Over time, health costs tend to rise. While there isn’t much you can do about inflation on a macro level, the reality is that there are a few things you can do to reduce your own personal expenses. Here are a few tips for reducing your health costs:
Shop Around for Health Insurance Plans
The first thing you should do is shop around for a health insurance plan that works for you. Too often, we get stuck in a rut, and don’t realize that benefits are being dropped from plans, even as costs are rising. You can check into different companies. Many companies, like HBF, have health hubs and resources that can help you compare benefits and prices.
Take a look at HBF’s health insurance page and compare your options. Choose a plan that fits your budget and your needs. Regularly re-evaluating your coverage can help you find the right benefits at a cost that makes sense for you.
Look Into a Higher Deductible
In some cases, you can save by paying more out of pocket. Consider your choices when it comes to higher deductibles. In the United States, you can boost your health savings by choosing a high deductible plan and opening a Health Savings Account. Contributions to the HSA are tax-deductible, so you can put the difference between your old plan cost and your new plan cost into the HSA, and the tax benefit can help you reduce your overall costs. Plus it’s nice to pay less each month — as long as you deductible is still manageable.
Consider a Drug Benefit Plan
Sometimes, you can drop coverage you don’t need, such as prescription drug coverage. There are a number of drug benefit plans that allow you to get discounted rates on prescriptions.
You can also ask for generics, instead of name brands. Another option is to ask your physician for samples of a prescription that you need. In some cases, you can get a month or two free, just by asking for samples that many health care providers have on hand.
Improve Your Health Habits
One of the best things you can do to reduce your health costs is to improve your health habits. The healthier you are, the less likely you are to need health care services. When you don’t use your insurance as often, you don’t usually have to worry about price increases as much. Premium increases are smaller when you have good health.
Many health insurance companies offer communities that allow you to learn more about living healthy lives. HBF, for example, has a great online health and fitness community called Living Well. When you visit that site, you can learn more about a good diet, exercise, and get general information on health and wellness. Joining a community can also provide you with support and motivation to keep improving your health habits. Not only will good health save you money now, but it can save you down the road as you age.
It’s impossible to avoid all health cost increases. However, with planning, you can reduce the way they impact you.
