Many Americans are feeling the pinch of high health care costs these days, especially those living with chronic diseases. For Cheryl Plank of Harrisonburg, VA, finding ways to cut health care costs has become a personal quest.
The 54-year-old has two chronic conditions—multiple sclerosis (MS) and postural orthostatic tachycardia syndrome (POTS)—that require her to make frequent doctor’s visits, undergo testing, and take numerous medications.
But Plank, who currently takes five prescription
drugs daily, has found some simple ways to save money. Several years ago, for example, when her doctor prescribed expensive daily injections to slow down the progression of her MS, she did a little research and learned that the drug’s manufacturer offered discounts—even to insured patients. “Part of my mission is to learn as I go—to educate
myself and not rely on my physicians’ advice alone,” Plank says. “It’s a cooperative effort between my physicians and me. To know your body well, to be a partner with your doctor, and to be proactive, that really does give you a sense of empowerment and makes a difference in your life, not just physically and emotionally, but financially at times.” Overall, Americans pay higher health care costs than
people in other developed nations. In 2010, Americans spent nearly $8,000 per person on health care, according to the Organisation for Economic Co-operation and Development. That’s about $2,500 more than Norwegians, the next highest per capita health care spenders. Though some expenses can’t be avoided, savvy consumers will find that even small savings add up.
Understand Your Benefits. Before choosing an insurance plan, it’s important to know your family’s health care needs. Take into account the cost of any ongoing prescriptions, scheduled primary care or specialist visits, upcoming medical tests, and monthly premiums. “You can plan your projected costs based on any
fixed costs in your life,” says Andrew Schrage, co-owner of the online personal finance site
MoneyCrashers.com. “It can be a difficult task, but one strategy is to use your past health costs as a barometer for projecting future potential expenses.” Select a cost-effective plan that will meet your
needs. Your insurance provider’s online portal may offer valuable information about your benefits, such as what doctors are in your network and which prescription drugs are covered. Knowing your coverage options will help you avoid pricey mistakes. Seeing in-network doctors and staying in hospitals that your insurance carrier has contracted with also is important. Unless it’s an emergency, going out-of-network can leave you on the hook for the difference between what your insurer typically pays and what the out-of-network provider charges (often times higher fees). Always check first to make sure the doctor or hospital is in your insurance provider’s network.
SPRING / SUMMER 2012 pause
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