Americans are spending twice as much on healthcare today than they were in the 1980s. Last year, healthcare spending in the United States reached about $11,172 per person. Experts note that the most significant factor affecting rising healthcare costs is the cost of insurance premiums.
While there’s little you can do about the cost of insurance besides voting for changes in the government at a state and federal level, there are other ways that you can save on healthcare costs. You shouldn’t have to go into medical debt to ensure your health and the health of your loved ones.
Here’s how to find affordable health care and save money on health care and insurance costs.
How to Choose the Right Health Care Provider
The critical thing to remember about healthcare insurance costs is that the cheapest premium isn’t always the best. To choose the right health care provider and premium, be sure to look at the following:
- Deductible costs
- Fees for appointments you know you’ll make
- Emergency costs
- Preventative care offerings
- Medications
It helps to calculate what your expected costs are to be over the lifetime of the premium. Usually, higher deductibles can equal more costs, especially if you know you’ll be visiting the doctor quite frequently for checkups and other preventive care testing.
As you’re choosing a health care provider, it helps to look at your options in terms of being added on to someone else’s coverage, too. As a domestic partner, you’ll often qualify for coverage under their plan. If you both already have existing coverage, compare the two to see how you can optimize each.
Consider Signing a Health Care Waiver
As mentioned above, it pays to analyze your options regarding health care costs if you’re in a domestic partnership or marriage. If you find that one plan offers substantially better coverage or perks, you can consider signing a health care waiver in order to join your partner’s plan.
A health care waiver is a formal document that you can sign that will allow you to opt-out of a health insurance plan offered to you by an organization such as your employer or school. Instead of opting into their health care coverage, you can sign the waiver and receive higher compensation because they won’t have to cover those health care costs.
This means you’ll be practically “earning more” and can put those extra savings towards other expenses related to or not related to health care. Universities and other large companies and organizations each have their own requirements for waiving coverage, so it’s best to check directly with the organization offering you the plan.
Get a Broker to Help Save on Health Care Costs
Navigating the healthcare marketplace can be difficult; getting a broker can help. If you don’t have the time or energy to find the right healthcare for your needs, you can contact a broker who will take your budget into account and find you a plan that best suits you.
Because you’ll be paying the broker for their services, be sure to ask them anything and everything you want to know about these kinds of medical costs and coverage. If you’re not sure what the difference between PPO and HMO plans is just ask!
Their goal is to ensure that you’re paying for the most cost-effective yet comprehensive plan for your current and future medical needs. They’ll look for ways to save you money on health care costs and ensure you’re not paying for anything you don’t need. Looking for a reputable broker? Check the National Association of Health Underwriters website.
Browse Around for Discounts on Health Care
Just as you’re eligible to receive a discount on your auto insurance for installing a device in your car, you can sometimes qualify for a health care discount if you wear a health and fitness monitor that allows insurance companies to track your health and vital statistics.
UnitedHealthcare Motion is one such company; they offer financial rewards for out-of-pocket medical expenses for merely walking. If you already have existing healthcare coverage, speak with a representative to ask about any potential discounts you might qualify for.
In terms of medical expenses such as prescription costs, it helps to shop around at different pharmacies. While you might not receive a direct discount, certain pharmacies sometimes charge much more than competitors just down the street. Do your research and ensure you’re not overpaying for your prescriptions.
Save for Medical Expenses
Depending on the type of coverage you have and the deductible of the premium, it’s still likely that you’ll have to pay something out-of-pocket, especially in the case of an emergency. At Cheese, we’re dedicated to finding ways to help you save more on everyday expenses without having to drastically alter your lifestyle.
Signing up for a Cheese Debit Card is a great way to earn cashback rewards and other perks. Over time, you’ll be able to bulk up your savings, which is helpful in times of emergency and financial stress.
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Ready to start saving more every day to cover the costs of medical expenses? Sign up today to get your Cheese Debit Card.
