Deductibles And Healthcare Costs Are Rising - Are You Protecting Your Finances?
Updated: Apr 15
Did you know that medical costs are one of the most common reasons for debt in the United States? After all, healthcare isn’t exactly cheap – or even affordable – for most Americans. And with that in mind, it’s clear to see that with every sick visit to the doctor’s office, every trip to the ER, and every outing to the pharmacy to get a prescription can translate into a mountain of medical bills.
That’s why it’s important to read the fine print of your healthcare insurance policy to make sure you’re not shelling out extra dollars towards your monthly premium for coverage that you may not need.
In this article, we will take a look at a few ways you can save money on healthcare costs.
It’s no secret that the United States pays more for prescription drugs and medications than most countries in the world. With that said, this expense often comes as a necessary evil for the average citizen. Prescriptions are common these days, and they cover a wide range of issues related to our physical and mental health.
Yet, far too many of us spend absurd amounts of money on prescription medications month after month – and that is even with a health insurance policy to back us up. One of the best (and well-known) ways to save money on your healthcare costs is to switch from brand-name to generic prescriptions.
There’s not much to lose here because the formulas are virtually identical with the same benefits and side effects – the only differences lie in the label and the price tag.
Review Any Preauthorization Requirements
This is something that not many insurance providers like to tell their customers – instead, they will just let them find out when it occurs. One of the most important steps you can take when purchasing health insurance is to review your entire policy in detail with an expert who genuinely wants what is best for you and your family. Sure, it might take some time, but it could be the deciding factor when it comes to shelling out money for substantial bills, should you fail to acquire the necessary preauthorization from your provider before receiving a specialized service, procedure, or treatment.
Remember, insurance providers want to be sure that they are paying for a service that you actually need. This means that they might require a physician’s referral before receiving a specific procedure or treatment, or they might require you take a preauthorization assessment to determine if you need the service in question. Making sure to take note of these requirements before going through with a service, procedure, or treatment is critical.
Pay Cash For Extensive Lab Work Or Imaging
20 years ago you could get a BCBS plan for about $10
Speak To An Expert on Health Insurance
Health insurance is expensive enough as it is; don’t let yourself fall victim to extra costs due to lack of knowledge or understanding of your policy. Always be sure to read the fine print, and don’t forget that there is almost always an alternative to the expensive brand-name prescriptions. The first step to understanding the ins and outs of health insurance is speaking to an expert. Our team at Chavis Benefits knows the common misconceptions and has answers to the questions people don’t know to ask. Contact us today to ensure you’re getting the right coverage within your budget.