Tips for Saving on Medical Expenses
Posted in Health Insurance
October 6th, 2009
Even if President Obama has success with his health reform agenda, it may take several years for individuals to actually take advantage of the plan, whatever it may be. Until that time, the cost of health care is increasing at a feverish 9% pace as compared to last year (Hewitt Benefits Consultant). The only thing budget-concerned Americans can do is try their hardest to ensure that they are not paying too much for this necessity, and we have some ideas that may help you get the most for your hard earned dollar.
Save on Health Care
- Bargain. When it comes to the cost of medical insurance, surgery, prescriptions and other health related expenses, most people are scared to question their health practitioner, even when it comes to pricing. Before you commit to any treatment, feel free to ask what the total estimated price will be and try to negotiate your own rate. It does not matter whether or not you have health insurance in place, your doctor is a human being and well aware of the current financial situation most people are dealing with and may be able not only to lower your costs but based on your history, develop a payment plan specifically for you to make the total easier to manage.
- Use Generics. Like most everything else in this country, prescription medicines are a consumer product. Sure, the need for them may be higher, but the prices you are charged for the medicines vary greatly from pharmacy to pharmacy. Additionally, opting for generic drugs as opposed to their designer counterparts is a great way to save cash, but only if the medicine is of equal quality.
- Try an HSA. Consumers may also opt into special savings accounts specifically designed to provide tax relief on medical expenses. Check in with either your employer or your accountant (if you are freelance) to see if you can enroll in either a flexible spending account (FSA) or a health savings account (HSA). Your financial expert can best advise you on what is the better option based on your needs.
- Avoid ERs. Another way to keep costs down is by only visiting the emergency room if it is actually an emergency and try to wait it out for a weekday appointment. Emergency care is expensive and your insurance company may deem the visit unnecessary and hold you financially responsible for a good portion of the visit.
Because of the relationship between one’s physical health and their emotional well being, consumers have difficulty separating their emotions from properly managing the task at hand. The minute you realize that health care is a consumer product, you will gain the upper hand and will be better able to make the wisest decision, both for your personal and financial well-being.