Americans on average spend more on health care than they do on groceries, according to the Bureau of Labor Statistics’ latest Consumer Expenditure Survey. Saving money on medical care is a lot tougher than saving money on food, however. Two big culprits: opaque pricing and ever-changing insurance company rules about what’s covered and what’s not.
For help in cutting costs, I turned to a uniquely qualified individual: Carolyn McClanahan, an emergency room doctor turned certified financial planner. McClanahan, director of financial planning at Life Planning Partners in Jacksonville, Florida, frequently speaks at industry conferences, teaching other advisors how to help their clients best navigate the health care system.
In my latest for the Associated Press, the three questions everyone should ask to save money on health care.
Liz:
I retired from Federal Govt. at the age of 66.25 on March 31, 2012 and am covered under the Federal health plan and A&B plans. My question is regarding the monthly health care premium. I am currently paying $559 for the Federal health plan plus $135 PM each for my wife and self for Medicare part B. My question is regarding the total monthly payment of $829. Don’t you think it is extremely HIGH? If so what are my options to reduce it?
You can save money on Health Care by finding the best plan, maximizing your coverage, discuss options with your doctor, take preventive measures, shopping around like finding any discount offers etc.