7 Frugal Tips for Saving on Health Care In 2010

Courtesy Wikipedia

As a self-employed writer, I’m sure you can only imagine what my health insurance is like. Yeah, I have some, but it’s really only for emergencies. Like, “I cut my foot off with a chain-saw” kind of emergency.

I’m lucky enough to qualify for Blue Cross/Blue Shield‘s Young Adult Blue. I pay $60 per month for health care coverage. But this June I’ll be turning 31, which means BCBS will be kicking me off Young Adult Blue for good.  And, my costs are going to double, at least, when this happens.

So, I thought I’d research ways we can all save on health care costs in 2010.

Strategy #1: Increase Your Deductible

If you don’t get sick that often, or you’re not really “accident-prone”, increasing your deductible can help lower your monthly rate.

For instance, my deductible is $2,000. Which means I have to pay the first $2,000 of any health-care costs I accrue through the year. After that, my insurance kicks in.

Now, this is kind of lousy. BUT. My rate is only $60 per month. And since I usually don’t get sick that often (as I sit here battling my second upper respiratory infection of this still-young winter season) I think it’s worth it.

Take a look at your health insurance deductibles. You could save big on your monthly bill simply by increasing your deductibles this year.

And if you do go with a high deductible, you’ll probably be eligible for a Health Savings Account (HSA). These accounts allow you to save money, tax-free, to pay for medical expenses. For every $5,000 you put in, you’ll save $1,500 in taxes. And the cool thing? The money can roll over, so if you don’t spend it all in 2010 there’s no penalty.

You can find out more information on U.S. Treasury HSA accounts here.

Strategy #2: Use Retail Clinics

Did you know that places like Walgreens and CVS have nurses and nurse practitioners on-staff? Well, they do at their bigger locations.

If you have a minor illness like the flu, or you’ve got a cut that needs stitches, you can save big going to a retail clinic versus the emergency room.

For instance, Walgreens charges $65 to treat you for the flu, and other minor illnesses (you can see the full list here). CVS charges $62.

How much would you pay if you had to go to the emergency room? Probably hundreds.

And, retail clinics are still around 25% cheaper than going to your family doctor.

Strategy #3: Use Dental Schools

If you need your teeth cleaned and you don’t have dental insurance, you can save up to 50% by going to your local dental school.

Want to find a dental school near you? Head over to Oral Health America, where you can search by your zip code.

Strategy #4: Shop Around

If you need a procedure that your insurance isn’t going to cover, like an MRI, CT Scan or even a lab analysis, did you know you can shop around for the lowest price?

Yeah, me neither. But according to ABC News, you can.

They say that prices on procedures vary greatly from clinic to clinic. For instance, a CT Scan might be $500 on place, and $1, 500 the next.

To shop around, you first need the CPT (Current Procedural Terminology) code for that procedure. Then, head over to American Medical Association’s (AMA) website. They have a CPT database that allows you to see prices from several different clinics.

To go directly to the AMA search engine, click here.

ABC estimates patients can save 20%-66% just by shopping around.

Strategy #5: Negotiate

Who knew you could haggle at the hospital just like you can at your neighbor’s garage sale?

Well, you can. If you’re having trouble paying your bill, or you’re experiencing hardships, most doctor’s and clinics will work with you to lower the bill. But, you have to ask!

ABC estimates you can save 10%-30% by negotiating your bill.

Start with your doctor first (vs. the accounting office). They’re far more likely to give you a break!

Strategy #6: Look For Mistakes

According to CNN Money, 8 out of every 10 medical bills contain mistakes, which increase the cost of the bill by 25% on average.

CNN suggests ordering a copy of your medical file from the hospital’s billing office, and then checking your bill against the procedures that were ordered in your file. When you spot a discrepancy, send a certified letter requesting a corrected bill. And make sure your insurance company is copied on everything.

Strategy #7: Shop Your Prescriptions

If you’ve got a prescription to fill and you’re paying out of pocket, then you can save big simply by calling different pharmacies.

CNN Money says that often, the places you’ll save the most are the little Mom and Pop pharmacies. They have full control over their pricing, unlike big chains like Wal-Mart or CVS.

Last Word…

All of us are facing rising health care costs. But in my opinion, the biggest way we can save is by staying healthy.

Eating well, getting regular exercise, drinking water, washing our hands…all these things are cheap or free to do. And yet, they form the very core of “preventative medicine”. After all, the best way to avoid a pricey doctor’s visit is to do everything you can to stay out of there in the first place!