7 MIN READ
To get the most out of your insurance, it’s important to evaluate what coverage you use most. These five simple steps will help you manage your healthcare finances and create a budget that maximizes your benefits and saves you money.
1. Add up your routine health costs.
First, total your regular prescription costs. To do this for each prescription you have, take the prescription cost and multiply it by the number of refills you receive per year. Add the annual cost of all prescriptions together to estimate your yearly prescription expense. If you have a Flexible Spending Account (FSA) or Health Savings Account (HSA), add those costs in too.
Next, be sure to factor in the copay costs from any anticipated doctor visits you may have this year in addition to regular checkups. You can use the Find Care tool or check out your benefits for copay information.
2. Plan for your future health.
Do you plan on growing your family? Getting surgery? Repairing an old injury? Check your benefit booklet or go to your benefits and coverage page on CredenceBlue.com to factor in those potential out-of-pocket costs based on your coverage.
3. Start putting aside extra savings towards potential healthcare costs.
If your employer offers it, one way to start your savings account could include opening an HSA—which helps you put aside money for future healthcare costs, tax free. Alternatively, you can open your own savings account with your bank for designated healthcare costs.
4. Take advantage of the resources available to you.
As a Credence member, you have access to our best money-saving articles and tips. Learn more about how to save by checking out our articles on how to save money with your health plan, a breakdown of the No Surprise Act and more.
5. Get to know the commonly used benefits with your plan.
Take some time to read the fine print regarding copays, deductibles and network costs. Additionally, our insurance financial basics breakdown will help you understand what is and isn’t covered. You know yourself and the coverage you need most. An honest personal assessment will help set you and your budget up for success.
Feel in control of your finances yet? We understand it takes time, but it’s never too late to start. So open a spreadsheet, brew some coffee and get ready to be the master of your healthcare costs.