5 ways to get the most out of your health insurance plan


Health insurance has a large impact on your finances, so it pays to get the most out of your plan.

Understanding its ins and outs can be confusing, but it's worth your time to check on benefits you could be losing out on or mistakes that could cost you money.

Choose your plan carefully.

When it's time to renew your health care coverage, consumer adviser Clark Howard recommends not just blindly signing up for your current plan, even if you've been happy with it.

Your plan – as well as other options you may be able to sign up for – may have changed. Take a close look at the co-pays, deductibles, in-network providers and other specifics to make sure you're making the best possible choice.

Take advantage of preventative care benefits.

Almost every plan, according to healthcare.gov, offers preventative care benefits that are free. You won't have to pay a co-pay or meet your deductible to get these services at no charge.

Services for adults include age-appropriate vaccinations and colorectal cancer screenings for patients over 50.

RELATED: 8 ways to get the cheapest car insurance possible

Work within your formulary.

Health care plans typically have a formulary, which is a list of medications that they're willing to pay part of or the entire cost of. It may include a list of preferred medications, for which it will pay the highest percentage of the cost.

It pays to be familiar with your formulary before you get an unpleasant surprise at the pharmacy, according to NerdWallet. Print out a copy of the document from your health insurance company's website, or call up an online copy at your doctor's office. Your doctor can work with you to make sure you get an effective medication that you can afford.

Utilize HSAs and FSAs.

If your health insurance plans allow you to put aside tax-free dollars in a Health Savings Account (HSA) or Flexible Spending Account (FSA), you should learn how they can help you. Consumer advisor Clark Howard's website, Clark.com, has a chart that explains the pros and cons of each.

An HSA is usually associated with high-deductible plans, and like an FSA, it helps you save money to pay for health care expenses. These can include everything from prescription eyeglasses to medication.

Watch out for surprise out-of-network charges.

Your insurance plan has a list of network providers, and when you can, you should stay in-network. That's easy enough if you're visiting a single doctor, but if you need to have surgery, things can get more complicated.

For pre-planned surgery, Consumer Reports recommends talking with your doctor's billing department to get a list of everyone who will provide your care, including radiologists and anesthesiologists. Call your health care company to see if they're in-network, and if not, ask your doctor if in-network providers can be used.

RELATED: Questions and Answers: Obamacare (Affordable Care Act) open enrollment


Reader Comments ...


Next Up in Business

Growth in tech jobs contributing to rise in Atlanta office rents
Growth in tech jobs contributing to rise in Atlanta office rents

The Atlanta area saw some of the largest increases in office rents on a percentage basis in North America over the past two years, and one report said the region’s boom in high-tech jobs has played a role in that. Metro Atlanta ranked third among the Top 30 tech markets in overall office rent growth, with rates increasing nearly 18 percent from...
This app could reduce the dangers of concussions in young athletes
This app could reduce the dangers of concussions in young athletes

Startup of the week: Who they are: PRIVIT What they do: Their app seeks to keep young athletes safer by helping coaches and trainers report and properly treat concussions and other injuries and medical conditions. Why it’s cool: There’s been plenty of buzz recently about the dangers of concussions in impact sports — including the...
The future is here: Augmented reality apps to use on iPhone or iPad

With the release of an updated mobile operating system in October, Apple’s new augmented reality platform is ready for take-off. The first generation of AR apps is available in Apple’s App Store, allowing millions of iPhone and iPad users to view three-dimensional computer-generated graphics on top of a user’s real-world view. With...
Why I’m skipping wireless charging on my iPhone 8 Plus

I’ve had the iPhone 8 Plus for about a month now, and while on launch day I thought I’d be most excited about wireless charging, I’ve found I’ve abandoned my wireless charger in favor of fast charging. I’ve come to like wireless charging when I’ve used Samsung’s phones, as it’s quite speedy, but Apple...
Rock out with sporty-designed headphones
Rock out with sporty-designed headphones

Listening to a Tom Petty music marathon is great, but making it better in my world was hearing the legendary music on the Soul X-TRA over-the-ear wireless (Bluetooth) headphones. The headphones smooth sound, comfort, and the sporty design were all much appreciated. The sound is promoted as “Advanced HD drivers and circuitry design for a balanced...
More Stories