There are now 75 million Americans enrolled in high-deductible health plans (HDHPs), according to the CDC’s National Center for Health Statistics. Are you one of them?
If you are new to an HDHP this year, you’re probably still discovering how to best take care of your physical health, while keeping your out-of-pocket costs at a manageable level.
Here are six tips that can help:
1) Maintain preventative care. Many preventative services—such as annual physicals and screening tests like mammograms, and vaccinations—are 100 percent covered. Yet, a study found that one in 10 people weren’t aware that such services were covered by insurance, and 20 percent had delayed or avoided a preventative office visit or test because they were concerned about the cost. Take a look at your plan to understand your costs, if any, for preventative services and get your 2017 checkups.
2) Enroll in a Health Savings Account (HSA) or Flexible Spending Account (FSA). Of the 75 million Americans enrolled in an HDHP, a projected 34 million are also enrolled in an HSA. Annual HSA or FSA contributions go into an account pre-tax and can be used to help offset out-of-pocket medical expenses. An added advantage of an HSA is that unused funds roll over from year-to-year, allowing you to build a healthcare nest egg for both short- and long-term healthcare expenses. To learn more about the many purposes of an HSA and FSA, check out our blogs: “The HSA: The Best Retirement Investment Tool You’ve Never Heard Of” and “Make Your Health a Priority with Your FSA.”
3) Don’t ignore your symptoms. If you think you would benefit from a visit to a healthcare professional, don’t wait. For most HDHPs, seeing a primary care physician or even a specialist costs significantly less than a trip to the emergency room. Putting off seeing a doctor for a current condition could end up costing you more if your symptoms worsen and you require inpatient hospital care.
4) Utilize free resources. Many plans offer online resources, such as free health assessments, and health advice lines. If you—or your spouse or kids—are experiencing new symptoms, call a nurse! Most HDHPs have registered nurses available 24x7 to help you better understand your symptoms and provide accurate health information and education.
5) Track your spending. Your annual deductible resets every year, so it’s important to keep close tabs on your healthcare spending. If you anticipate requiring a costly procedure, such as surgery, you may want to schedule it for early in the year if possible. You’ll reach your deductible faster, causing insurance to kick in for healthcare costs down the road.
6) Price compare for medications. Be sure to ask your doctor if there’s a generic version of a prescription—it might cost less.Also, it may be worthwhile to price compare across different stores before choosing where to get your prescription filled. A survey by Consumer Reports found huge price ranges at drug stores for generic versions of common brand name drugs, such as Lipitor and Lexapro, revealing a difference of $749 between the highest- and lowest-priced stores (for this particular study, Costco had the least expensive prices overall).
Taking advantage of these tips will help you take care of yourself while managing your out-of-pocket costs. Refer back to them to make the most of your HDHP throughout this year.
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