Economy Insurance

Economy Insurance

Although economy insurance is the most sought after policy, as it caters to the middle- and low-income groups, many people find themselves paying much higher medical costs than they had budgeted for. The problem lies in the lack of knowledge of low-cost medical insurance.

Making the Best Use of Medical Economy Insurance

Some of the ways to limit insurance costs are:

* Basics: Take measures to lose weight, exercise, quit smoking, eat a healthy diet and wear seat belts. Doing this may eliminate the need for frequent doctor visits.

* Join a Health Maintenance Organization (HMO) and use only those healthcare providers that are on its network list. Going outside the network might cost you substantially.

* Visit doctors who accept assignments: If you are a member of Medicare, go to only those doctors who accept assignments. This means they will not charge more than what Medicare will pay for a specific procedure. Although you would still be required to pay your deductible and a percentage share of the bill, you will be saved from paying any excess charges. If your doctor does not accept assignment, check with the local Social Security office or your insurer for a list of participating Medicare physicians.

* If you have a fee-for-service plan, request your doctor to limit his fees to the amount that your insurance will pay.

* Arrange for your old X-rays and medical records to be sent to your new doctor or dentist. This will help in cutting down costs.

* Use generic drugs unless there is a valid reason of not doing so.

* Call your doctor or nurse for advice by telephone. This will save on visitation cost.

* If you are paying a part of a doctor’s or hospital bill, be sure to get it itemized. Hospitals sometimes add the cost of treatments that you did not receive to your bill. If the services on the bill are listed in code, seek the help of the billing officer in deciphering and verifying them.

* Get a copy of your doctor or hospital bill to see the amount that was actually paid. Your insurer may have received a discount. Since you might need to pay a percentage of the bill, it should be calculated on the discounted amount, unless the policy states otherwise.

* If there is a 24-hour emergency clinic in your area, check its costs. These clinics are usually less expensive than a hospital emergency room.

* Use low-cost mail-order pharmacies run by HMOs to procure your medicines.