Open Enrollment: Surprising Co-Pay Tricks to Save Money

Share
Copy

"Most of us don't expect to go to the hospital next year, but any of us could," he said.

Nancy Metcalf, senior program editor with Consumer Reports, said there is no standardization in health plans which makes it difficult to give general advice.

"My favorite quote from a health insurance expert is if you've seen one health plan, you've seen one health plan," she said.

Both Metcalf and Thompson see benefits in at least getting tax savings with a tax-deductible health-savings account --only if your employer offers this type of high deductible health plan. These HSAs allow one to transfer tax-deductible money of varying amounts from year to year to be used for health care. These differ from flexible spending accounts, or FSAs, in which the monetary balance expires at the end of each year if you don't use it.

Choosing health care can be difficult for even the healthiest of individuals. But this year, a provision in the new health care law will require insurers to offer a comparison of features.

Metcalf describes the information as a "nutrition facts label" with a summary of benefits and coverage that is "fantastic."

"If you don't get it, ask for it, because it's a real valuable thing," she said.

Page
  • 1
  • |
  • 2
Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
 
You Might Also Like...
See It, Share It
PHOTO: Sabrina Allen is shown in this photo provided by the National Center for Missing and Exploited Children.
National Center for Missing and Exploited Children
PHOTO: Adam Sandler arrives at the premiere of Men, Women & Children at The Directors Guild of America, Sept. 30, 2014, in Los Angeles.
Dan Steinberg/Invision/AP Photo
Lovable Panda Triplets Get Named
ChinaFotoPress/Getty Images
PHOTO: Video recorded Sept. 21, 2014 in Okanogan County, Wash. shows a black bear scratching its back against a tree.
Washington Department of Fish & Wildlife