Easy tips to save money on health care

7/9/2018

Easy tips to save money on health care

Whether you're uninsured or simply facing a high insurance deductible, you can take several steps to better manage your health care budget. Consider how the following money-saving tips can help control the rising costs of health care.

(BPT) - As Americans work hard to meet all the obligations that come with work, family and everyday life, many are challenged to find time to manage all the financial elements affecting their health care.

The details associated with health care insurance can be confusing. At the same time, you want to make smart decisions about the quality health care you and your family need.

Out-of-pocket health care spending rose by more than 50 percent between 2010 and 2017, The Atlantic recently reported, partly because half of all health insurance policyholders in the U.S. are dealing with annual deductibles of at least $1,000.

Whether you're uninsured or simply facing a high insurance deductible, you can take several steps to better manage your health care budget. Consider how the following money-saving tips can help control the rising costs of health care.

* Read bills with a critical eye. Any bill can include administrative errors, and some estimates have indicated errors on as many as 80 percent of medical invoices issued, reports the Medical Billing Advocates of America. That statistic makes it well worth your while to examine and question your expenses before you pay.

* Lower the cost of your meds. The free Inside Rx prescription savings card provides discounts on prescription medications for eligible patients. According to the data, eligible patients have saved an average of 40 percent on the more than 100 featured brand medications included in the program, and even more on generic medications. Inside Rx is an option to help the uninsured, those facing high deductibles or anyone trying to save money on their meds. Inside Rx even offers prescription savings for pets for qualifying medications. The card is free and easy to download, with no registration process.

* Compare costs whenever possible. Some medical services can be difficult to compare on an apples-to-apples basis, but it’s worth doing your homework before making appointments for more standard services such as annual check-ups, lab work and testing, dental care or dermatology services. Check vendor websites, make phone calls and conduct web searches to find online databases, such as HealthcareBluebook.com, that suggest fair prices for services. If you're insured, your insurance provider can clarify what portion of the bill will be covered.

* Be bold about negotiations. It's OK to speak up. You have nothing to lose by politely asking your health care provider to work with you on the price of an upcoming service, especially when dealing with a private practice. Start the conversation by aiming for the Medicare rate or an amount close to that paid by commercial insurers. As an alternative, ask the office administrator to set up a manageable payment plan.

* Consider paying cash up front. Some vendors offer discounts for simply paying cash for your services without funneling everything through insurance. Even if you're insured, you can still evaluate whether immediate cash payments would be lower than your post-insurance costs.

Keeping a close eye on where you might be wasting money on health care can pay off in a big way — and the remedies don’t have to be complicated. Conduct your due diligence on such costs to protect your financial health as vigorously as your physical health.

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5 Tips to Save on Bills

6/5/2017

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Finding ways to curb your monthly spending may leave you feeling like you’re living to work, not the other way around. For most people, the first step toward saving on bills is getting rid of all the extra spending. When you’ve trimmed the excess from your monthly budget and still need to cut back more, it may take some creative thinking to get those dollars and cents to start adding up. Before you stress about where to cut next, take a look at these tips for little changes that can add up to big savings.

5 Tips to Save on Bills

(Family Features) Finding ways to curb your monthly spending may leave you feeling like you’re living to work, not the other way around. When you’ve trimmed the excess from your monthly budget and still need to cut back more, it may take some creative thinking to get those dollars and cents to start adding up.

For most people, the first step toward saving on bills is getting rid of all the extra spending. However, that’s not always enough, and it’s not always practical or realistic to cut down to bare bones. Before you stress about where to cut next, take a look at these tips for little changes that can add up to big savings:

Reconsider your cable source. There are literally dozens – maybe more – streaming services available to fulfill your viewing needs. Most people subscribe to a cable or satellite package that has plenty of excess channels. Many streaming options allow you to take a more custom approach so you’re only paying for the programming you actually watch.

Update your mobile phone and plan. Do some checking to ensure you’re getting the best value on your mobile service. Make sure you’re only paying for the features and services you use, and that you’re not paying for more data or access than you need. You may even find that looking into a prepaid program like the NUU Mobile Smartphone bundle is the most cost-effective route. You can get one of the latest Android smartphones with up to 2 months of the Lycamobile $29 monthly unlimited plan included. The plan provides unlimited nationwide talk, text and data, as well as unlimited international texts and a generous international calling allowance. With no contract and the ability to make the switch in minutes, there is no need to worry about spending valuable time waiting in line for a new device and plan.

