Archive for March 16th, 2009

It Pays to Stay Well

March 16th, 2009 categories: Uncategorized

Save on Health Insurance

After years of double-digit growth in health plan costs, we have some good news: the cost of healthcare benefits are expected to rise more slowly during 2009. The bad news is that deductibles, co-pays, and out-of-pocket spending limits are still going to increase – by about 6%! If you’re looking for ways to trim your healthcare bill – and who isn’t – here are a few options: 

·        Negotiate pricing

      If you’re paying out-of-pocket for medical care or you have a high deductible, ask your provider for a deal. A 2005 Harris Interactive poll found that two of three people who asked their hospitals or dentists for lower prices received them. Doctors may prove a tougher nut to crack – just three of five people received lower prices after negotiating with their physicians. If you’re not sure what a reasonable rate would be, call your insurance company and inquire about the rates that it pays physicians in your area. Alternatively, you could visit the Health & Human Services website at www.cms.hhs.gov. The site’s Health Care Consumer Initiative provides a range of costs for various inpatient and outpatient hospital procedures, as well as physicians’ services. 

·        Decline coverage

If you and your spouse both have coverage through your employers, find out whether either employer offers cash for opting out of the health benefits. If so, you may want to keep coverage through one employer and cash out of the other plan. A mid-decade survey by the Employers Resource Council found that the average opt-out award was $1,036 for an individual and $1,423 for a family. This would help offset the cost of your deductible. 

·        Review your bills carefully

An eye-popping number of medical bills and denied insurance claims are incorrect. Many blame it on the constantly changing medical codes that health services providers use for billing. No matter the reason, it’s essential to review your bills carefully and make sure they are correct. If you prefer not to become an expert in medical billing or claims negotiating, you may want to hire a consumer healthcare advocate or auditor to help. 

Healthcare costs have been rising far more quickly than the rate of inflation. Learning to control these costs has benefits today – and tomorrow. 

For additional information on health care insurance or anything else related to your investment future, please contact Karp Financial Strategies at 7404-658-1929 or our website, www.karpfinancial.com.

Jeffrey R. Karp, CLU, ChFC, CASL™

Jeffrey P. Kendall

Karp Financial Strategies

704-658-1929

www.karpfinancial.com

Authored by Donna Johnston | Discussion: Your Comments Please »