How to Save Money on Healthcare Expenses
- Written by Shan Ge
Everyone deserves the right to access healthcare when and where they need it. Unfortunately, this isn't always the case as healthcare costs seem to be on a daily increase. What's more, household budgets remain as tight as ever, despite plans like Medicare and the available Medicaid services. Fortunately, there are budget-savvy ways to save money on healthcare expenses, and here's a list of the top five ways to do so.
Choose the right health insurance plan.
Undoubtedly, shopping and comparing different Health Maintenance Organizations (HMOs) in the health insurance marketplace can be tedious. However, without careful thought and consideration when choosing a health care plan, you risk choosing the wrong health insurer that doesn't fit your situation or medical needs.
Often, people are quick to jump on the cheapest health insurer in a bid to save money. Unfortunately, just because a health plan is cheap doesn't always mean it's the best when it comes to your health care needs. So, while a cheaper plan would mean lower premium payments, it also means higher deductibles, which may not be the best for all situations.
For instance, assuming you have children or a chronic medical condition, you'll likely have frequent doctor visits. Therefore, getting health coverage with a higher premium and lower deductible and copay would make more sense. On the other hand, if you're single and healthy with sparing visits to the doctor, it would be better to get insurance with a lower premium and higher deductible.
Understand your health insurance plan benefits.
If you're yet to review your health insurance policies, you should do so now. Simply reading and understanding the benefits and entitlements that your insurance plan offers can be the difference between saving money and overpaying for medical bills.
Many insurance plans offer free and discounted services on things like eyewear and gym membership, but you may never know if you don't review your policy. For instance, if you or a loved one needs eating disorder help, make sure you check with your health care provider to know if there's an in-network mental health professional that you can use. Aim to do this before choosing a disorder treatment provider so that you end up with the best treatment plan that's covered by your health insurer.
According to the National Eating Disorder Association (NEDA), mental health issues like anorexia, bulimia, and binge eating are common among young people in the young adulthood phase of life, with 25-39% of them having body dysmorphia, an unhealthy obsession with body image.
However, adolescents aren't the only ones who suffer from this type of mental illness. Older people above 50 years of age, athletes, people of color, and members of the LGBTQ community also experience body dysmorphia and disorder symptoms.
So, if you're faced with this illness, first research for the best treatment option or treatment plan and where you can get them. Based on your result, review your policy to know if there's provision for an in-service psychologist, psychiatrist, psychotherapy, or cognitive behavioral therapy treatment program.
Consider generics.
It's no secret that brand-name drugs can cost a fortune. In many cases, there have generic alternatives that can serve the same purpose as these brand versions for only a fraction of their prices. Therefore, switching to a generic drug can save you a significant amount of money in copays, consequently reducing your overall healthcare expenses.
So, if your doctor prescribes a medication, remember to ask if there's a suitable over-the-counter or generic alternative. For instance, if you have androgenetic alopecia (male pattern baldness) due to genetics, and your doctor recommends a prescription shampoo from Propecia, you can opt for Keeps products, the generic alternative and get the new hair you want—without the higher price.
A glance through a Keeps review on the Keeps website is enough to show the efficacy of their products. Their hair loss treatment works just like Propecia, from the ketoconazole shampoo to minoxidil dropper or foam. Keeps products work directly by increasing blood flow to the hair follicle to promote growth and restore your hairline, but cost less than the name brand alternative.
Take charge of your medical bills.
Another great way to reduce your healthcare expense is by learning to negotiate medical bills. So, next time you find yourself in need of a medical service that your health insurer doesn't cover, don't be so quick to take on the cost alone. Instead, notify the medical office that you'll be paying out of pocket and see if they can assist.
Furthermore, don't forget to review your medical bills as mistakes can happen. According to the Medical Billing Advocates of America (MBAA), about 80% of health bills have errors. This is too high a percentage to be ignored. Therefore, don't shy away from calling your hospital billing department or doctor to clarify any bill you aren't clear about.
Practice preventive care.
In simple terms, preventive care refers to actions you take to prevent illness, injury, or diseases. So, instead of waiting to treat an illness when it has become catastrophic, you can avoid it altogether with preventive care.
The end goal of preventive care is to ensure that people maintain a healthy lifestyle. You see, a significant percentage of people are often forced into early retirement due to medical complications. However, with preventive care, you can stay productive, active, and energetic even as you age, enabling you to keep earning well into your senior years.
Daily Bulletin
