The saying “Health is Wealth” is true for today’s generation. Staying fit with the help of exercise & proper food choices goes a long way in reducing unnecessary healthcare costs. In addition to that, following some best practices like getting a good health insurance plan you can afford; then make sure your out-of-pocket premium, medical, dental & vision expenses are tax-free deductions at work helps you become a better healthcare consumer.
As soon as the term healthcare consumer comes to mind, people think about sick patients, people being admitted to hospitals or ICU facilities.
Becoming a better healthcare consumer doesn’t mean just seeking appropriate healthcare when you’re sick or injured. Instead, you need to proactively plan and manage your physical healthcare without breaking the bank.
Healthcare should be considered like any other major life area such as your Career, Money, Spiritual, Community, Friends and Family, Environment and Personal Growth. You should think about, plan for, and set annual healthcare goals. Read on to discover how!
Tips to Become a Better Healthcare Consumer
Actively Take Care of Your Health
In this fast-paced world, most people are neglecting their physical well-being while trying to juggle activities like work, taking care of children, spouses, deadlines, paying bills, household chores & more. This results in more health-related issues, and more frequent visits to the doctor & higher medical or hospital bills.
To minimize unnecessary medical expenses, you should proactively take care of your health by getting involved in activities like walking or jogging, strength training, managing calories, avoiding processed and fast food, limiting sugar and alcohol & quit smoking. These goals will effectively reduce your health issues, save you money, improve your focus, speed up the healing process & keep you fit & sharp.
Additionally, plan to visit your dentist periodically, schedule annual medical checkups & preventive scans to ward off any untoward ailments early. This is one of the primary tips to become a better healthcare consumer.
Get a Good Health Insurance Plan – Be a Smart Health Care Consumer
You need to get a good health insurance plan you can afford that covers the majority of health-related issues. But before you get it, here’s a checklist of the essential offerings that you should consider when purchasing a plan:
The premium amount that you need to pay for different levels of coverage and deductibles.
Are Exchange Advanced Premium Tax Credits (discounted premium) available to you for non-group health insurance?
Do you qualify for a Health Care Sharing Ministry plan such as MediShare?
Does your employer offer a Core Section 125 Premium, Core HSA, Core FSA and/or Core HRA, ICHRA or QSEHRA for tax-free premium, medical and dental benefit options?
Annual deductible and coinsurance you have to pay. What’s an acceptable deductible and out-of-pocket expense risk?
What office and hospital co-pays will you have to pay?
The expenses covered by the insurance plan.
Number of healthcare providers available in your network.
Additional incentives for wellness.
Is a tax-free bank Health Savings Account and High Deductible Health Plan right for you?
Is a Section 125 Premium Only Plan and Health Flexible Savings Account available at work to pay premium and out-of-pocket medical tax-free?
Apart from these, you should go through the insurance plan brochure to find any additional offerings & associated costs. This will enable you to make an informed decision which in turn helps you to become a better healthcare consumer.
Leverage a Section 125 POP, FSA, HSA, HRA, ICHRA or QSEHRA
If your employer sponsors a Cafeteria Plan or HRA at work you can easily use a Section 125 Premium Only Plan, HSA bank savings, Health Flexible Spending Accounts (FSA), Health Reimbursement Arrangements (HRA), or Individual Coverage HRA (ICHRA) and Qualified Small Employer HRA (QSEHRA) to take care of insurance premium, HSA savings and out-of-pocket healthcare expenses tax-free.
These are a part of Consumer Directed Healthcare or CDH Account. These accounts are funded pre-tax which means you save money on taxes. But that’s not all!
Apart from common expenses, these accounts can be leveraged to take care of:
Individual Health Insurance
Health Care Sharing Ministries
Eye exams
Prescription medicines
Dental exams
Dental cleanings
Ambulance services
Acupuncture services
Purchase bandages
Many over-the-counter items and medications
So, the Section 125 Premium, Health FSA, HSA or HRA plans can come in very handy when you face unexpected healthcare issues. You can also use these funds to spend on relevant medications, medical expenses & procedures that are in your best interests but not covered by your health plan.
Don’t Visit the Doctor for Every Health Issue
On average people tend to get ill once or twice a year. This illness might be major or minor.
Minor health issues usually include a common cold, cough, standard flu or minor injuries. During such scenarios, you can avoid visiting the doctor by using telemedicine or a web-based solution. Use common nutrients and over-the-counter medications to take care of such minor health issues.
However, always seek early medical attention for suspected bioweapon flu strains or you face any urgent healthcare issues like a stroke, heart attack or breathlessness.
Find Alternatives & Save Money
Everyone knows that healthcare is expensive. You can’t avoid it to save money. But there are a few effective ways that can help you minimize healthcare-associated costs:
You need to decide whether your health issue needs a doctor’s intervention. If it is a minor issue that you can easily manage with some common nutrients and over the counter medications.
Make sure all insurance premium, out-of-pocket medical, dental and vision expenses are tax-free from your income at work.
Always prefer those doctors & facilities that are provided in your health insurance plan.
Make it a point to know about alternatives to the medication prescriptions. This will help you to reduce costs & save money.