Health Care Four ways to make the most of your health insurance Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by Magaly Olivero Published Mar 7, 2016 1 min read Whether you have job-based coverage or purchased a plan on the Health Insurance Marketplace, making the most of your health insurance is more important than ever now that an increasing number of consumers are assuming a greater share of their health care costs. Consider these factors to get the most value for your plan. Comparison shopping Whenever possible, compare the actual prices of elective health care procedures – such as a hip replacement or having a baby – to keep your out-of-pocket expenses to a minimum. The cost for the same medical service can vary by tens of thousands of dollars from one provider to another. Stay in the physician network Choose doctors and hospitals that are part of your plan’s network, whenever you can. Going outside your plan’s network of providers can lead to additional costs. Non-network providers may bill for charges that exceed the amount that your plan reimburses for a covered service. Review the drug formulary Make sure your prescription medications are included in your plan’s list of covered drugs, also known as a drug formulary. If not, talk to your doctor to determine if another medication on the list would be just as effective. Choose a generic version of a drug, whenever possible. Generic medications are substantially less expensive than brand-name drugs. Stay healthy Take advantage of the wellness and preventive services – from annual check-ups and cancer screenings to childhood vaccinations – that are now available at no cost thanks to the Affordable Care Act. Staying healthy is one of the best ways to save health care dollars. It’s less expensive to get a vaccination, for example, than to get admitted to the hospital with the flu. Previous Post What is the Personal Exemption? Next Post Uninsured This Tax Season? See How You Can Save Money… Written by Magaly Olivero Magaly Olivero is an award-winning writer and has written for many national and regional media outlets, as well as corporate and nonprofit clients in the healthcare, tax and education industries. Her publishing credits include U.S. News and World Report, Newsweek, The New York Times, Working Woman, Better Homes and Gardens and the Connecticut Health Investigative Team. Magaly is a recipient of a National Journalism Fellowship from the University of California Annenberg School of Communication and a Health Coverage Fellowship from the Blue Cross Blue Shield of Massachusetts Foundation. More from Magaly Olivero Leave a ReplyCancel reply Browse Related Articles Tax Tips Buy or Lease Your New Business Vehicle? Taxes 101 The American Opportunity Tax Credit: Benefits for Stude… Tax Deductions and Credits Can I Take a Tax Deduction for a Bad Investment? Self-Employed Self Employed: Living and Working Abroad? Here’s What… Tax Deductions and Credits All The Single Ladies…Put Your Tax Deductions Up! Tax Tips Are State Tax Refunds Taxable? Tax Planning What is a Tax Bracket? Tax Refunds Where’s My Tax Refund? How to Check Your Refund Statu… TurboTax News Go Behind the Scenes of the TurboTax Super Bowl File Co… Tax Tips Are You Ready for Some Football Tax Tips?