8 Healthcare Savings Tips Guaranteed to Save You Money

Introduction: Taking Control of Your Healthcare Costs
In today’s world, healthcare feels like another monthly mortgage payment for many. With costs continually rising, it’s easy to feel powerless. But here’s the good news: You can take control of your healthcare expenses! As a licensed independent insurance broker, I’ve helped hundreds of people save big on their health insurance and medical bills. Now, I’m sharing my top eight tips so that you can do the same.

Healthcare costs don’t have to drain your finances—let’s dive into these simple but powerful steps to save you money without compromising on the care you deserve.

Tip 1: Understand Your Health Needs

Not all health plans are created equal, and the biggest mistake I see people make is choosing a plan that doesn’t align with their actual needs. This leads to either overpaying for coverage or being stuck with large bills for services their plan doesn’t cover.

• Evaluate Your Health Status: Do you have chronic conditions, take regular medications, or need frequent doctor visits? Your health needs should guide your plan selection.
• Family Considerations: If you have a family, think about their medical needs as well. A family plan can often be more cost-effective, especially if you’re managing multiple doctor visits or prescriptions.

By choosing a plan tailored to your health needs, you can avoid paying for unnecessary extras while ensuring you’re covered where it matters most.

Tip 2: Know Your Plan (and Your Options!)

Many people don’t fully understand what their insurance plan covers until they get hit with unexpected bills. Don’t be one of them! Take the time to read through your Summary of Benefits and Coverage—it’s your blueprint for understanding what your plan actually pays for.

If you’re shopping for a new plan, it’s important to know the different types of plans available. The two most common are:

• HMO (Health Maintenance Organization): Generally lower premiums but requires you to stick with in-network providers.
• PPO (Preferred Provider Organization): Higher premiums but gives you more flexibility to choose providers.

There are also private health insurance options like indemnity plans, which cover fixed amounts for various services. These can be a more affordable choice for relatively healthy individuals.

As an independent broker, I work with multiple insurance providers, which allows me to match people with the best plan for their unique needs—something the big-name insurers don’t always offer.

Tip 3: Use In-Network Providers Only

One of the easiest ways to lose money on healthcare is by going out-of-network. Here’s why sticking to in-network providers is a game-changer:

• Lower Deductibles & Out-of-Pocket Maximums: When you go out-of-network, you could be looking at deductibles and out-of-pocket maximums that are 2-3 times higher than what you’d pay in-network.
• Discounted Rates: Insurance companies negotiate lower rates with in-network providers. By sticking to these providers, you automatically benefit from these discounts.
• Coinsurance Savings: Typically, in-network coinsurance is around 20%, but out-of-network it can jump to 40% or higher.

In short, always check if your provider is in-network before scheduling appointments or procedures. It could save you thousands!

Tip 4: Take Advantage of Telehealth Services

Telehealth services are a fantastic way to save money—and time! Many health plans offer telehealth consultations at no cost, meaning you can avoid copays, save gas money, and get care from the comfort of your home.

• No Copays: Many insurers waive copays for telehealth visits, especially for minor illnesses like colds or allergies.
• Convenience: Skip the waiting room and long drives to see your doctor. With telehealth, you get the same professional advice without leaving home.

Whenever possible, opt for telehealth to cut down on unnecessary costs and time spent on visits.

Tip 5: Ask for Cash Prices

If you have a high deductible, are out-of-network, or don’t have insurance, you should always ask for the cash price. Here’s why:

• Significant Discounts: Many providers offer discounts for patients paying with cash or credit cards, sometimes lowering the cost by as much as 40-50%.
• Flexible Payment Plans: Some providers even allow you to set up short-term payment plans, often interest-free.

It never hurts to ask, and you could end up saving hundreds or even thousands by paying cash.

Tip 6: Shop Around for Health Services

Would you buy a car without comparing prices? Probably not. So why don’t more people shop around for healthcare services?

Before undergoing any major procedure or test, take the time to compare prices. There are plenty of price transparency tools that can help you find quality care at reasonable prices. One great tool is Healthcare Bluebook, which allows you to search for fair pricing on everything from office visits to surgeries.

By shopping around, you can ensure that you’re not overpaying for the care you need.

Tip 7: Negotiate Your Medical Bills

Yes, even medical bills can be negotiated! Whether you’ve just had a major procedure or need multiple tests, negotiating can significantly reduce what you owe.

• Talk to Your Provider: Hospitals and doctors’ offices are often willing to lower bills or offer payment plans if you ask.
• Use a Professional Negotiator: There are services available that specialize in negotiating medical bills on your behalf, often reducing them by 20-30%. Check out resources like Take Charge of Your Care to help you with this.

Tip 8: Save on Prescription Drugs with Discount Programs

Prescription drugs can quickly drain your finances, especially if you need to fill them regularly. But there are ways to cut those costs:

• Ask for Generics: Always ask your doctor if there’s a generic version of your prescribed medication. Generics are typically much cheaper than brand-name drugs.
• Use Prescription Discount Programs: Programs like GoodRx and pharmacy savings clubs (like those at Walmart or Walgreens) can provide discounts on medications. Always compare prices, both locally and online, to get the best deal.

Additionally, ask your pharmacist about available discounts—they often know the best ways to lower your out-of-pocket costs.

Conclusion: Be Proactive to Save Thousands on Healthcare

Saving money on healthcare doesn’t have to be overwhelming or difficult. By taking a proactive approach—understanding your plan, choosing the right providers, and shopping around—you can significantly reduce your healthcare costs.

If you’re unsure if your current health plan is right for you, or if you’re looking for better options, I’m here to help. As a licensed independent insurance broker specializing in healthcare and retirement services, I can help you find the plan that best fits your needs and saves you money.

Let’s work together to make healthcare more affordable for you and your family.
Schedule a free consultation today and start saving!

Mike Brenhaug
Licensed Independent Insurance Broker
Specializing in Healthcare and Retirement Services

SmartSolutionHealth.com