Use Telemedicine Services
Telemedicine is a cost-effective and convenient option for minor health concerns. Many insurers cover virtual visits at a lower rate than in-person consultations.
Compare Prescription Drug Options
If you take medications, explore your plan’s drug formulary to see which prescriptions are covered. Ask your doctor if generic alternatives are available, as they are often cheaper than brand-name drugs. You might also save by using mail-order services for long-term prescriptions.
Review Bills for Errors
Medical billing errors are surprisingly common. Always review your medical bills and explanation of benefits (EOB) statements. If you spot discrepancies, contact your insurer or healthcare provider to dispute them.
Maximize Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs)
If your plan includes an HSA or FSA, use these accounts to set aside pre-tax dollars for medical expenses. These funds can significantly reduce your taxable income and save money on healthcare costs.
Know When to Shop for a New Plan
If your current plan doesn’t meet your needs or is too expensive, consider shopping for a new one during the open enrollment period. Compare plans based on premiums, deductibles, out-of-pocket costs, and coverage options.