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How to Save Money with Your Health Benefits
Make these money-saving choices at open enrollment
If you want to save money, have you looked at your health planhealth plan
A health plan that you buy or that is provided by your employer. It pays for health care services. I... more? There are lots of ways it can help you save. In fact, reviewing your health planhealth plan
A health plan that you buy or that is provided by your employer. It pays for health care services. I... more each year is a major part of smart budgeting. Just like planning for college or buying car insurance would be. So start saving now. These tips can help:
First, don't forget open enrollment
If you receive benefits through an employer, you typically only have one chance each year to review your benefits: Open enrollmentOpen enrollment
A time, often in the fall, when employees choose their health plans for the following year. You typi... more. (Unless you experience a major life change.) If you miss open enrollmentopen enrollment
A time, often in the fall, when employees choose their health plans for the following year. You typi... more, you'll have to wait a whole year to see benefits savings. So set a side at least one hour (hopefully more) this open enrollmentopen enrollment
A time, often in the fall, when employees choose their health plans for the following year. You typi... more. Choosing benefits wisely could save you hundreds. Or thousands.
Save on out-of-pocket health costs
If you pay for many health care items out of pocket, why not save taxes on that money? That's what a flexible spending account (FSA)flexible spending account (FSA)
A FSA is an account tied to an employer-sponsored health plan. It can be used to pay for medical exp... more does for you. You can save on things like eyewear, copays, dental care, band-aids, crutches ... the list goes on. The money you put into an FSA is free from taxes.
For instance: Say you make about $25,000. If you contributed $2,000, you'd save around $450. The only drawback? You have to use up all of your money by the end of the year. Or you lose it.
You can also look into a health savings account (HSA)health savings account (HSA)
This savings account allows people to pay current health care costs or save for future expenses. To ... more. Here, you can save money tax free for health care expenses, too. But the money you put away is yours to keep. And it grows interest.
Look for wellness savings
Why not reach a health goal and save at the same time? Some plans cover part or all of the bill for gym memberships, yearly physicals and preventive screenings. Many even offer rewards for meeting health goals like eating better, quitting smoking or exercise. And they could be available at your workplace – at no cost.
Your benefits can save you time, which saves money
Did you know you can visit your doctor – right online? Some plans cover these online visits. If yours does, just ask your doctor how to get started. You could save gas and time off from work. Plus, many insurers are now offering personal health records online. They help you track your health history, the care you need – and your spending.
Save with pharmacy mail order
If you've shopped online before, it's easy to get your medicine to your door that way, too. If you take regular prescriptions, many health plans offer a mail-order discount. For example, you could get a three-month supply of your medicine. But only pay for a two-month order. So you're paying less for your prescription, but getting more of it!
Pick generic drugs for quality and cost
Your doctor would likely suggest generic drugs where appropriate. And here's why: Brand-name prescription drugsprescription drugs
Medicine that requires a doctor's permission to buy. These drugs are different from over-the-counter... more cost about $85 more than the average generic. What's a generic drug? They're just generic copies of brand-name drugs with the same dose, intended use, side effects and risks. In fact, the Federal Drug Administration (FDA) requires that generic drugs be as safe and effective as brand-name drugs.
© 2012 Aetna Inc.