How to Save on Health Care

Oct. 26, 2009 — -- It's that time of year: open enrollment. The one time when you can make changes to your health care plan at work.

I encourage you to buckle down and really think about your choices because it could be an opportunity to SAVE BIG.

Last week, I told you that I've just written a book by that name, "SAVE BIG." The premise of the book is to look for savings of at least $1,000 in the most expensive parts of our lives -- like health care -- rather than wasting time on all the small stuff savings that people always preach, like skipping your daily latte or going to your own bank's ATM.

I've started sharing some of my BIG SAVINGS ideas in hopes of a) helping people out in this economy and b) getting a national dialogue going about how to pinch $1,000 bills instead of pennies.

One reader accused me of trying to sell books, but there aren't any to sell yet! The book doesn't come out until January. I do have one ulterior motive though, and that is to get YOUR ideas for how to SAVE BIG and share them with others. Please write and tell me how you have saved more than $1,000 in a single year by clicking here.

Anyway, as I was saying, it is time to select your health plan if you are one of the lucky majority with employer-based coverage.

My husband and I just sat down and thought it through and made our selections the other night. We are going to save $1,690 by going with a plan where we pay lower premiums up front but pay a higher percentage of our care when we actually receive it.

Most Americans choose preferred provider organization (PPO) health plans. So did we. But instead of going with the most popular one in which we pay for 20 percent of our doctor visits, lab bills and so on, we chose the one in which we pay 30 percent.