Now is a good time to take charge of your costs and look for ways to reduce them. Consider future health care and long-term care costs. A recent study by Fidelity Investments estimated that a typical couple over age 65 would need as much as $240,000 in their lifetime to cover long-term care and medical costs.
Here are some tips to lower your costs:- Take advantage of corporate wellness programs. You could get discounted health club memberships or free screenings.
- Stay in your network of providers.
- Enroll in flexible spending accounts. An FSA allows an employee to set aside a portion of his or her earnings to pay for medical expenses that is not subject to payroll taxes.
- Use the emergency room only in emergencies.
- Take care of yourself. By doing a good job of self-care you can reduce your health care costs.
- Practice self-examination and get appropriate health screening.
- Be aware of the health risks of lifestyle choices like alcohol and drug use, home and driver safety, and eating habits. The riskier your lifestyle, the more likely you are to have health problems.
- Know what your medical benefits cover. If you have a managed care plan, know about the plan’s grievance procedure and use it if you don’t feel you are getting adequate care.
- Take the time to build a good relationship with your doctor.
- Ask your doctor about every prescribed medication and medical test.
- More than half of all health care costs are for hospitalizations. Consider outpatient services or same-day surgery.
- Check your hospital and doctor bills carefully. Notify your hospital and health plan promptly when errors are found.
Sources: missourifamilie.org; www.fsafeds.com; www.smartmoney.com
