10 smart moves to save on health care
Understand your insurance coverage
You’re already paying hundreds if not thousands of dollars a year for health insurance.
To minimize your additional costs, you must understand your plan.
Your private health insurance plan is required to give you a form clearly explaining your benefits. Consumer Reports provides a sample here.
The key insurance plan features you should understand, include:
- In- and out-of-network annual deductibles for you and your family.
- In- and out-of-network annual out-of-pocket maximum.
- What costs don’t count toward the out-of-pocket maximum (insurance premiums, for example).
- The percentage of in- and out-of-network costs you’ll pay (often 20% and 40% coinsurance) after meeting each deductible.
- Additional deductibles for specific services, like prescriptions.
- Whether you need a referral to see a specialist.
- Copayment amounts for doctor’s visits, tests and emergency room visits.
- Excluded services like cosmetic surgery or infertility treatments.