Tips for Saving Health Care Costs – Without Sacrificing Quality – Part I
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Figuring out your costs within the structure of your health plan may seem like a maze at times. With a little planning and some simple detective work, you might save some money.
1. Make sure everyone you see is in-network. Most people don't realize how much they actually save by staying within the insurer's network: An imaging center in Connecticut, for example, charges a list price of $1,200 for an MRI. But your insurer may have negotiated a rate far less than that. If you were in your policy's deductible period and the facility was out of network, you'd pay the difference.
If you're referred by your doctor to a specialist, check to see that he or she is in-network. And make sure that everyone involved in a procedure is in-network, too. For example, if you're having surgery, check on the facility, the doctor and the anesthesiologist.
2. Save big at independent facilities. Different facilities charge vastly different prices for x-rays and tests. For example, the average in-network cost of an MRI at a hospital is $1,145, but the average in-network cost at an independent radiology facility is just $560, says Kang. "The radiologist is the same. The only difference is where the procedure is done," he says.
If you haven't met your policy's annual deductible, you could save $585 by going with the lower-cost facility. But even if you have met your deductible and you're on the hook only for a 20% coinsurance payment, choosing the independent radiology facility could still save you $117 in out-of-pocket costs.
3. Switch to generic drugs. The savings can be huge. Someone who takes Glucophage, Prilosec and Zocor can save more than $4,500 per year on the total cost of the drugs by switching to generic equivalents metformin, omeprazole and simvastatin.
Not only is the list price lower, but the co-insurance rates are usually lower, too -- often 15% for generics, 25% for preferred brand-name drugs and 35% for non-preferred brand-name drugs. You may get an even better deal on your own. Some chain stores -- such as Walmart and Target -- charge $4 for a 30-day supply of certain generic drugs or $10 for a 90-day supply.
Source: Kimberly Lankford – kiplinger.com