Tips to keep your healthcare costs in check

As the year progresses, many individuals are looking to maintain healthy medical savings accounts to ensure they have sufficient funds to cover any unexpected medical expenses. Sonim Patello, a senior manager at Alexander Forbes, recently shared valuable tips on how individuals can stretch their medical savings accounts and make informed decisions about their healthcare expenses. One key aspect that Patello highlighted is the importance of understanding one's healthcare benefits. By knowing the details of their plan options and identifying the specific medical needs for the year, individuals can better predict their medical expenses and allocate funds accordingly. Patello emphasized the significance of utilizing designated service providers, as they offer negotiated discounts that can help individuals make the most of their medical savings accounts. Patello advised individuals to log into their medical scheme's system to review the list of designated service providers and maximize the benefits. Another valuable tip provided by Patello is the recommendation to consult a general practitioner (GP) before seeking out a specialist. The GP serves as a gatekeeper who can assess the situation and refer individuals to specialists if necessary. This approach can help individuals save on costs, as GP consultations are often more affordable than specialist visits. By trusting the expertise of the GP and following their recommendations, individuals can avoid unnecessary expenses and receive appropriate care. In addition to utilizing designated service providers and consulting GPs, Patello stressed the importance of preventive health measures. Many medical schemes offer free preventative screenings at the beginning of the year, covering tests such as cholesterol checks. These screenings are funded by the scheme's risk benefit rather than the individual's medical savings account, making them a cost-effective way to prioritize preventive care. By taking advantage of these screenings, individuals can proactively manage their health and potentially avoid future healthcare expenses. When asked about the communication efforts of medical aid schemes in educating consumers about their benefits, Patello acknowledged that both parties share responsibility. While medical information is readily available through websites and financial advisors, consumers also need to actively engage with their healthcare plans and seek guidance on maximizing their benefits. Patello underscored the importance of regularly reviewing one's healthcare plan with a financial advisor to ensure alignment with their needs and goals. By taking a proactive approach to understanding and managing their healthcare benefits, consumers can make informed decisions that protect their financial well-being. In conclusion, maximizing healthcare savings requires a combination of understanding benefits, leveraging designated service providers, prioritizing preventive care, and actively engaging with healthcare plans. By following these tips shared by Sonim Patello, individuals can navigate their medical expenses effectively and maintain healthy medical savings accounts throughout the year.