Pragmatic Finance

I have been wanting to learn more about the different health care options out there for awhile now. It has been on my list of things to do before I graduate and no longer covered by my parents. So when I was offered a free copy of Health Care on Less Than You Think to review I took up the offer.

It is written by Fred Brock and covers the health care system in America. It dicusses the different types of coverages and goes over ways to save money and maximize your coverage. It also talks a little about the problems of our current system and gives a few suggestions of wholesale changes for the future.

One of the most useful parts of the entire book is a section in the second chapter that lists some of the common terms and gives definitions for them. I finally know what HMO, PPO, and EOB mean and the difference between a copayment and coinsurance.

There are a lot of useful tips. Some are very practical such as getting higher dosage pills and splitting them since some prescriptions are the same cost no matter what size of dosage. Other tips are useful to know about but probably more limited in who they apply to. A good example of this was moving to a different state based on their coverage laws and costs.

I also thought the discussions on practical matters were good. He discusses the importance of checking your hospital bills because of the abundance of errors. Also, how to prepare yourself and fight when the insurance company denies your claim. Many claims are unnecessarily denied probably because the insurance companies know most people will simply accept it and pay the bill themselves.

It looks like a health care savings account, HSA, is probably the best bet for me once I finish college and start a new job. I am very healthy and should be able to take advantage of the tax benefits. It also goes good with my view of insurance as a protection against catastrophe, not something to cover all expenses. However, I think most families would probably benefit from an HMO plan if their employer offers a good one and they tend to use medical care a lot.

Overall, I think Health Care on Less than you Think offers a great overview of the health care system and how to utilize it. It is obvious after the first chapter of the author’s political point of view but I don’t think that detracts from the book too much. Its a great primer to get a broad picture of the health care system and how to save some money.

I hope everyone has a Happy Thanksgiving.  I’ll spare you the customary list of things I am thankful for.  I hope to get back into the swing of posting several times a week.  Lately I have been really busy and just haven’t had much time nor motivation to post much.  Anyway, enjoy the day and eat a lot.