stay within your health insurance company’s provider network to keep your costs under control. If you are treated by a medical provider who does not have a negotiated payment agreement with your health insurance provider, you may pay for your care out of pocket.
Cantrell said that while coverage levels can vary among different plans, some plans don’t offer any meaningful coverage outside of your provider’s network, at least for emergency care.
“If there’s a doctor or hospital or pharmacy you want to see in your area, make sure they’re in the provider’s network for any new health insurance plan you’re considering,” she says.
Negotiating accounts
If you have out-of-pocket costs for a hospital or doctor’s visit that you think are too much, Paul Frontin, director of health benefits research at the Employee Benefit Research Institute, says it may be worth trying and negotiating your bill.
“Start by researching the average cost of the medical procedure you receive in your state,” says Fronstein. The website healthcarebluebook.com It can help with this. “Then ask your hospital or doctor’s billing department to see if the cost can be reduced. If not, you can see if a payment plan is possible or if you qualify for any financial health care assistance programs.
Avoid unnecessary emergency room visits
When your child shows signs of an ear infection over the weekend or you injure your ankle while walking your dog at night, going to the emergency room may seem like the best course of action. Also, your doctor’s office is closed, and you need medical attention.
However, Cantrell notes that in most cases, you will save money by visiting an urgent care clinic in your provider’s network instead of visiting the emergency room. In addition to paying much less at an urgent care clinic, you can significantly reduce your treatment time.
“Familiarize yourself with in-network urgent care clinics and hospital emergency rooms before you need them,” she says.
Urgent care clinics
Urgent care clinics can treat minor illnesses and injuries, allowing you to save emergency room visits for chest pain, weakness/numbness on one side, slurred speech, and more. Severe symptoms.
Many urgent care clinics accept health insurance, reducing the cost of your visit.
Retail clinics
Retail clinics, staffed by a nurse practitioner or physician assistant, include non-life-threatening illnesses and injuries, respiratory infections, allergies and skin conditions.
They are usually found in grocery stores and pharmacies, such as:
- Minute Clinic (CVS and Target)
- RiteAid
- Sutter Health-Internal Care (California)
- Target Clinic (Target)
- The Little Clinic (Kroger)
- VillageMD (Walgreens)
- Walmart Health (Walmart)
According to MinuteClinic, the cost of an uninsured visit ranges from $22 to $261, while an emergency room visit for the same service costs $1,014 or more. Minute Clinic also accepts health insurance, according to the CVS website.
Start a Health Savings Account (HSA) or Flexible Spending Account (FSA).
If your employer offers an HSA or FSA savings account, you can set aside pre-tax income to pay for qualified medical expenses, including deductibles and copayments. To qualify for an HSA, you must have a high-deductible health plan.
You can also set up an HSA at a bank or credit union. Using tax-free dollars from an HSA can often lower your total health care costs.
Put on medicine
Prescription drug costs are much higher in the United States than in other countries, but skipping your medication early is rarely the answer.
If you can’t afford your medicine, talk to your doctor or pharmacist about finding a less expensive or generic medicine, or applying to a patient assistance program offered by drug companies.
SingleCare.com and GoodRx.com offer customers free coupons for drug discounts. Mark Cuban’s website costplusdrugs.com offers affordable drugs by cutting out the middleman and delivering prescriptions directly to consumers.
Frequently Asked Questions (FAQs)
As of 2011 US Centers for Medicare and Medicaid ServicesAn employer-based health plan is considered affordable if it is the employee’s share of the monthly premium for the low-cost health insurance plan offered. Less than 9.12 percent of your family income.
You can often lower the cost of your health insurance, but plans with cheaper premiums have higher deductibles and out-of-pocket maximums. This will make your health care costs more expensive in the long run.
Use that Healthcare.gov searchable database Find a health insurance agent, broker or insurance agent to identify your needs and review your options. They can help you find the right balance of premium cost and coverage.
If you have out-of-pocket medical bills that you feel are excessive, you can try to negotiate with the hospital or doctor’s office. Research the average cost of the treatment you received, then call the billing department. Ask if your expenses can be reduced. If the answer is no, see if you qualify for any financial health care assistance programs, whether you can pay in installments or get a discount for paying in full.