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Buying a high-deductible health insurance plan can lower your monthly costs. Unfortunately, high-deductible plans also mean that you may have to spend a lot of money out of your pocket when you need medical attention.
Use these five ideas to manage your health care when you have a high deductible.
Doctors, hospitals, clinics, and other care providers charge their own prices for services. Contact several health care providers in your area to get quotes for the services that you might need. Making a few phone calls could save you thousands of dollars the next time you have to go to the hospital. (Related: Health Insurance Tips for Anyone Who’s Been Laid Off. )
Health insurance companies often charge lower rates when you go to in-network providers. Take a close look at your policy to determine whether you qualify for price breaks by visiting in-network providers.
Still, don’t forget to call the providers for quotes. Prices can vary even within the same network.
Unless your doctor insists that you take a brand name drug, you can save money by choosing generic medications. Nearly all generic drugs work just as well as their brand name equivalents. Depending on the medication, you could save anywhere from a few dollars to a few hundred dollars.
You can’t control everything in your life, but you can make decisions that lower your risks of getting sick or injured. Don’t participate in dangerous activities like base jumping, rock climbing, hang gliding, and surfing. It may pay more to take risks with your money, rather than your health.
You should also try to avoid people who are sick. If you can’t avoid them, then wear a protective mask that will help prevent germs from entering your system.
If you lead a healthy lifestyle, then you may only need to see your doctor once a year for an annual exam. Some tips for improving your general health include:
High-deductible insurance plans can help you save money in the short-term, but they’re often expensive when you get sick or injured. Follow the above rules to manage your health and save money while you have a high-deductible plan. And make sure you’re matching your health insurance needs with the right plan for you. If the plan you’re on isn’t a good fit, find the right health care option for you.