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June 27, 2005
Health Savings Accounts Promote Smart Spending on Prescription Drugs
When you have a Health Savings Account (HSA), you pay for initial expenses like doctor visits and prescription drugs yourself, from your health savings account. So it makes sense to spend your money wisely, something you don’t have to worry about if you’ve got a traditional plan with copays for prescriptions.
One technique is to purchase double-strength medications, and then cut the pills in half yourself. Recently the nation’s second largest health insurer, United Healthcare, got behind this practice, offering half-price on drugs for those who split double-strength pills. They’re even giving away pill splitters, and providing advice on which pills can be safely cut in half.
If you have a health savings account, make sure to remember to let your doctor know. Often they prescribe the latest version of a drug almost identical to older, equally effective drugs, simply because the drug rep has been promoting it. Explain that your paying for your drugs out of your own HSA, and that the more money you can leave in the HSA, the greater your potential retirement account will be. This will get his or her attention, and an intelligent decision can be made concerning the prescription that makes the most sense.
He’ll also probably ask you about HSAs. Tell him to give us a call.
Posted by Wiley Long at June 27, 2005 07:02 AM
Comments
Interesting reading, thanks man.
Posted by: john at April 30, 2006 07:05 PM