Maximize your HSA e-Newsletter
Vol. 15, Issue 12
Making the Most of Your Health Plan in 2020
Five Tips for Saving Money & Maximizing Coverage
No matter what kind of plan or program you have, chances are you are not getting as much out of your health care as you could be. Too many people are ignoring important benefits, services, and discounts offered by their plan for no other reason than no one ever told them about it.
Personally, we have had enough. In an effort to get all of our friends and clients on the right track regarding their coverage, we’ve put together this handy list of Five Tips for making the most of your health plan in the upcoming year.
1. Get to Know Your Plan or Program
Whether you have traditional insurance or are covered by a health share program, the only way to really know what is available to you is by familiarizing yourself with the plan details. While this might seem like a quick and easy thing to do, the opposite is often true.
Here are some of the questions you should be asking about your current coverage?
What kind of preventative services are covered by my plan?
Things like immunizations and health screenings are actually required by a large number of health plans, but there are few people that actually take advantage of the benefit.
What does my prescription coverage look like?
You don’t want to wait until you fall sick to realize that you don’t have the coverage necessary to pay for important medications. While the Affordable Care Act mandates that new qualified plans provide coverage for prescription drugs, it says very little about which drugs are covered and how much they are going to cost you.
What does my doctor network look like?
The details of your specific plan may dictate which doctors are available to you. For instance, HMO networks usually require in-network doctors for everything but emergencies, while PPO networks are a bit more flexible. Some plans may have no network requirements at all, allowing you to see whatever doctor you wish (though many non-emergency visits may require a referral from your primary care physician).
2. Utilize Your Plan’s Customer Service Team
Somewhere out there is an entire office floor full of people that are getting paid to help people like you understand the ins and outs of their health insurance coverage. By simply giving them a call, you might be able to find out a lot of things about your coverage that were not obvious to you. Taking advantage of this free help is a great way to make sure that you aren’t missing out on any benefits that you are already paying for.
3. See if Your Plan Covers 24-Hour Tel-A-Doctors
One of the biggest advantages to living in our day and age is that it is now possible to talk to a doctor without even leaving your living room. While this is incredibly important for individuals who have mobility challenges, it can also be a major convenience for people who are simply too busy to too out-of-the-way to make it to a doctor during operating hours.
While not all plans cover “tel-a-docs”, it is quickly becoming more and more accepted within the insurance community as a viable, cost-saving alternative to traditional doctor visits.
4. Always Read the Fine Print
Whether you have health insurance or are a member of a health sharing program, the ‘devil is in the details’, as they say. Deductibles, waiting periods, & coverage restrictions are only a few of the major things that can be hidden away in the fine print.
Even if you have been on the same plan or program for a long time, it never hurts to comb through the available information to become more familiar with your coverage.
5. Talk to a Professional
Your Personal Benefits Manager is often times the easiest, most informative source available for any questions that you might have about your plan or program. Whether you are looking to change things up or simply want to get to know your current plan better, trusted advice is rarely more than a phone call away.
To your health and wealth,
Wiley P. Long III
President – HSA for America
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