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9 ways to save money on healthcare during open enrollment season
Experts say comparing plans, using generic drugs and tax-advantaged accounts can help families lower premiums and prescription bills.
As Medicare open enrollment begins tomorrow, October 15, experts advise Americans to review coverage and compare costs to avoid wasting money and maximize annual savings.
Smart shopping expert Trae Bodge warns that automatically renewing plans is a costly mistake. "Oh, I'll just let it renew that same plan. But guess what? Benefits change every year," Bodge said.
Jason Dorsey, owner of Roselawn Pharmacy in Cincinnati, recommends generic drugs and store-brand medications that can save 50%. Dorsey also suggests asking about a 90-day supply to reduce pharmacy trips.
Reid Zeising, founder and CEO of Gain, advises patients to check bills for accuracy and appeal denied claims rather than accepting initial denials. Bodge recommends telehealth or urgent care instead of emergency rooms.
Consumers can utilize Flexible Spending Accounts and HSAs to pay for qualified medical expenses with pre-tax dollars. Staying current on preventive screenings helps catch illness early and reduces long-term healthcare costs.