In part one of this discussion, we considered the importance of understanding your health care plan. We then looked at ways to navigate the health care system and how you can reduce your out-of-pocket expenses.
In this post, we’re looking at how to maximize your health care benefits. The five practices listed below will help you maintain a firm grasp of your health care expenses and prepare you for the unanticipated but necessary medical costs that come into each of our lives.
Understand Your Explanation of Benefits
After you receive health care services, your insurance company will send you an Explanation of Benefits (EOB). The EOB explains what services were covered, what your insurance provider paid, and what you still owe. Review this document carefully! If you spot any discrepancies, contact your provider immediately.
Keep Track of Your Medical Expenses
Maintaining a budget is a good idea for anyone. In particular, tracking your medical expenses will help you monitor out-of-pocket costs and meet your insurance plan’s deductible. When tax season comes around, you may be eligible to deduct medical expenses. Having a list of expenses already ongoing makes this process so much easier. You can create an online account with your health care provider (Priority Health, Blue Cross, Trustmark, etc.) and your EOBs there. Keeping track of all the medical expenses paid through that carrier is automatically done for you in your online account.
Utilize Health Savings Accounts and Flexible Spending Accounts
If you have a high-deductible health plan, you may be eligible to establish and contribute to a Health Savings Account (HSA). An HSA helps you save for medical expenses that are not covered by your plan and contributions to the HSA are tax-deductible and no tax is paid when these funds come out of your account if they are used for qualified health care expenses.
A Flexible Spending Account (FSA) allows you to contribute a portion of your pre-tax earnings to
pay for eligible health care or child care expenses. With an FSA be aware of the “use-it-or-lose-it” rule, which means you must spend the funds you contribute within the plan year.
Seek Out Wellness Programs and Discounts
Many health insurance plans offer wellness programs that provide incentives for healthy behaviors, such as gym memberships, weight-loss programs, and smoking cessation support. Take advantage of these programs. They will help improve your health and potentially lower your insurance claims.
Stay Informed and Be Proactive
Health care and health care systems are constantly evolving. Review your plan regularly, ask questions, and advocate for your personal health needs. Being proactive will help you make better decisions and ensure you are maximizing your health care benefits.
By understanding your health insurance, choosing the right providers, maximizing your HSA contributions if applicable, using cost estimators before having certain procedures done or prescriptions filled, and taking advantage of wellness programs, you can better navigate the health care system and maximize your health insurance plan. Stay informed, stay proactive, and prioritize your health. You and the ones you love will be glad you did. And, remember, we’re always here to help. Reach out to your CSI Employee Benefits customer service team (csiinsuranceplan@cebteam.org or 877-274-8796 x 233) should you have any questions or concerns. We have been in your shoes and we are in this together as you navigate your health journey and health plan.