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With the annual open enrollment season in full swing, a concerning finding sheds light on a health issue that affects millions of people. A staggering 88 percent of U.S. adults lack sufficient health literacy to effectively navigate the health care system.
If that’s the case for you, this lack of understanding may not just affect your health – it could also impact your bank account. The Center for Health Policy Research at George Washington University found that not quite getting health-related information can cost up to $238 billion annually in higher healthcare costs.
Empowering yourself with knowledge about your healthcare options during open enrollment is crucial to optimizing your benefits and managing costs. Better understanding your available plans and their benefits can help you make informed decisions that support your physical, mental, and financial health.
The following tips can help bridge the knowledge gap and help you save money on healthcare
Make the most of your yearly checkup
Regular preventive visits are generally covered by your health insurance plan and can play a crucial role in early disease detection. That can be a win-win for your health and your pocketbook. That’s because identifying issues as early as possible may lead to more effective treatments and can also help avoid more costly services in the future.
But here’s part of where that “understanding” piece is critical. Come to your doctor visit with a list of questions and let him or her know if you have any health concerns. Take notes to make sure you are getting all the information you need and review them once you return home.
Make sure you understand your plan and health care costs
It’s also important to understand your deductible, your out-of-pocket expenses, and other specifics of your health insurance plan. New health plan models are now available to help drive a more affordable and simplified experience. Some eliminate deductibles and provide clear, upfront cost and coverage information before treatment begins. Such clarity in pricing helps make healthcare more affordable for people of all ages and with various common conditions and comorbidities.
Shop around for pharmacies
First make sure your pharmacy is in your insurance plan’s network, otherwise you might have to pay more for your prescriptions. Then, do some comparison shopping. You may be surprised at how much variance you will find from one pharmacy to another in terms of prices of the medications you may need. Also, investigate generic options for those prescriptions, which are usually less expensive than brand-name versions. And look into online pharmacies, which ship nationally and, because they have less overhead than brick-and-mortar stores, may offer better prices.
Take advantage of your Employee Assistance Program (EAP)
Health literacy and financial literacy are closely linked, as they both play a critical role in our ability to make well-informed decisions about our health and financial well-being. Many employee assistance programs offer financial resources and tools to help narrow financial literacy gaps, such as tax planning, debt management, and savings guidance. EAPs also can help address behavioral health issues, which can affect cognitive functions and the ability to understand health information.
Use telehealth
Virtual visits have emerged as a go-to option to remotely access medical services, including primary, urgent and specialist care. Not only are these visits typically more convenient than in-person options, but they may also be available through your health plan. Virtual visits can help with the treatment of allergies, urinary tract infections, flu, rashes and more, from the comfort of your home without the hassle of sitting in an urgent care waiting room.
Of course, there are times when an in-person visit is necessary, especially for chronic or complex conditions, emergencies or issues requiring hands-on exams, lab tests or X-rays.
Check your health plan to determine what kinds of virtual care resources may be available to you.
It all boils down to gaining a greater awareness of your options and understanding your own health. Using that knowledge may help improve health outcomes and enable you to save on health care costs, creating a true win-win.
Dr. Danielle Madril is Chief Medical Officer, UnitedHealthcare Employer & Individual Plans of Florida.
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