10 Smart Ways to Slash Your Health Care Bills
- Review your hospital bill Most women scrutinize their credit card statements every month, yet very few even glance at their hospital invoices. But they should: Experts estimate up to 90 percent of hospital bills contain errors. Before you check out, request an itemized bill. "Each treatment you receive is assigned a numerical code," explains Katz. "So somebody accidentally typing in the wrong code could mean a difference of hundreds or even thousands of dollars." Before leaving, scan your bill for any unusual charges. Then, at your next appointment, ask your physician or someone on her staff to go over anything you don't recognize.
- Pay with pretax dollars Less than 15 percent of Americans take advantage of a health savings account (HSA) or flexible spending arrangement (FSA), both of which are offered by employers. That means most of us are losing out on free money: These accounts allow you to pay for medical expenses with cash you set aside from your paycheck before taxes are taken out. The result: a savings of up to 30 percent on your health care costs. You can even use the accounts to pay for costs not covered by health insurance, such as doctor and prescription co-pays as well as hospital stays. Many plans also let you purchase contact lens solution, glasses, Band-Aids, and aspirin. Most employers offer only one type of account, either an HSA or FSA. The big difference between the two is that you can roll over your HSA contributions from year to year and from job to job. But with an FSA, you forfeit any money remaining in your account if you don't spend it by March 15 of the following year or if you switch companies.
For an accurate estimate of your medical expenses, review your health-related spending over the past 12 months, then add on any additional expenses (new prescriptions, for instance) you expect to incur in the future. "But do keep in mind that you have to file claim forms to be reimbursed, so if you're horrible at paperwork or holding on to receipts, these types of accounts may not be for you," says Katz.
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