5 tips to reduce healthcare expenses | Business

Total health care spending in the United States reached $4.1 trillion or $12,530 per person in 2020, according to the Centers for Medicare and Medicaid Services. The good news is that there are affordable ways to put your health first.

Here are some ideas to help you and your family stay healthier in 2022 and beyond:

1. Consider urgent care

In non-emergency situations, choosing to go to an urgent care center rather than an emergency room can be a great solution for your health and your wallet. Many urgent care centers are designed to handle minor fractures, take X-rays, and treat bumps, cuts, scrapes, and other non-fatal injuries and illnesses that occur outside of normal working hours. They generally have shorter wait times, accommodate walk-in visits, and are less expensive than emergency rooms.

2. Buy insurance if necessary

Most people with health insurance are usually covered by their employer. However, if your job doesn’t offer insurance, you can visit healthcare.gov and enter your zip code to get to your state’s exchange or use the federal marketplace to purchase plans and take advantage of tax credits. on bonuses, which are based on income. You can also purchase insurance from a private exchange or directly from an insurer, but these options do not include potential tax credits available in government markets.

3. Service comparator

It’s something you might not think of when it comes to healthcare, but some of the most common tests and procedures like ultrasounds, MRIs, and arthroscopic surgeries are the most accessible. Talk to your insurance company or provider to find out where you can have this test or procedure performed. This will give you a better idea of ​​how much the insurance will cover and how much you will have to pay out of pocket. If you don’t have insurance, you can research health care providers and call their billing services. They can provide more information and help you set up a payment plan.

4. Use your preventive care benefits

Regular checkups and exams can help you stay healthy and catch problems early when they’re easier, and often cheaper, to treat. Preventative services and vaccinations are generally covered by 100% insurance at no cost to you as the policyholder. Regular dental and eye exams are also important, as eye or dental problems can lead to more serious health problems down the road. Stay up to date on preventative care and remember that vaccinations are safe, simple and effective ways to protect against harmful diseases.

5. Invest in a health savings account

If you rarely use your health benefits and choose a high-deductible health care plan, with minimums of $1,400 per individual or $2,800 for a family, Health Savings Accounts (HSAs) allow you to put money set aside to pay eligible medical expenses. You can use money from your HSA for this deductible or to cover out-of-pocket medical expenses. HSAs also offer a triple tax savings, as contributions are made pre-tax or are tax deductible, interest and income accrue tax-free, and distributions are tax-exempt when incurred. used for eligible medical expenses. HSAs are transferable and the funds are still yours and fully vested. Any unspent funds will remain there until you spend them.

We are invested in helping Kentuckians build a better future and recognize that physical and financial health are linked. Medical debt can get in the way of achieving long-term financial goals, just as poor financial health can cause stress and impact physical well-being. We encourage you to browse our comprehensive library of financial health resources online.

Here’s to making 2022 a healthier year financially and physically.

Jill Krimm is Director of Human Resources for Abound Credit Union.

Jill Krimm is Director of Human Resources for Abound Credit Union.

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