lowering your health-care costs

lowering your health-care costs

lowering your health-care costs

Many of us are rightfully stressed out over the ever-increasing cost of health care. Here are some ways to hang on to more of your dollars: Easy To Insure ME has the answers

Shop around for the best prices on prescriptions, as pharmacy prices can differ. Ask your doctor if generic versions are available. Elderly or low-income folks can look into drug company discounts.

Find the best-value health plan. An HMO may meet your needs sufficiently while costing less than your current plan. High-deductible plans are great for many young and healthy people. In exchange for deductibles of $1,500 or more, they offer much lower premiums. Once you have your plan, use it. Regular checkups can catch problems before they get dangerous or costly.

A high-deductible plan may let you set up a Health Savings Account (HSA), where you sock away tax-deductible dollars that will grow tax-free until spent on qualifying health-care expenses. If you don't qualify for that, look into Flexible Spending Accounts (FSAs), which are somewhat similar, but require you to use up the cash you put into them each year or lose it. These accounts can help you save hundreds of dollars per year in taxes.

Coordinate health insurance benefits with your working spouse. Consider opting out of one plan and choosing the family option on another. Maintaining coverage with two providers can make sense if one fills the other's gaps.

If you incur hefty medical expenses in one year, those that exceed 7.5 percent of your adjusted gross income (AGI) are often deductible on your federal tax forms (and your state laws may be even more generous). See IRS Publication 502 or a tax pro for more information.

Take advantage of free and discounted services offered by your health plan. Many will subsidize flu shots, gym memberships, nutrition or quit-smoking classes, and other preventive care.

Finally, check your bills from hospitals and doctors. They often contain errors.

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