Health Care Four ways to make the most of your health insurance Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by Magaly Olivero Published Mar 7, 2016 1 min read Whether you have job-based coverage or purchased a plan on the Health Insurance Marketplace, making the most of your health insurance is more important than ever now that an increasing number of consumers are assuming a greater share of their health care costs. Consider these factors to get the most value for your plan. Comparison shopping Whenever possible, compare the actual prices of elective health care procedures – such as a hip replacement or having a baby – to keep your out-of-pocket expenses to a minimum. The cost for the same medical service can vary by tens of thousands of dollars from one provider to another. Stay in the physician network Choose doctors and hospitals that are part of your plan’s network, whenever you can. Going outside your plan’s network of providers can lead to additional costs. Non-network providers may bill for charges that exceed the amount that your plan reimburses for a covered service. Review the drug formulary Make sure your prescription medications are included in your plan’s list of covered drugs, also known as a drug formulary. If not, talk to your doctor to determine if another medication on the list would be just as effective. Choose a generic version of a drug, whenever possible. Generic medications are substantially less expensive than brand-name drugs. Stay healthy Take advantage of the wellness and preventive services – from annual check-ups and cancer screenings to childhood vaccinations – that are now available at no cost thanks to the Affordable Care Act. Staying healthy is one of the best ways to save health care dollars. It’s less expensive to get a vaccination, for example, than to get admitted to the hospital with the flu. Previous Post What is the Personal Exemption? Next Post Uninsured This Tax Season? See How You Can Save Money… Written by Magaly Olivero Magaly Olivero is an award-winning writer and has written for many national and regional media outlets, as well as corporate and nonprofit clients in the healthcare, tax and education industries. Her publishing credits include U.S. News and World Report, Newsweek, The New York Times, Working Woman, Better Homes and Gardens and the Connecticut Health Investigative Team. Magaly is a recipient of a National Journalism Fellowship from the University of California Annenberg School of Communication and a Health Coverage Fellowship from the Blue Cross Blue Shield of Massachusetts Foundation. More from Magaly Olivero Leave a ReplyCancel reply Browse Related Articles Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains Uncategorized TurboTax is Partnering with Saweetie to Elevate Hoop Dr… Business Small Business Owners: Optimize Your Taxes with a Mid-Y… Small Business The Benefits of Employing Your Children and the Tax Bre… Income and Investments Are Olympics Winnings Taxed?