Table of contents

Tips to maximize your savings

Generic prescriptions

Generic prescriptions typically cost 80 – 85 percent less than their brand equivalent. Consult your provider about generic prescription options. Your insurance plan may offer a prescription pricing tool for comparisons.

Urgent care vs. emergency room

A visit to the emergency room can cost up to five times more than a visit to an urgent care facility that often provides the same treatment. You should consider only going to the emergency room in a potentially life-threatening situation. An appointment made with your primary care physician will typically be less expensive than a visit to the urgent care.

Maximize your HSA contributions

At the very least...

If you are not contributing the amount you spend on healthcare, you leave money on the table for the government. At the very least, contribute funds to your HSA before you pay a bill and gain the tax benefits of the HSA contributions.

Each year, the IRS gives you the chance to contribute up to a certain amount to your HSA. To get the most out of this savings opportunity, you should consider contributing the maximum allowed:

Tax year HSA contribution limit
Individual Family
2017 $3,400 $6,750
2018 $3,450 $6,900
At age 55, an additional $1,000 is allowed annually.

You have until the tax filing deadline (usually April 15) to contribute the maximum amount. You should consider making a contribution to your account through check or EFT in the first quarter of the year (for the prior year) if you have not maximized your contributions. Payroll deductions can only be applied to the current calendar year in which they are withheld.