Ways to Slash Your Health Care Expenses

It’s no secret that U.S. health care costs are rising through the roof. Health insurance has become an indispensable asset for those of us who don’t want to choose between bankruptcy or taking care of our employees and our own health issues. 

Many Americans pay more than they have to when it comes to their medical expenses. Most never realize it. By familiarizing yourself and employees with your company’s health insurance plan and fine-tuning your own personal practices, you can trim your medical expenses significantly.

Here are a few tricks and tips for reducing health care costs for both you and your employees:

Choose wisely. First and foremost, it’s important to select the best health insurance plan for your company’s workforce. The cheapest plan is not always the best. Even if monthly premiums are extremely low, you’ll lose money in the long run if the plan doesn’t provide the benefits you and your employees need.

Typically, if your work force is young and healthy, doctor office visits are minimal. So your best bet may be to choose a plan with lower premiums and higher copays. On the other hand, if your workforce is older, have health problems or have young children, time spent in the physician’s or pediatrician’s office will increase—so you should consider a plan with lower copays, for which you and your employees will pay a higher premium.

Follow the rules. It’s extremely important to know and share the rules of your company’s particular health insurance plan and follow them as closely as possible. If you don’t, the insurance company could deny claims or reduce the benefits that it pays, leaving a hefty bill.

Don’t ever assume that a medical procedure is covered by your plan or that a physician is in your network—and don’t expect the doctor to tell you. It’s no one’s responsibility but your own to know your health plan’s rules. Take a look at your insurance plan’s handbook or Web site to see if you are covered before you receive treatment. If you’re still unsure, call your plan’s customer service number or your Insurance Broker.

Create an emergency plan. Don’t wait until a medical emergency strikes to figure out which hospitals are in your insurance plan’s network. You should have an action plan in place in case one of you becomes extremely ill in the middle of the night.

Figure out which hospitals are in your network and keep the addresses and phone numbers of the closest ones on hand. Familiarize yourself with your plan’s rules about ambulance services and emergency room copays. You also should figure out if your physician’s or pediatrician’s office offers after-hours services. This could save you a trip to the hospital and a great deal of money. If an emergency does arise and you’re not sure what to do, call your provider’s 24-hour emergency help line number, which usually can be found on the back of your insurance card (but don’t delay in seeking care in the case of a true emergency).