As the cost of everyday life continues to increase, people are looking for ways to stretch their dollars as far as possible. And while you might think saving a few bucks is worth the risk to avoid an expense, that shouldn’t stop you from receiving care.
Understanding how and when to use your benefits can sometimes be just as important as having them. From knowing your care facility options, taking advantage of pre-tax savings accounts and using non-medical benefits opportunities, a few small decisions can help maximize your benefits value throughout the year and beyond.
Here’s a few ways you can use your benefits that can help save on medical expenses.
Know Your Options
Let’s say, for example, it’s 9:16 pm and you feel a sharp pain in your wrist. It’s painful enough that you think you need to see someone tonight, but which option should you choose – urgent care or the ER?
When it comes to non-emergency situations, urgent care facilities are ideal for treating:
- Minor illnesses
- Sprains
- Allergies
- Common infections
Emergency rooms are designed to prioritize serious and life-threatening conditions, which could result in longer wait times for non-emergency situations — not to mention ER copays are usually much higher than urgent care copays.
Another option may be telehealth services. Telehealth, depending on your carrier plan, may provide access to virtual healthcare consultations, helping to evaluate symptoms and guiding you toward the most appropriate care options.
Because these appointments are virtual, you can take them anywhere, at any time via your phone or a computer. In some cases, you can virtually see a nurse on the same day you schedule an appointment. Also, telehealth visits can be less expensive than in-person visits.
Of course, if you are experiencing severe pain in your chest or abdominal region, have trouble breathing or have any symptoms that could put your life at risk, seek emergency aid immediately.
Using Your HSA or FSA Dollars
If you enroll in a Health Savings Account (HSA) or a Flexible Spending Account (FSA), these accounts allows you to set aside money on a pre-tax basis for eligible healthcare expenses. Both of these have benefits that can help you reduce your overall taxable income while preparing for any future medical costs.
While we go more into depth in this topic, and the different types of accounts, in our article FSA or HSA? Smart Ways to Stash Your Cash, here are some of the ways these accounts can help:
- HSA contributions are tax-free
- You can receive potential interest gains that accumulate tax-free
- HSA funds follow you, even if you change jobs, health plans or retire
- FSA contributions are decided at the beginning of each Plan Year
- FSAs also feature a carryover feature, when any unused amount* that remains at the end of the Plan Year carries over to the next
- The amount carried over depends on current Plan Year contribution limits
Take Advantage of Mail-Order Prescription Programs
If you regularly take maintenance medications to treat ongoing health conditions, your carrier may offer a mail-order prescription program. Depending on your carrier and prescription plan, eligible maintenance medications may be available through mail-order prescription programs.
These programs will often provide the convenience of home delivery, as well as extended day supplies, such as a 90-day supply for certain medications, and are often cheaper than refilling through a retail pharmacy. There’s also the availability of automatic refills and renewals.
Other Benefits That Can Help You Save Money
While we’ve talked about different medical benefits options that can help save money, your carrier might also provide non-medical options that can help reduce expenses, like:
- The Employee Assistance Program (EAP), assisting you with emotional health, parenting and childcare services, senior caregiving services, wellness and legal support. You also have access to a number of free sessions each Plan Year.
- Discounts on groceries, entertainment and more through LifeMart, as an ADP TotalSource member
Many healthcare providers offer mobile apps and online tools for members to better understand their benefits options. As an ADP TotalSource member, you have access to some of our insightful and informational guides where you can learn more about your benefits and how ADP can help:
- Our Awesome Guide to Benefitsexplores the benefits available to you through your employer’s partnership with ADP TotalSource.
- Our MyLife website provides articles and resources with common benefits topics like HSA vs FSA, understanding PPO and HMO and Open Enrollment.
- Our Summary Plan Description gives full details about your benefits, including eligibility and available services.
Small Savings Add Up
Making the most of your benefits doesn’t require major lifestyle changes and saving money isn’t always about reducing medical expenses. Sometimes it’s about using available resources to enhance small decisions that can have a greater impact over time.
Your benefits are designed to support more than just your health; they can support your financial wellbeing as well. Take advantage of the options mentioned above and if you have any other questions, be sure to give our MyLife Advisors a call at 800-554-1802 for further guidance and support.
