When it comes to health care coverage there are thousands of plan options, codes and laws that seem to change every year. Here are a few simple ways to break through the confusion and save on health care expenses outside your monthly premium.
First things first, you are one of the lucky ones: almost 31 million Americans do not have health care coverage. Here are 5 ways to ease your expenses when it comes to health care needs (fun fact: one of these tips could help your premium go down at renewal).
Understand Your Coverage
Your health care plan is full of documents; the summary plan description (SPD) is the one to focus on. The SPD is a detailed guide to the benefits provided and how the plan works. It is also required to be given to you for free as an enrollee in health care coverage. Another option is to speak with a health advocate. A health advocate will help you process all your health care coverage related needs. This includes going over the plan, explaining benefits, and helping find a provider if needed. Some plans include a health care advocate.
This is a simple idea in theory, the fewer claims you incur throughout the plan year, the less you are spending out of pocket on co-pays. Reducing your number of claims can also reduce the increase of premiums year over year, helping you save more in the long term as well.
To reduce your claims means you visit the doctor less, but what if you need to see a provider? This is where telehealth benefits are helpful. Most insurance plans include telehealth service but using it still requires a co-pay and can incur a claim! If you need to speak with a medical provider, there are some telehealth plans like those that are part of Prosper Benefits which have $0 co-pay and do not show up as a claim.
Most plans offer prescription coverage, but what if you were able to save more through a third party app than with your insurance? Well, oftentimes that is the case when you utilize Clever Rx. It may not always be less than with insurance, but it does not hurt to find out, so be sure to check out the Clever Rx app to see potential savings! Clever Rx is also available for everyone no matter your health insurance status, and is as simple as visiting a link, entering your mobile number, and downloading an app.
Negotiate Medical Bills
Did you know that you can negotiate a medical bill?! Once a final bill from a provider is received you can call and discuss the expenses, set-up a payment plan, and many times with enough effort receive a discount. The key is knowing where to negotiate. Prosper Benefits includes Medical Bill Consultants that negotiate lower cost bills all the time, taking this burden off your shoulders.
Plan with an HSA
If you have a high deductible health care plan (HDHP) you can start a Health Savings Account (HSA). An HSA is a tax-advantaged account, owned by an individual, with contributions made to the account by the individual or their employer. Contributions are limited to a yearly maximum. An HSA can help you prepare for those unforeseen health care expenses.
Knowing these 5 tips will help you save on your health care coverage in the short term by lowering claim dollars spent (out of pocket costs) and in the long term, come renewal time. As a Jewelers of America Member, if you have any questions about your options JewelersHealthcare.com is here to assist. JewelersHealthcare.com includes options like Prosper Benefits which empowers you to make responsible decisions, giving you control of your health care. Finally, download Clever Rx for free and start saving on your prescription cost – this even helps save on your pet medications.
Interested in other tips, tools, and techniques aimed at helping you run a more secure and successful jewelry business? Browse more of our Business Tips.