Are your prescriptions and doctor visits getting more and more expensive?
As millions of Americans prepare for open enrollment season, healthcare experts say now is the perfect time to look for ways to reduce medical expenses.
Rising costs continue to weigh heavily on household budgets, with many families worried about affording everything from insurance premiums to prescription drugs.
Whether you get coverage through Medicare, an employer-sponsored plan, or the Affordable Care Act marketplace, experts say a few simple changes could help you keep more money in your pocket.
WATCH as a pharmacist and health care experts show how to lower your health care costs next year:
Here are nine ways to start.
1. Ask about generic medications
Prescription prices continue to be a major concern for many consumers. If your doctor prescribes a brand-name medication, talk with your pharmacist about whether a generic version is available.
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Jason Dorsey, owner of Roselawn Pharmacy in Cincinnati, said generic drugs are often the same medication at a significantly lower price.
“In those instances, you may be able to speak to the pharmacist and get a generic version of the exact same drug,” Dorsey said.
2. Choose store-brand over-the-counter medications
The same rule often applies to over-the-counter medications.
Many store-brand products contain the same active ingredients as national brands but carry a much lower price tag.
“A lot of those brand-name medications, there is an exact equivalent that can save you 50%,” Dorsey said.
3. Look for manufacturer coupons and discounts
If no generic option is available, ask about savings programs.
Some pharmaceutical companies offer coupons that can lower prescription costs, particularly for people with commercial insurance.
4. Consider a 90-day prescription supply
Filling prescriptions every three months instead of every month may reduce the cost per pill and cut down on pharmacy trips.
Check with your insurance provider and pharmacist to see whether a 90-day supply is available for medications you take regularly.
5. Compare prescription prices
Drug prices can vary significantly from one pharmacy to another.
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Dorsey said consumers can benefit from checking out resources such as prescription discount programs and online price comparison tools before filling a prescription.
6. Review your health insurance during open enrollment
Experts say one of the biggest mistakes consumers make is automatically renewing their current plan without comparing options first.
“You may think, ‘Oh, I'll just let it renew that same plan.’ But guess what? Plans change every year. Benefits change every year,” said smart shopping expert Trae Bodge.
7. Use lower-cost care options when appropriate
Choosing the right setting for medical care can also lead to substantial savings.
Bodge recommends considering telehealth appointments when appropriate and visiting urgent care centers instead of emergency rooms for non-emergency situations. Both options can cost significantly less than an ER visit.
She also encourages consumers to stay current on preventive screenings and vaccinations.
“Preventive tests can be very helpful to prevent or catch illness early,” Bodge said.
8. Take advantage of HSAs and FSAs
Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) can help consumers pay for qualified medical expenses with pre-tax dollars.
That tax advantage can reduce overall healthcare costs while helping families budget for expected medical expenses throughout the year.
9. Review bills carefully and appeal denied claims
Medical billing errors happen more often than many people realize.
Experts recommend checking every bill to make sure charges are accurate and match the care received. If an insurance claim is denied, don't assume the decision is final.
“Do not assume that deny means you have no options,” said Reid Zeising, founder and CEO of the health technology company Gain. “Find out exactly why it was denied. Know your appeal process. Go through your appeal process.”
Zeising also recommends asking providers whether they offer a self-pay or cash-pay rate, which can sometimes be lower than the amount billed through insurance.
In some cases, using a cash-back credit card for eligible medical expenses may provide additional savings.
One more tip: Build a relationship with your pharmacist.
Dorsey said pharmacists can be valuable allies when it comes to managing prescription costs.
“The pharmacist is the person who quarterbacks all the different prescribers you may be seeing who are not talking to each other,” he said.
Customer Clinton Henry said he appreciates the care and guidance from his local pharmacist, “They help me out. I'm still walking and above ground,” he said.
As Medicare open enrollment begins Oct. 15 and other enrollment periods approach, taking a few minutes to review coverage, comparing costs, and asking questions could lead to meaningful savings in the year ahead, so you don’t waste your money.
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