More Than 4 in 10 Americans Are Making This Expensive Mistake

Healthcare is an expense that can eat into your savings account balance at any age. So if you have health insurance, it's a good idea to take advantage of any free benefit you might be entitled to.

It's common for health insurance companies to offer enrollees one free physical or wellness exam per year. In this context, "free" means an exam that isn't subject to a copay or a deductible. By contrast, when you see the doctor for a sore throat, you usually have to pay into your deductible, and if you've met it, there's often a copay involved for treatment.

During a physical or wellness exam, a doctor will commonly run bloodwork to make sure nothing is amiss, check for signs of physical illness, and ask questions to potentially uncover lurking medical issues. To put it another way, these annual exams tend to be pretty comprehensive, and they have the potential to flag a host of health issues.

But in a recent survey by HSA Bank, only 58% of respondents say they participate in an annual exam. This means 42% of Americans may be missing out on a crucial health benefit.

Don't put your health at risk

There's a reason health insurers offer a free annual physical. They want enrollees to get ahead of health issues before they escalate. And often, having an annual exam is the ticket to doing just that.

Let's say your blood work reveals that you're pre-diabetic. From there, your doctor can work with you to manage your condition so it doesn't worsen. But if you don't have that exam and get that blood work, you won't know to take action.

This is just one example. The point, though, is that catching health issues early can often lead to better outcomes. So it pays to schedule an annual physical if you haven't done so this year. 

Don't rack up a huge pile of bills

Health insurers don't just offer a free annual exam out of the goodness of their hearts. These companies are in the business of trying to spend as little as possible on healthcare to pad their bottom lines. It can be cheaper for health insurers to screen for certain conditions and treat them in their early stages rather than let them worsen. 

Once health issues escalate, they can become more expensive to treat not just for your insurer, but for you as well. Remember, even once you meet your annual deductible, you may be still responsible for copays and/or coinsurance, which can really add up. 

It's in your best financial interest to have an annual physical. Doing so could potentially save you money on treatment that's deemed necessary based on what your doctor finds and help you avoid medical debt.

There aren't many benefits that health insurers offer for free. So it pays to take advantage of your annual physical or wellness exam, since the only thing it'll cost you is a bit of your time. And by carving an hour or so out of your schedule, you might spare yourself a string of costly bills while protecting your health at the same time.