As
congress debates how to reform healthcare, there is one thing that everyone
agrees on – we want to get more and pay less. Helping our readers
and customers save money is our prime objective, so this month I’d like
to remind you of some ways you can do so.
Be
an Involved Consumer
Health
savings accounts are one aspect of what is known as “consumer-driven
healthcare”. The basic idea is simple – when you get the
consumer involved in the buying decision, they can make better decisions
than a bureaucrat at an insurance company or government office.
No
one is in a better position to figure out where to get the best deal; to judge
the quality of the healthcare; or to decide what particular care
you’ll receive – than you! And as you and thousands of other
HSA owners make these types of decisions, the physicians and companies that
offer the best value will be the most successful.
Pay
Less for Prescription Drugs
One
area where most people can save money is in the area of prescription drugs.
Pharmaceutical companies spend loads of money lobbying doctors to prescribe
their latest drugs to come to market. Often these drugs are much more
expensive than existing generic drugs, with no greater proven efficacy.
So
the first thing you should do when a doctor hands you a prescription is to
ask him if it is a generic drug. If so, you can probably pick it up
at Wal-Mart for $4. If it is not, ask the doctor if there is a generic
that would work as well.
If
you are going to be taking the drug long-term, look into mail order options,
which can often offer substantial savings. And if you do go to the pharmacy,
make sure you use a prescription discount card to see if it will save you
some money. If you don’t have one, go to our Additional
Benefits page and get yourself one.
Pay Less for Lab Fees
Lab fees are often marked up 1000% or more, and are often strong profit centers for hospitals and doctor offices. Typically the doctor may draw the blood, but will then send the sample to a lab for analysis. By bypassing the middle-man, you can save a substantial amount of money.
There are independent labs in all but the smallest towns, where you can directly order blood tests, or even MRIs and CAT Scans. HSA for America customers and visitors can get even greater discounts through our association with Direct Labs, often saving you up to 80%.
And don’t be afraid of hurting your doctor’s feelings when you tell him or her you will be getting your lab work done directly. Remember, your physician works for you.
Negotiate Your Medical Bills
In some societies, almost all purchases are negotiated. Here in the U.S., we typically negotiate when buying a house or car, but neglect to do so when it comes to medical bills. And if you don’t feel comfortable doing the negotiating yourself, get a professional on your side.
There are companies that know how much a procedure should really cost, and how much the competition is charging. When you use the Bill Negotiation Service we have arranged for our members, they will contact the provider and see if they can get you a lower price. If they can, you get 70% of the savings. If they cannot, it cost you nothing.
Eat Your Veggies
Ok, admit it. You already know that a Big Mac and order of fries aren’t doing a thing to keep you healthy and out of the hospital. In fact, they’re inching you in the other direction.
Wiley IV, and way too much kale
Most
modern health problems are diseases of civilization. It is well
documented that hunter-gathers suffer few of the modern maladies that are
typical today – such as diabetes, osteoporosis, cardiovascular disease,
or autoimmune disorders. They do suffer from snake bites and other accidents
– but those who live into old age stay remarkably healthy.
The
reason for this is that they are eating in the same way that our ancestors
did for over 2 million years. A diet based on vegetables, fruit, meat,
and fish (and avoiding grains, sugar, vegetable oils, hydrogenated fats, and
other modern foods) will have a dramatic long-term effect, and will probably
cut your medical costs more than anything else you can do
The
Long-Term Solution
A
free-market economy produces greater value for all. By participating
to a greater degree in your own healthcare decisions and by taking an active
role in finding ways to lower your costs, you are helping that system work.
Unfortunately,
medical care has not operated in a free-market, transparent environment.
But as HSAs have become more popular, that has been changing. There
are more low-cost medical clinics, there is more competition among pharmacies,
and even more competition among doctors for your business.
As
the country struggles to find healthcare solutions that can cover everyone,
the most critical piece is something that will keep costs down without rationing
care. HSAs and consumer-driven solutions must be part of the package
for this to work. If you agree, let your Senators and Representatives
know.
To your health and wealth,
Wiley
Long
President - HSA
for America
P.S.
– Next month we’ll talk about your HSA, and why you should be
doing all you can to build up your investment fund.
