Tips to Help You Save on Your Healthcare

Look for Savings Before You Get Care

Start Comparison Shopping for Your Healthcare

Shopping for competitive pricing on diagnostic or preventive tests is a new concept to most healthcare consumers, but it's important when you want to save money. Medical test pricing varies considerably from facility to facility, and knowing your options can help you get the most affordable rate.

To shop around, you'll need to know the CPT code (an administrative code used to standardize pricing for procedures across facilities and doctors) to get an accurate price. The doctor's office that prescribed your test can give you the code, or you can look it up on the American Medical Association's website, www.ama-assn.org.

When you're comparison shopping, make sure to call several different facilities – and types of facilities – for pricing information; for example, an academic medical center's pricing will vary widely from an independent clinic. Also, keep in mind that some doctors, including yours, may have special arrangements with facilities and can get steep discounts for you.

If you have a doctor, ask him or her about the quality of the facility you've selected before you have the test done. Remember, quality of care is just as – if not more – important than price.

back to top

Build a Care/Cost Relationship with Your Doctor

Doctors are often unsure of the cost of treatments or procedures, but that shouldn't stop you from having the cost conversation with him or her. Find out costs before you have any tests or procedures done, including how much it will be your responsibility to pay versus your insurance company. If you don't have insurance, or if you have a high deductible, it's even more important to talk costs through with your doctor, as your co-pay portion of an MRI, colonoscopy, stress test or CT scan can cost hundreds of dollars! If your doctor knows you're concerned about costs, he or she can explore an alternative plan.
back to top

Use Clinics & Urgent Care Centers for Lower Price Options

There are many different types of walk-in clinics for patients who do not have access to a regular physician. Clinics that receive federal money are called Federally Qualified Health Centers (FQHC), while others are privately owned. FQHC's have income requirements along with a sliding pay scale. Retail clinics, and there are many different ones, including CVS (Minute Clinics) and Walgreens (Take Care Clinics) are staffed by nurse practitioners, and are often cheaper than a doctor's office visit fee. While these clinics may be an attractive alternative for some, they're only equipped to handle basic medical needs, such as wellness physicals, vaccines, skin conditions and respiratory illnesses. Minute Clinic costs range from $30 for a camp physical to $102 for a flu diagnosis. Take Care claims its uninsured rates range from $59 to $80, but you should check the price list on the door before receiving treatment.

Urgent Care Centers can be another source of lower cost care; but use caution when visiting these facilities. They may charge emergency rates if they're attached to a hospital and your care doesn't fall into the select urgent care criteria. Also, keep in mind that some of these clinics need a physician referral or an appointment before they'll take you, while others are walk-in. To ensure the facility will meet your needs and budget, locate an Urgent Care Center and call for rates and policies before visiting.

back to top

Ask Your Doctor About Payment Options if You Are Uninsured or Underinsured

Administering insurance programs is an arduous process for a physician's office, mainly due to the fact every carrier has different forms, prices, policies and customer service levels. If you are a covered patient and your doctor accepts your insurance for the care you receive, he or she cannot ignore the co-payment or they will be in violation of their insurance carrier agreement.

However, many physicians are willing to work with patients on pricing to make sure they are getting the care they need, while securing compensation for themselves. Some physicians offer sliding pay scales for the uninsured or underinsured. And, some bypass the insurance conundrum altogether and offer "concierge" services. This type of payment arrangement allows you so many visits per year for a set out-of-pocket fee. For example, if you know you'll need to visit the doctor every month or four times per year, you and your doctor can negotiate an annual fee for the services.

back to top

Know Your Doctor's Payment Policies Before Your Appointment

Recently, we've heard that more doctors want insured patients to pay their entire balance for services rendered before they leave the office. So, instead of simply having you pay your co-pay (if applicable) and then waiting for your insurance carrier to pay the remainder of the bill, doctors want you to pay the whole tab and submit the invoice to your insurance for reimbursement. Dentists have been doing this for a long time.

