Drugstore.com (owned by Walgreens), is a great resource to use when researching the retail costs of drugs. Below is a listing of the most popular brand name prescription drugs, each linked to a price estimate. Keep in mind when using this guide that drug prices can vary from store-to-store, even if the stores are the same chain.

Why are these prices so important? Because when you’re enrolled in an HDHP, you will be paying the true cost (not just a copay) of your drugs until you reach your deductible. After you reach your deductible (and plans vary widely), prescription drugs may be covered at a copay-level or cost you a percentage of the retail cost.

Drug not listed? Drugstore.com has an excellent search for retail drug prices:

URL: http://www.drugstore.com/pharmacy/drugindex/default.asp

If you have an HDHP, it is crucial that you know how much you have spent towards your deductible and coinsurance.

Problems can occur when the insured goes for services covered by their insurance and there is uncertainty about how much they have paid towards their deductible.  Should they be paying in-full because they have not hit their deductible yet?  Should they only be paying coinsurance?  Have you already hit your out-of-pocket maximum and pay nothing?

Knowing where you stand with your deductible is of the utmost of importance the further you get in your plan year the more you have paid year-to-date towards your deductible.  Ultimately the claims process initiated by the doctor/provider should make you right with your deductible and coinsurance but as an insured it is important to view your claims and deductible accumulation online to maximize your own knowledge of your high deductible health plan.

NOTE:  What you have spent year-to-date from your health savings account does not necessarily correspond with how much you have spent towards your deductible.  This is because there are many items that are HSA eligible expenses (pdf here) that are typically not counted towards the deductible of most HDHPs.  Notably this includes eyewear and dental expenses.

Have you not started your HSA contributions yet for 2012? No time like the present and why not save for your most important asset – your personal health!

With 353 days left in the year, those enrolled as singles would only have to contribute an average of $8.78 per day to maximize their Health Savings Account for tax year 2011 (maximum single annual contribution is $3100). And remember these contributions are PRE-tax, meaning it’ll seem like even less money is coming out of your pocket.

For a family, you would only need to contribute $17.71 per day to fund the IRS annual limit (maximum is $6250).

VERY IMPORTANT – You can make 2011 tax year contributions up until April 15, 2012 (the tax deadline for calendar year 2011). If you would like to make previous year HSA contributions, you will want to work with an accountant or tax professional.

Click here for more about maximizing your HSA contributions.

**If you currently have an HSA and are rolling funds over (which occurs automatically), your balance has no effect how much you can contribute in 2012**

Insurers Profit From Health Law They Spent Millions to Fight

To what level are these increases affecting familes?

According to the current survey, it is found that in the year 2010, the total average premium paid by the families in every state per year was $13,871. If this rise continues to exist, then by 2020 it will be found that the families are paying 72% more for their premiums which can amount up to $24,000.

What are the measurements taken to reduce the health insurance premium rates?

According to Dr.Kenneth Thorpe, the chair person of the department of Health policy & Management at the Rollins School of Public Health of Emory University, there are three health care reforms who are trying to take necessary steps to slow down the growth of the premiums 1% per year. Enhanced workplace wellness programs will take the pressure of premiums for small and mid- sized employers. Certain exchanges will be established within 2014 which will provide better prevention systems and care coordination programs to help the common people fight the preventable diseases such as diabetes, obesity and many more. This will help every person save $2,161 annually by 2020.

About the Author

I am Alfred Smith from New Jersey and I am associated with several good finance community sites as guest authors and forum members. I do write articles on different genres of finance.

Happy 2012 everybody.  If you have questions that are not answered by our temporary Open Enrollment homepage or via our search, email us with your questions: admin@hdhpexpert.com.

Happy New Years!

2012