Conserve water usage. A long, steamy shower may be part of your morning ritual, but if you’re looking for places to cut, it only makes sense to look at ways to quit sending money down the drain. Cut back on shower time and take other steps to modify your water bill, such as researching non-peak times for cheaper dishwasher and laundry operation.

Keep power under control. If you habitually flit from room to room and leave lights on in your wake, you’re simply wasting money. Turn lights off when you leave the room and make sure electronics aren’t drawing power when they’re not in use, not only for safety but for savings, too.

Adjust your climate. Changing your thermostat even a couple of degrees can make a big difference in your bill. Rely on dimmed lights, window treatments and fans to help keep rooms cool, and always nudge the temperature up or down several degrees when you’ll be away for an extended period.

Small changes in your daily habits can have a surprisingly big impact, especially over a period of time. Explore more budget-friendly options to fit your lifestyle at nuumobile.com.

Photo courtesy of Getty Images

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NUU Mobile

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5 reasons why talking about money can enhance a relationship

2/16/2017

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(BPT) - Thinking about combining finances with your significant other? Whether you're getting married or just thinking about getting serious, talking about money can help couples understand each other and avoid unhappy surprises down the road. Here are five reasons why talking about money can enhance a relationship.

It makes couples happier.

Talking about things like spending, saving and debt may sound business-like and unromantic, but financial experts agree that money is a frequent topic of arguments in many relationships. In fact, according to a survey by the American Psychological Association, almost a third of adults with partners reported that money is a major source of conflict in their relationship.

"What I see when talking with couples is that learning how to resolve money disagreements - and there will be disagreements - helps build important relationship skills," says Daniel Prebish, director of Life Event Services with Wells Fargo Advisors. "Those skills will be valuable both at the beginning of a relationship and likely for a couple's entire time together."

It helps couples connect by understanding what's going on.

Couples should discuss pros and cons of combining finances versus keeping finances separate. According to research by Wells Fargo & Company, about half of couples choose to combine accounts, while the other half prefers separate accounts. Regardless of where you and your significant other fall in this spectrum, both people in a relationship should understand how their financial habits impact - positively or negatively - the life they are building together.

It helps couples track their short and long term financial goals.

Be open with your significant other about your full financial picture. Questions that can help open the door to meaningful conversations include:

1. Are we paying ourselves first?
2. Do we have a safety net?
3. Are we paying all our bills on time, every time?
4. Have we reviewed our insurance needs in the last year?
5. Do we track our spending to know where our money is going every month?
6. Are we paying down high-interest-rate debt first?
7. Do we know where our credit stands?
8. Are we saving for retirement?

It helps couples afford the "extras" that make life fun.

Building a solid financial future shouldn't mean forsaking enjoying life. When couples have a common understanding of how they'll prioritize and manage their day-to-day finances like housing costs, grocery and utility bills, it's easier to figure out where splurges fit in.

It helps avoid financial surprises.

Hearing your friends shout, "happy birthday" is a welcome surprise. What's not welcome is suddenly discovering you can't afford to pay this month's bills or that retirement is farther away than a pot of gold at the end of the rainbow. Being up front about money issues and sharing complete financial information with your significant other helps avoid financial surprises that can add unnecessary stress to a relationship.

While discussing money may not feel romantic, it certainly is emotional. So how do you get started? Here are tips:

1. Admit the conversation can feel awkward, but commit to having it anyway.

2. Pick a mutually agreeable time. Your candle-lit Valentine's dinner may not be the right setting. Pre-arranging the conversation will help ensure both people are mentally prepared.

3. Be open with your significant other. Share your values and opinions about spending and savings habits and goals you would like to achieve together.

4. Work at it. Commit to an annual meeting to talk about money, credit and whether you're on track to achieve your financial goals.

By opening the lines of communication, you can get on the same financial page before joining financial forces.

(This article was written by Wells Fargo Advisors and Consumer Lending)

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. Wells Fargo Consumer Lending Group provides products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries. Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company.

Findings were a part of the 2016 Wells Fargo & Company's "How American Buys and Borrows" survey. Over 2000 American adults ages 18 and older were surveyed. Survey results were not published in their entirety.