This is particularly troublesome for several reasons. First of all, who negotiated the rates you'll be paying? And secondly, why have insurance if you have to pay for both monthly premiums and the services you're supposedly covered for? Find out what your physician's payment policies are before you walk in or you'll risk having to pay a large bill when you leave the office.

back to top

Consider Medical Tourism for Lower Prices

Uninsured or underinsured patients who need a major hospital procedure can meet financial ruin by paying out-of-pocket costs in the U.S. There are millions of U.S. citizens going to Thailand, India and South America for procedures such as transplants, hip and knee replacements and plastic surgery. Before leaving the U.S. for any type of medical procedure, your decision should be carefully vetted with your doctor. Also, make sure the medical facility you're going to is accredited by the Joint Commission International.
back to top

How to Lower Your Medical Bills

Call and Negotiate Your Medical Bills

If there is anything we've learned over the years, it's that hospital bills can be negotiated. Don't wait for a collection agency to call before you act on your payment. Call the hospital's billing office and ask for their uninsured discount rate. Most hospital account staff don't want to negotiate with you line by line on your itemized bill, so they will give you a discount off the total bill. We've heard discounts ranging from 35%–50% from billing offices. The catch may be that you have to pay that day – however, push back before you put hospital expenses on a credit card that you can't pay right away. Try for a payment plan instead.
back to top

Check Your Hospital Bill for Errors

Many hospital accounting systems are antiquated, and don't use a cost-accounting approach to setting prices. This means they don't have a real price set for specific services or products, which is why aspirin can cost $500. Many hospitals put an annual budget together and then figure out how much of their expenses need to be shifted to insurance or patients after Medicare payments. Look over your itemized hospital bill for errors – such as those things you didn't use – and ask to have them removed from your bill. Also, identify costs that seem inappropriately priced and negotiate these. Chances are you'll get an overall reduction off your total bill. Remember, be proactive when it comes to asking for pricing and discounts, and be sure to get your renegotiated bill in writing before you send a check.
back to top

Ask to Have Your Portion of Insurance Co-pays and Deductibles Reduced

If you're met with a hospital bill that seems astronomical, try negotiating with the hospital accounting team to have them dismiss your portion of the hospital bill, or at least reduce it. Remember, they've already received reimbursement from your insurance company, so they're not out the entire cost of the bill. If you can show a hardship, your chances of getting the costs waived are pretty good. The number of patients and insurance plans that pay 100% of charges is about 2%. But remember, you have to ask.
back to top

Don't Put Medical Debt on a Credit Card

No one likes having bills hanging over their heads, but before you pull out your credit card and pay off your healthcare bills, consider how long it will take you to pay off the card. Medical debt is often considered forgivable, but credit cards fall into "secured" debt status. This means that credit card debt affects your credit rating while medical debt won't. Also, medical debt can be reduced by negotiating your portion of the bill, while credit card debt cannot. You may be better off with a payment plan from the hospital or other service provider rather than putting debt on your credit card.
back to top

Search for Savings on Prescriptions

Look for Discounts – Drug Companies Want You to Take Your Medication

Prescription drug costs are alarming most of us, especially since our coverage seems to be diminishing. Before you run out to fill your prescription, check our site under Drug Savings or Group Deals to see if we can save you money on your brand name drug. If you don't see a manufacturer coupon or better price from our Drug Savings mail order list, suggest we start a group deal and we'll go ask the manufacturer for more affordable pricing.

Another alternative is to go directly to the drug website and see if they are offering any co-pay programs. Many pharmaceutical companies are looking at rebates, free trial offers and co-pay programs as a way to motivate you to stay on your treatment regimen. There are also assistance programs through manufacturers for patients who meet eligibility criteria.

back to top

Get the Most Value From Healthcare Plans

Sign Up for Flexible Spending Accounts (FSAs)

If your company offers one, FSAs are a great savings plan for paying for healthcare expenses. You can usually put aside anywhere from $2,0000 to $5,000 of pre-tax income from your paycheck to pay for services, products, tests, co-pays and deductibles. Most FSAs offer debit cards or websites to track and manage your spending. The one drawback is that if you don't use all the money you've allotted for healthcare expenses within that calendar year, you lose the money. So be careful to plan your healthcare budget for the year.
back to top

