Don't Let Healthcare Bust Your Budget

The recent financial troubles have been especially hard on small business owners and employees. As such, it has become especially important that you take full advantage of all the benefits that your coverage has to offer.

If you have a high deductible health plan coupled with a health savings account, there are a few things that you need to keep a close eye on. Having a health savings account style plan is a great way to save on insurance premiums and have your other health costs tax deducted, but you also have to pay careful attention what you are spending on health insurance unlike co-pay plan users.

First of all, make sure that you are searching for the best deal on your healthcare. With a high deductible health plan, you still only pay your carrier’s negotiated price, but their negotiated price is not necessarily the same at every physician’s office for the same services. Make sure that whenever possible you use your primary care provider rather than an urgent care facility or the emergency room. Emergency room visits tend to cost between $300 and $1000, urgent care visits around $150, and primary care visits between $30 and $50. These are significant savings. Another trick to minimizing your costs is to get your doctor to prescribe you only generics when possible.

Also, make sure that you present your insurance card when you visit the doctor or the pharmacy even if you have yet to meet your deductible. First of all, this will make sure that any expenses you incur will be applied towards you deductible. Second of all, presenting your card will ensure that you only pay your carrier’s negotiated rate.

Be sure to visit the IRS’s website and find their list of qualified expenses for Health Savings Account users so that you can take full advantage of your tax savings. Expenses such as dental care and over the counter drugs are eligible expenses. It pays to know.

Source

http://www.kiplinger.com/columns/ask/archive/2009/q0129.htm

http://www.kiplinger.com/magazine/archives/2007/05/insurance.html