Page 5 - Belco_Connections_Fall-2017

d. Attend workshops and seminars presented by health insurance organizations like
HAP to get a better understanding of how to get the most out of your health
insurance plan (and spend the least
amount of money out of your own
pocket).

Everyone’s situation will be different. Use
what you think will be best for you to
determine how to save money on your
health care costs.
2. Start the planning and budgeting
process. A best practice is to use a
budgeting tool to outline all of your monthly expenses, including any estimated
health care costs. A visual map of your financial plan will give you something to
follow to ensure you are meeting your savings targets every month.

3. Consider opening a Health Savings Account (HSA) or Flexible Spending
Account (FSA). Both enable you to save for health care expenses in advance (on a
pre-tax basis). Not only are the funds untaxed, they can also be used to cover the
cost of co-payments, co-insurance, out-of-pocket maximums, and prescriptions.

The Bottom Line: You’ll Save Money in the Long Run
Ultimately, planning ahead for health care expenses is like planning ahead for
retirement. With retirement, you plan ahead to cover all of your bills in the future.
The same concept applies for health care expenses. The money you save will enable
you to cover the costs of any medical expenses you incur in the future.
Medical bills can be overwhelming, but with some
research and planning, you can be better prepared for
them to avoid debt from spiraling out of control. Through
our credit union’s partnership with GreenPath, you have free
access to confidential, one-on-one financial counseling,
debt management services, and financial education tools
designed to help you achieve your financial goals. To learn
more or talk to a counselor for free, call 877-337-3399, or
visit www.greenpathref.com.

4