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7 ways to save on health care expenses and maximize your coverage
Health care costs can add up fast. But simple steps can boost your health care savings and help you get the most from your coverage. Here are 7 easy ways to lower your costs and make your benefits go further.
Make healthy choices
A health spending study found that hospital care makes up about one-third of health care costs in the U.S. Staying healthy can help you avoid these costs.
Try adopting healthy habits, like quitting smoking, eating healthy foods, or tackling your stress. Your health plan may offer classes, programs, or apps to help you reach your goals. Some plans may even offer reduced rates on chiropractic care and fitness memberships.
Get routine care and preventive screenings
Preventing and detecting health issues early can save you money — and it may even save your life. Get regular check-ups, vaccinations, and health screenings. See your doctor as soon as you notice a problem. Small steps now can help you avoid bigger costs later.
Stay in your plan’s network
Using providers covered by your health plan usually costs less. Your network may include doctors, specialists, pharmacies, hospitals, and urgent care centers. Always check your plan’s website or documents to make sure you’re staying in-network.
Some health plans offer integrated care. Integrated care means your health plan and providers work directly together. This makes it easier for you to find care without surprise costs.
Try telehealth or virtual visits
Are you worried about a new rash, or starting to get flu symptoms? Save yourself the stress of rushing to the doctor by talking to a medical professional by phone or video. Telehealth visits usually cost less than seeing a doctor in person — and sometimes there’s no cost at all.
Use HSAs and FSAs
With a health savings account (HSA) or flexible spending account (FSA), you can set aside money before taxes to help pay for qualified health care expenses. Your employer may also add money to your account, helping you save even more.
What are qualified health care expenses?
These are medical costs approved by the IRS. Flexible spending account benefits include coverage for doctor visits, prescriptions, copays, eyeglasses, hearing aids, dental care, and even over-the-counter medicines like ibuprofen. Both HSAs and FSAs cover these types of expenses, making it easier to manage your health care savings.
What’s the difference between an HSA and an FSA?
- HSA: You can open an HSA if you have a high-deductible health plan. Money goes directly from your paycheck into your account before taxes. You can also add money anytime and take a tax deduction. Your HSA money rolls over each year, so you don't lose it.
- FSA: You can open an FSA with any type of health plan, as long as your employer offers this option. Like an HSA, you add pre-tax money directly from your paycheck. But you usually must spend FSA money by the end of the year or lose what's left.
To learn more — including how much you can contribute and other ways these accounts can help you save — read our guide to HSAs and FSAs.
Choose generic drugs when possible
Generic and brand-name drugs work the same way. But generic drugs cost much less. To save money on prescriptions, ask your doctor or pharmacist if a generic option is available.
Get the right care at the right place
Where you go for care can affect how much you pay. Knowing when to choose urgent care versus the emergency room can help you avoid higher costs. Emergency rooms often cost more and have longer waits than urgent care clinics. For minor health issues — like small cuts, minor injuries, or mild fevers — you can usually save time and money by choosing urgent care. If you’re not sure where to go, call your health plan’s care advice line.
But don’t let costs stop you from getting emergency help. If you have a serious health issue, call 911 or go to the nearest emergency room right away.
Avoid surprise bills by knowing your costs
Small steps can add up to big savings. Learning how to lower health care costs helps you avoid surprise medical bills and feel more confident managing your expenses throughout the year.
