Houston Texas Insurance Agency Blog

Health Expenses, Health Insurance, and Saving Money

Written by Linda Kay | Sun, Sep 21, 2014

We’re all interested in saving money on just about everything.  Our friends at AARP have compiled an interesting list of ideas from three experts - Holly Phillips, contributor to CBS News; Patricia Barry, author of Medicare for Dummies; and Nancy Medcalf, senior editor of Consumer Reports.  We thought you would find some suggestions that you could use in the article below. 

13 Ways to Lower Health Expenses

Tips from Holly Phillips, internist and medical contributor for CBS News:

1. Switch to generic drugs. The price is usually lower, as well as the copay.

2. Don't smoke. Cigarette smokers pay more for insurance and require more medications and doctors visits. Cigarette smoking costs the United States up to $333 billion annually, including at least $130 billion in health care costs.

3. Ask about independent facilities for radiologic tests. Having an MRI at a hospital costs an average of $1,200, but the same procedure at independent radiologic facilities costs about half that.

4. Take advantage of wellness benefits. Many employers offer incentives for participation in exercise and other health programs.

5. Take your medications regularly. Many costly hospital visits are for conditions (like asthma or high blood pressure) that were managed well with medications until they worsened when the patients skipped doses.

6. Eat veggies. Vegetable intake is inversely correlated with diabetes incidence. And diabetes drives up insurance costs. The more colorful your veggies, the better.

Tips from Patricia Barry, AARP Media editor and author of Medicare for Dummies:

7. Sign up for Medicare at the right time. Missing your deadline could cost a lot in late penalties, which would be added to your premiums for all future years.

8. Pick a prescription drug plan wisely, according to the drugs you take. Plans charge different copays — sometimes varying by more than $100 a month for the same drug. To compare costs, go to Medicare's website or call 800-633-4227.

9. Check out programs that reduce Medicare costs. If your income is low, you may qualify for a Medicare Savings Program (under which states pay premiums and other expenses) and/or low-cost drug coverage under Part D's Extra Help program. For details call Social Security at 800-772-1213 or go to Social Security's website.

10. Choose the right doctor. A physician who accepts Medicare "on assignment" cannot charge more than the Medicare-approved amount. Otherwise, your share of the cost can be up to 15 percent greater. Medicare pays nothing if you see a doctor who has opted out of the program.

11. Read the Annual Notice of Change in which your Medicare Advantage or Part D drug plan lists all its changes for the following year, then compare it with other plans during open enrollment and consider switching to another that gives you a better deal.

Tips from Nancy Metcalf, senior editor, Consumer Reports:

12. Register on your health insurer's website. Many allow you to look up in-network prices of common services, which can vary by a factor of two or three depending on the provider.

13. If your health plan has high prescription copays, check to see whether you could get a better price paying cash at a major pharmacy chain or warehouse store.

At Dean & Draper we invite you to call us with your health insurance questions.  We welcome the opportunity to talk with you, provide information, and assist you in making choices. 

Dean & Draper is a Trusted Choice insurance agency representing over 200 insurance companies. For over 34 years we have offered a trusted freedom of choice to our clients.  Contact Us.