Senator Barack Obama, for example, may have a hard time passing costly reforms outlined in his plan, which calls for mandatory coverage of preexisting conditions, tax credits for families, and the expansion of Medicaid and the State Children's Health Insurance Program (SCHIP), which would cover all children without private insurance.
Senator John McCain's plan aims to cut tax breaks for companies that offer health insurance to employees, and replace them with a refundable tax credit of $2,500 for individuals or $5,000 for families—a promise that may be hard to make a top priority.
But no matter who wins, and what they are able to accomplish, there is a lot you can do to save on medical costs and plan for a healthier future.
Eight money-saving moves to make right now
1. Enroll in a flexible spending account (FSA) next month. At many companies, FSA enrollment for next year begins in November. An FSA allows you to set aside money from your paycheck—before it is taxed—to pay health-related expenses that aren't covered by your insurance. By using pretax dollars, "you're effectively buying health-care services at a significant discount, "explains Wayne Farlow, a certified financial planner in Westminster, Colo. For the average wage earner, it translates into at least a 30% savings on your health-care expenses.2. Split your prescription medication. This cost-saving trick can cut your drug bill in half, literally. "If there's the same co-pay for a higher strength medicine, you can split the pill in half and save money," says Vibhuti Arya, a spokesperson for the American Pharmacists Association. Ask your pharmacist if the medicine is suitable for splitting, since some medications—particularly time-delivery drugs—are not.
3. Switch to generic medications. "If you're starting a new treatment, why not start with the most economic medication rather than a brand-new drug?" asks Edward Jardini, MD, the author of How to Save on Prescription Drugs: 20 Cost-Saving Methods. Ask your doctor if there any generics—or similar medicines or ones in the same class—that are less expensive. Generics contain identical active ingredients and work the same way in the body. For example, ninety 10-milligram tablets of generic simvastatin, a drug used to lower cholesterol, sell for about $50, while the same amount of the brand-name Zocor costs about $240. Make sure you also ask your doctor about lifestyle changes and other steps you can take to cut your prescription medication cost.
4. Stay insured if you are fired or laid off. Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), you and your family have the right to stay on your employer-provided group health insurance for up to 18 months after you leave a job. You will have to pay for 100% of the coverage (rather than sharing the cost with your employer), but it is usually cheaper than buying an equivalent policy on your own. For more about your COBRA rights, visit this list of frequently asked questions assembled by the U.S. Department of Labor. Individual states also offer their own assortment of protections, so be sure to look into them.
Continue reading: Four more ways to save on healthcare
By Amy O'Connor
(Photo: Koreatimes.co.kr)