Save with Consumer-Directed Healthcare Plans Like Health Savings Accounts (HSAs)

Before you select a high deductible HMO or PPO insurance plan, look into an HSA. Many large corporations are offering these plans to employees. They're also being used by small businesses. Health Spending Accounts let you put up to $5,950 pre-tax dollars a year for a family and $3,000 for an individual into a bank that manages HSA accounts. Employers are allowed to help with the contributions. The best thing about these plans is that if you don't use the money set aside it can be rolled over into the next year – so in essence, you're building a nest egg for when you need healthcare. However, if you have a diagnosed condition, you could wind up paying the total deductible level – but you'll pay for it with pre-tax dollars. Also, keep in mind that in most circumstances, you can't have both an FSA and an HSA. If you're buying an HSA plan on your own, make sure you check out rates and terms at several providers as they can vary widely.
back to top

Explore How TARP Offers Help with COBRA if You've Lost Your Job

Unfortunately, millions of Americans have lost their jobs over the last year – about 14,000/day. If you're offered COBRA for the next 18 months, make sure you apply for the TARP federal subsidy that will reduce your premiums by 65%. Employees who lose their job prior to 2010 are eligible for this program. The application should be included in the COBRA packet your company sends out.
back to top

Learn How To Get Insurance with a Pre-Existing Condition

Hopefully, healthcare reform will help patients with pre-existing conditions get affordable individual health coverage, but today, it's tough to find and very expensive. If you're looking for an individual policy and have a condition, the underwriting requirements are extremely tough to pass. Try a health insurance broker for small businesses and ask if incorporating with your spouse or someone else would allow you to get a plan. Sometimes it's easier finding an insurance policy as a small business with 2 or more employees than an individual.
back to top

Determine if Dental and Vision Coverage is Worth it

Whether or not to have health insurance is a no-brainer, but vision and dental coverage is a different matter. First of all, glasses and lenses have gotten very expensive and promotional offers almost always have hidden costs. But the cost of coverage and the level of coverage doesn't always warrant insurance for vision care. Get out a pencil and paper and calculate your family's vision needs, including physician visits, frames, lenses, and any other costs you may incur over the year. Then, look at various vision plans and see if you come out ahead.
back to top

Participate in Preventative Care

Keep Healthy with 10 Proven Preventative Screenings

Over the years, many patients have come to assume that they have to go their doctor for annual exams and have an extensive check-up. However, doctors on the U.S. Preventive Services Task Force believe the list of things that are proven to keep you healthy is short, and includes:
  • cervical cancer screenings
  • colon cancer screenings
  • breast cancer screenings
  • blood pressure tests
  • cholesterol tests
  • osteoporosis screenings for women over 65
  • counseling for obesity
  • counseling for alcohol misuse
  • support for smoking cessation
back to top

Make Lifestyle Changes a Priority to Reduce the Need for Medication and Care

It's easy to deny a diagnosis, especially if you don't feel bad or you don't want to pay for it. But avoiding caring for yourself will only ensure that your condition will get worse – and more expensive. For instance, a Type 2 diabetes patient may be able to manage their chronic condition with diet and exercise at first, depending on the severity of the illness and the ability to stabilize their blood glucose level. However, if the patient insists on not changing their behavior, be assured more conditions with surface alongside the diabetes and require more treatment and prescription costs.
back to top

Save Money and Stay out of the Emergency Room by Managing Chronic Conditions

Chronic illness represents almost 75% of our national healthcare costs, according to the National Institutes of Health. It is also one of the biggest factors in rising out-of-pocket healthcare costs. If you've been diagnosed with a chronic condition, become familiar with the treatment options for that condition, and develop an action plan with your doctor to address how you can take charge and manage your illness. One of the important steps in managing the care and costs of your illness is to know what triggers an acute episode, which usually requires medical intervention. For instance, if you're not monitoring your blood sugar levels as a diabetic you can end up in the emergency room. If you suffer from asthma and don't take steps to reduce asthma triggers in your environment, you can end up in the emergency room. Find out what you can do to reduce these triggers and take action – this will keep your health and your costs under control.
back to top