Are you ready for the Health Care Crisis? Part 3- Final Thoughts

Monday, May 11th, 2009 by Charles Mayfield, CFP®





So we have covered some important things to consider when choosing or designing your health care plan.  In addition to figuring out networks, deductibles and co-pays, there are several underlying themes that transcend most every health insurance plan.  These simple guidelines, over the long run, will help you keep health insurance costs under control and stress at bay.


1.      Utilize your plan properly:  by using your plan properly, it will save you out of pocket expenses and time.

a.      Emergency rooms are for exactly that…emergencies

         i.     Don’t use that as your primary entry for treatment

         ii.     It should be a last resort

b.      Plan ahead with testing and lab work

c.      Understand how your deductible/co-pays/coinsurance works


2.      Check all your plan options: you may be able to get better coverage or a better premium by exploring what is available to you.

a.      Could an individual plan cost you less?

b.      The rates at your spouse’s company plan may be lower than yours

c.       What programs are available for my children?


3.      Be SMART with your health: there are just too many things that are well within your control that will help your premiums and general medical costs stay lower over time.  I’m not a nutritionist or doctor…but it’s hard to argue with the potential impact these can have on your overall health:

a.      Proper Diet/Nutrition

b.      Drinking the right fluids to stay hydrated

c.       Quitting that nasty tobacco habit

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