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Face Your Financial Fears

8/31/2016

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Retirement is supposed to be a reward for decades of hard work, but if you haven’t planned well, the milestone may be a dark cloud on your horizon. New data shows that nearly 50 percent of Americans are most afraid of outliving their income or the inability to maintain their current lifestyle, and nearly 20 percent are worried about having enough money to cover health care expenses. Take control of the uncertainty and create peace of mind when it comes to retirement with these simple steps.

Face Your Financial Fears

Take action to save for retirement

(Family Features) Retirement is supposed to be a reward for decades of hard work, but if you haven’t planned well, the milestone may be a dark cloud on your horizon. In fact, new data shows that nearly 50 percent of Americans are most afraid of outliving their income or the inability to maintain their current lifestyle, and nearly 20 percent are worried about having enough money to cover health care expenses.

The research, released by the Indexed Annuity Leadership Council (IALC), also found that despite these very real fears, Americans are failing to take action to address them. For example, a quarter of Baby Boomers, the age group closest to retirement, have less than $5,000 saved for retirement and nearly one in five Americans have no idea how much they’ve saved.

The findings indicate that Americans are afraid of the unknown when it comes to managing their money and retirement. While you can budget for leisure and travel, health care expenses and life expectancy are unpredictable.

“Americans are living longer than ever, so it’s no surprise that the No. 1 retirement fear is that they’ll run out of money in their final years,” said Jim Poolman, executive director of the IALC. “Thankfully, there are strategies and products out there that can help you create sufficient retirement income to last throughout your lifetime, which can help with this crippling fear.”

To take control of the uncertainty and create peace of mind when it comes to retirement, here are some simple steps you can follow:

Make a budget.
Those who plan for retirement are estimated to save three times more than those who don’t. Take into account that your expenses may increase during retirement, specifically for items such as health care and travel. Also, be sure to revisit your budget periodically to make adjustments for new circumstances that affect how much you need to support the retirement lifestyle you desire.

Balance is key.
Investing in a 401(k) is a great way to start a retirement portfolio, but putting all your eggs in one basket is a common mistake. One method to provide balance to your retirement portfolio is to add some more conservative, low-risk products, such as Fixed Indexed Annuities (FIAs), which protect your principal regardless of market ups and downs. According to the survey, FIAs are an attractive choice for consumers, with 45 percent of Americans surveyed interested in this type of retirement product.

Plan to adjust.
A savings strategy that makes sense today might not fit your needs in five, 10 or 20 years. Factors like market volatility, changes in your career or personal life, can impact the amount you’re able to save and how much you anticipate needing when you reach retirement age.

Monitor the balance.
While it’s not as critical to track the ups and downs of your portfolio in your younger years, the closer you are to retirement, the more important it becomes to be aware of your account values. Your level of risk should reflect your age and your retirement goals. Generally, the younger you are, the greater risk you may be able to tolerate because market cycles generally rebound losses over time. When the window of time before retirement is tighter, you may not be able to recover from a dip as easily.

Small changes count.
Even seemingly little adjustments can have a noticeable impact on your finances over time. For example, packing your own lunch and giving up an evening out with friends once weekly or monthly will allow you to direct that money to a retirement account instead. Also, be sure to pay your credit card bills on time to avoid fees that not only affect your credit rating but deplete funds that could be directed to retirement savings.

Make it automatic.
Set up scheduled transfers so you don’t forget or aren’t tempted to spend the money you planned to save. Treat your retirement account as a debt you owe and be sure to pay yourself every month. If necessary, meet with a financial advisor who can help you determine a strategy to pay down debt without sacrificing your retirement planning.

Understanding Fixed Indexed Annuities
In today’s economy, experts recommend ensuring you have a diversified retirement plan and balanced financial portfolio that includes conservative, low-risk products that are less impacted by stock market volatility.

According to the Indexed Annuity Leadership Council’s research, 45 percent of Americans are interested in retirement products, such as Fixed Indexed Annuities, that offer steady lifetime income and protect your principal even if the stock market goes down.

Find more tips and tools to guide your retirement planning at FIAinsights.org.

Photo courtesy of Getty Images

SOURCE:
Indexed Annuity Leadership Council

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The Money IDEA

Easy tips to save money on health care

Whether you're uninsured or simply facing a high insurance deductible, you can take several steps to better manage your health care budget. Consider how the following money-saving tips can help control the rising costs of health care.

KEYWORDS

5 Tips to Save on Bills

5 Tips to Save on Bills

5 reasons why talking about money can enhance a relationship

Face Your Financial Fears

Face Your Financial Fears

Take action to save for retirement

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