Keeping Out-of-Pocket Costs Down in the New Year: Tips for Maximizing Your Health Benefits

Most of what you already know about health insurance is not changing next year, but the risk of unexpected bills remains high. The killing of UnitedHealthcare CEO Brian Thompson has highlighted criticisms of the health insurance industry, which is already under scrutiny from Congress for its role in prescription drug pricing. Many Americans are struggling with medical debt as healthcare costs continue to rise faster than inflation. To keep your healthcare costs down, it is important to ensure you have coverage, check if your providers are in-network, review your medications, and understand the fees you are responsible for.
It is important to get covered either through employer benefits or by selecting a plan on the federal healthcare.gov portal before the open enrollment period ends. Make sure your providers are in-network as out-of-network costs can be expensive. Check if your medications are covered by your plan and consider switching to generic alternatives if necessary. Understand your deductible and copayments as these can significantly impact your out-of-pocket expenses. Be aware of coinsurance, which requires you to pay a percentage of healthcare costs after meeting your deductible. It is important to be vigilant about your healthcare costs to avoid unexpected bills and financial strain.

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