The Rising Costs of Medical Insurance

At InsuranceLower, we help you find the health insurer that best fits your needs and your budget. We understand that the cost of medical insurance is going in only one direction: up. To help with the rising costs, but you can take steps to lower your own medical expenses. Here are some suggestions:

• Shop around for coverage: Premiums vary widely, so get medical insurance quotes from several companies. You're almost certain to find one with attractively low premiums--but evaluate the plan carefully to ensure that the money you save isn't offset by inadequate coverage, high deductibles, or other drawbacks.
• Cut your prescription drug costs: Consider ordering your prescriptions through the mail through a traditional or online pharmacy. If you belong to a prescription drug plan, you may be able to get a three-month supply of your prescription drug through the mail for the same price you'd pay for a one-month supply at your neighborhood pharmacy. Also, ask your pharmacist or doctor to recommend a less-expensive generic drug whenever possible. If you are on Medicare for your medical insurance, inquire about Medicare's new "Plan D" prescription drug plan.

Be Sure Your Bills are Correct

• Check your medical bills: Make sure that every bill accurately reflects the procedures you have undergone and takes into account any applicable medical insurance coverage you may have. Contact the billing office if you believe you may have found a mistake. If you've received an explanation of benefits from your insurance company that you believe is wrong, ask the company to review your claim.
• Look for tax breaks and track your medical expenses: You may be able to deduct certain medical expenses from your taxes if you itemize and your total medical expenses exceed 7.5 percent of your adjusted gross income. Allowable expenses include everything from healthcare services to eyeglasses and hearing aids. Keep track of these expenses if you think you might be able to deduct them on your income-tax return.
• Maintain a healthy lifestyle: It's easy to overlook one of the most basic ways to lower your medical expenses over time: maintain a healthy lifestyle. Take advantage of wellness programs, maintain a healthy weight, exercise regularly, quit smoking, and have regular checkups. Medical insurance is good, but staying healthy is better.

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