Lower Your Out-of-Pocket Healthcare Costs in 2022 (Here’s How)

At HSA for America, saving you money on health insurance has always been our #1 goal. But heading into 2022, I think that this might be more important than ever. That’s why I’m using this month’s newsletter to share 6 of the most effective ways to reduce your out-of-pocket costs right away.

Still need coverage for 2022? Open Enrollment has been extended into January across the U.S. Click here to schedule a no-cost appointment with a Personal Benefits Manager.

The Most Common Out-of-Pocket Expenses

• Copays / Coinsurance: A fee for seeing your doctor or another medical professional.
• Premium: The monthly cost of your plan.
• Deductible: The amount you need to pay before your insurance starts paying.
• Out-of-network providers: Unless you get it pre-approved, out-of-network care could include a higher deductible or limited recognition of claims.
• Non-covered services: Including some prescription drugs, medical devices, elective lab work, and more.

Note: In 2022, your marketplace health insurance plan has an out-of-pocket maximum of $8,700 for an individual and $17,100 for a family.  

1.) Know Your Network, and Stay in It

This one sounds simple, but the truth is, medical provider networks are full of complicated loopholes that could have you paying hundreds, if not thousands more for medical care. Staying in-network not only means using the right hospitals and facilities but also making sure that the professional giving treatment is also in-network.

Lab work is another service that must be in-network to qualify for coverage. Just because your doctor orders lab work doesn’t necessarily mean that they will use an in-network lab.

2.) Use Your Preventive Care Benefits

Unsurprisingly, staying healthy is perhaps the most effective way to reduce healthcare costs. But even if you’re feeling good, seeing the doctor regularly can help catch unexpected illnesses and conditions before they get worse.

Your health insurance plan includes a number of essential care benefits, including preventive doctor office visits, health screenings, and more.  

3.) Call Your Telehealth Doc First

In response to the pandemic, telehealth programs have been upgraded across the board. No matter which health insurance company you’re enrolled in, your plan comes with some form of telemedicine.

With a tele-health appointment, you can reach a medical professional for easy, actionable advice without having to go to the doctor. You can also get some prescriptions refilled via telehealth, and many online appointments can have a $0 copay.

4.) Open a Health Savings Account (HSA) to Use Pre-Tax Money for Healthcare

As long as you’re enrolled in a high-deductible health insurance plan (HDHP), you’re qualified to open and operate a Health Savings Account. This is a specialized savings vehicle where you can deposit pre-tax payroll money, then grow it on a tax-deferred basis. As long as you use those funds on qualified medical expenses, they remain 100% tax-free.

HSAs funds can be used to pay for medical expenses like:

• Copays and coinsurance
• Pre-deductible expenses
• Your monthly premium
• Prescription and OTC medications
• Vision care, prescription glasses, and LASIK
• Much more

5.) Trust Your Personal Benefits Manager with any Plan Changes

Another way to quickly slash medical expenses is to switch to a plan with a lower premium or use a cost-effective alternative like Healthcare Cost Sharing.

If you do feel like you need to switch to something more affordable, remember to utilize your Personal Benefits Manager (PBM). Your PBM can show you available plan options, help you calculate your subsidy, and introduce you to all-new ways to save thousands of dollars on healthcare.

Update: Health Insurance Open Enrollment has been extended throughout the U.S. until mid-January. If you still need an insurance plan for 2022, click here to get on your PBM’s schedule for a free consultation.

Click here to schedule an appointment, or call 800-913-0172 to get started.    

To your health and wealth,

Wiley P. Long, III
President - HSA for America

The HSA for America Maximize Your HSA Newsletter is published monthly and emailed to subscribers at no charge. Subscribe now to stay on top of the critical information you need to know about health insurance, healthshare plans and managing your finances to achieve financial security.