Thrifty Thinking: Open Enrollment: 5 easy healthcare hacks from MDsave’s CEO

Open Enrollment for 2019 healthcare coverage opened last week on November 1st and closes on December 15th.  If anyone fails to enroll by then, they won’t qualify for coverage until next year.

For many, just the word health insurance is enough to send you back into hibernation, but according to Paul Ketchel, CEO of MDsave, the leading online marketplace for buying healthcare services, navigating the largely misunderstood healthcare system is not as hard as most believe and there are some VERY easy ways to take control of one’s health that don’t require millions of dollars spent upfront.

Here are 5 easy healthcare hacks from MDsave’s CEO, Paul Ketchel:

1. Understand your health plan - Choosing a health plan may seem overwhelming, but educating yourself on basic terms like premiums, deductibles, and copays will relieve stress or confusion when choosing healthcare plans. See MDsave’s healthcare field guide to understand exactly what you are paying for.

2. Choose the right plan for you- Flexibility vs. Cost?  Once you have an understanding of the terminology, options may still seem daunting, but simple charts like this one show how easy it is to navigate the choices. Those with very specific needs and care might fare better under a PPO or EPO plan, while those who are okay with a limited network in exchange for lower cost might be better with an HDHP or an HMO.

3. Take Advantage of Tax-Free Savings Accounts! If you have a deductible, you can offset those costs by saving money in a special, tax-free account for medical expenses like copays, procedures, prescriptions, and more. Many employers will match your contribution to your savings account. It's free money!

4. Cash Pay: Your Ace in The Hole- You don’t have to use insurance to pay for your healthcare. You always have the option to pay yourself. Many providers will offer a different price to patients who prefer to pay themselves rather than using insurance, so if it’s coming out-of-pocket, it’s worth checking on both prices. If you have an HSA, HRA or FSA, you can use those funds to pay for these out-of-pocket expenses.

Paul emphasizes the simple solutions that are out there for healthcare: "Healthcare isn't that complicated. I know that's surprising to most people. The biggest lesson we've learned is that at the end of the day, healthcare is no more complicated than any other product. You have a provider who's providing a service and a patient who's purchasing a service. All we have to do is make that transaction more efficient."