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Gain Control Of Your Health Care Costs

May 1, 2019 Ready to put health care costs on the road to recovery? Does just thinking about health care costs give you a headache? We feel your pain! But don’t worry. We have a six-step, cost-management plan that could have you feeling better in no time.

Step 1: Know what's covered.

Get a better handle on what your health plan does and doesn’t cover. Don’t you hate it when you think something’s covered by your insurance and you’re hit with a cost you didn’t expect? It’s important to be an educated consumer. First, understand what the different terminology means in general: Here’s a handy overview at . Then, understand what is and isn’t covered by your insurance. Some good ways to find out: visit your insurance provider’s website, contact your employer’s benefits/HR department or call your insurance company. Talking to someone can be very helpful. If you do, take names and take notes. Then, if you have questions or a dispute down the road you’ll have the information you need to clear things up.

Step 2: Pay attention to your bills.

Doctors’ offices and labs can make mistakes so review charges carefully and don’t be shy about calling if you have questions. If your insurance rejects a claim, call customer service to learn why. You might find there’s a way to resolve the issue.

Step 3: Compare costs.

Need expensive medication, a test or surgery? Call around and compare what different pharmacies and facilities charge. Here’s what has to say on the subject—but know many insurance plans only cover in-network provider costs, which means you might not have a lot of flexibility. Having a rough idea of what a big medical expense will cost—like a baby, an MRI or an operation—can help you get your finances in order ahead of time.

Step 4: Explore health savings accounts.

Find out if it makes sense to sign up for a Flex Spending Account (FSA) or a . These are tools that let you use pre-tax dollars to pay for certain out-of-pocket health-related costs. Each has limitations and rules and each has advantages and disadvantages. Don’t just assume these accounts are a good fit for you: talk with your benefits/HR department and your accountant.

Step 5: Join your company wellness program.

Does your employer have onsite workout space? Offer you incentives or rewards for exercising and eating right? Take advantage of whatever they’ve got! You’ll feel better and your health-related costs will probably drop too.

Step 6: Make your health a priority.

Sure, sure, it can feel selfish. But guess what? If you don’t put your health first you’ll be exhausted, more likely to get sick and less able to handle all the things your busy life requires of you. So, eat healthier, exercise every day (even walking helps), connect with people you care about and get more shuteye. Better health and lower health care costs? You’ve got it covered and Summit’s here to help. Smart money tips brought to you by  , Summit’s exclusive financial wellness program. You might also be interested in Are you struggling to come up with the perfect New Year’s resolution? Here are three great reasons why focusing on your finances should be a priority this year! Simple, everyday choices can reduce consumption and our impact on the environment. Learn ways to be more eco-friendly…and your spending at the same time! The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account. Caring for your furry friends can add up! Learn how to manage the costs of owning a pet & unwanted expenses without compromising on quality for your animal. As you prepare for this new chapter of your life as a parent, make sure you are saving to cover the costs of having a baby with our financial planning checklist. You know regular exercise and smarter eating will make you look better, feel better, and get you in shape for your high school reunion (ok, not the best reason but, hey, if it inspires you, go for it!). But has the cost of health club memberships, workout apparel and organic produce got you thinking you have to choose between paying the mortgage and improving your heart health? Guess what? It doesn’t, thanks to these five easy tips. Using less energy is good for the environment and it can help you save money on your monthly bills. Try these tips to reduce your energy use around the house. Did you resolve to make this the year you took charge of your finances?  It’s crazy to think that the year is almost halfway over, but, hey, it is! Which means it’s the perfect time to take stock of how you’re doing on managing your finances. Does just thinking about health care costs give you a headache? We feel your pain! But don’t worry. We have a six-step, cost-management plan that could have you feeling better in no time. Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA