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04/09/2018
8 Strategies for Saving Money on Your Health Care
5. Comparison shop. As with other goods and services, you should comparison shop for medical procedures and prescription drugs. "If you have an employer plan, there will likely be options," Seidman says. "Take a look at the costs of the PPO [preferred provider organization] plan and compare it to what the managed care plan is offering. By doing a little research, you can determine which plan is right for you. An HMO will generally come at a lower cost but will offer less flexibility. Still, it might be right for you." Consumers can also save money by comparison shopping for prescription drugs, says Joseph Sanginiti, president and chief executive officer at FamilyWize, a community organization based in Bethlehem, Pennsylvania, that offers a free prescription savings program. Consumers can use the FamilyWize discount card at all major chain pharmacies nationwide; the program covers all Food and Drug Administration-approved medications. The FDA says the cost of a generic drug is 80 to 85 percent lower than its name-brand counterpart, Sanginiti notes. Consumers who join FamilyWize save an average of 45 percent each month on prescription medication, regardless of their insurance coverage, he says. You can also save money by talking to pharmacists directly. "Always talk to your pharmacist," Sanginiti says. "Don't be afraid to comparison shop and tell them if you find a better price. They should be willing to work with you."
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