Health insurance plays an integral part in protecting both physical and financial well-being. Maximizing coverage requires considering each aspect of healthcare requirements while taking advantage of valuable tips and strategies to maximize results.
Many plans offer preventive health services like vaccinations, screenings and annual check-ups at no or low cost-sharing for you to use to maintain healthy habits and possibly avoid more serious medical problems in the future. By taking advantage of these benefits, it may help keep you healthy habits alive while potentially warding off future more serious medical issues.
1. Read Your Policy Carefully
Read your health insurance policy carefully in order to fully comprehend its coverage details, such as deductibles, copayments, and out-of-pocket maximums. Doing this can help you make smarter financial decisions when scheduling appointments and using healthcare services. It may also be useful to know which providers are in-network with your plan – those negotiated rates with insurers often lower overall costs significantly.
If you have a high-deductible plan, opening a health savings account to use tax-free money to help pay your deductible is also recommended. Furthermore, be sure to record important numbers like Member Services and Nurse Advice Line for when there are questions regarding coverage.
Now is an excellent opportunity to take stock of your health to-do list and start scheduling appointments or screenings as early as possible in order to maximize benefits before 2025. Additionally, keep tabs on changes to your health insurance plan from year-to-year.
2. Take Full Advantage of Preventive Care
Preventive care services are an effective way to control healthcare expenses and lower long-term costs. Many health insurance plans cover routine checkups, screenings and immunizations without incurring additional costs for enrollees – this care can detect or prevent issues like high blood pressure, diabetes and cancer early enough.
To maximize these benefits, it is wise to schedule appointments early in the year when your deductible or out-of-pocket maximum hasn’t yet been reached. Many individuals also prefer scheduling more expensive procedures like non-emergency surgeries early so as to meet their deductible and have remaining healthcare costs covered by insurance.
Additionally, try visiting in-network healthcare providers – doctors, hospitals and other service providers who have agreed to negotiate rates with your insurer – as these typically result in lower out-of-pocket expenses than visiting out-of-network providers. Furthermore, combine your high-deductible health plan with either a flexible spending account (FSA) or health savings account (HSA), so that tax-free funds can accumulate to pay your deductible and other healthcare costs throughout the year.
3. Schedule Appointments with In-Network Providers
Understanding your health insurance plan may be complex, but maximizing its benefits is paramount to living a fulfilling life. That means using health savings accounts (HSAs) or flexible spending accounts (FSAs) to cover eligible healthcare costs with pre-tax dollars; prioritizing in-network care as much as possible and seeing specialists as soon as you reach your out-of-pocket maximum rather than waiting until next year to visit them.
Your health insurance provider has negotiated rates with in-network providers and therefore typically charges lower out-of-pocket fees when you visit them. Blue Find A Doctor allows members to quickly find these providers near them.
Many specialists maintain cancellation lists, so if you’re open to being flexible with your schedule it might be worth inquiring if there are appointments available sooner than anticipated. You might also consider meeting with nurse practitioners or physician assistants instead of specialists as this will reduce out-of-pocket expenses and save both parties time and effort. To further increase appointment availability consider creating an electronic patient wait list which notifies current and new patients of available appointments that have been waiting.
4. Take Advantage of Prescription Benefits
Once you’ve met your deductible or reached your out-of-pocket maximum for this year, now is an opportune time to schedule any remaining appointments, screenings and prescription renewals to maximize the value of your health insurance while decreasing out-of-pocket healthcare expenses before they increase in 2019.
Deductibles, copayments and coinsurance are payments you make after meeting your deductible; an out-of-pocket maximum is the annual expenditure limit before your insurance begins covering 100% of medical costs.
Understanding these and other healthcare terms is essential to making the most out of your coverage. MoneyGeek has put together this guide that offers an exhaustive review of all of the important terms found within your policy, while also exploring lesser-known tips and strategies to make the most of it – such as using an HSA/FSA to pay medical expenses with pre-tax dollars, prioritizing in-network care, and using preventive medicine. With 2021 coming soon enough, now is an opportune moment to review your existing policy to make sure it still fits with your healthcare needs.
5. Utilize Work Benefits
Companies offer their employees many attractive benefits, from retirement plans to healthcare and wellness perks. Unfortunately, some employees struggle to understand and utilize all the employer-provided benefits.
Some employees may not realize their company healthcare plan comes equipped with a network of preferred providers, which enables them to save money by visiting only those health professionals within that network and lessens paperwork at doctor visits.
Employers often overlook perks like flexible spending accounts and health savings accounts which allow employees to cover medical expenses with pre-tax dollars, potentially saving thousands over time. Employees should consider these perks carefully as their value can add up over time.
If you haven’t done so already, we strongly encourage you to log into your employee account and explore all the benefits available to you. Doing this will provide a better insight into your employer’s overall compensation package while helping maximize the value you get out of these additional perks.
