Focus at Four: Managing the rising costs of healthcare
BRYAN, Texas (KBTX) – The rising cost of healthcare in the United States continues to pinch the wallet of many Americans.
Experts say that it’s important to understand your health insurance and options that are available for coverage.
Mario Payne, a certified financial planner, joined First News at Four with some advice to manage these rising costs.
Understand Your Health Insurance Plan: It’s important to fully understand your health insurance coverage, including what services are covered, your out-of-pocket maximum, and whether your preferred providers are in-network. This understanding can help you avoid surprise charges.Utilize Preventive Care: Many insurance plans cover preventive services at no cost to you. Regular check-ups, screenings, and vaccinations can catch health issues early before they become serious (and potentially more expensive) problems.Consider a Health Savings Account (HSA) or Flexible Spending Account (FSA): These accounts allow you to contribute pre-tax dollars to pay for eligible healthcare expenses. An HSA can be particularly beneficial because the funds roll over year to year and can be invested, potentially growing your savings over time.Negotiate Medical Bills: Don’t hesitate to negotiate if you’re faced with a large medical bill. Some providers may offer discounts if you pay in cash or set up a payment plan. Additionally, always check your medical bills for errors, which can be more common than you think.Stay Healthy: While you can’t completely prevent illness, maintaining a healthy lifestyle can potentially reduce healthcare costs. Regular exercise, a balanced diet, adequate sleep, and avoiding risky behaviors like smoking can all contribute to better overall health.
You can watch the full interview in the video player above.
