Healthcare costs rise with each passing year, making the idea of getting sick even more stressful. Getting high-quality care without incurring overwhelming debt is a struggle that too many face.
Fortunately, there are several ways to save on medical costs without sacrificing your health. Here are five effective tips for saving on healthcare costs to stay healthy and happy.
Become a Comparison Shopper
Healthcare is a competitive business. While there are many pitfalls to this aspect of medicine, it presents a few opportunities as well: namely, a competitive marketplace.
Before you commit to using a medical practice or purchasing your prescription, take some time to shop around. Consider purchasing generic medications rather than paying for an expensive brand name or opting for a pharmacy with lower dispensary fees. Purchasing from an online pharmacy can also save you up to 80% in medication costs (source: https://www.canadapharmacy.com/).
Remember to also use your comparison skills when shopping for a health insurance plan. Take some time to review your medical posts from previous years and choose an affordable plan based on your forecasted needs.
Audit Your Medical Bills
Medical bills are the reason so many people forego quality healthcare. It’s almost a feeling that the cure is just as bad as the disease. When you receive a medical bill, don’t pay it before taking a good look at everything on the invoice. It’s estimated that 80% of medical bills feature some sort of error.
Consider that the bills are often created by overworked people who use codes to enter data. A simple typo could render your bill higher than it should be or minimize how much is covered by insurance.
Ask for an itemized bill that breaks down the individual costs associated with everything you had done. It’s also best to ask what procedures will cost before having them done. Look for things that don’t make sense on your bill, then appeal them. Be sure to journal every conversation you have about your bill with the person’s name, the date and time, and what was said.
Practice Preventative Care
Preventative care and pre-screening are integral for long-term health and wellness. These brief diagnostic appointments can help prevent higher medical costs down the road. Furthermore, many preventative screenings are included in basic healthcare coverage. It’s up to you to make time for these appointments if you want to mitigate your long-term healthcare costs.
As taking time off for appointments is another challenge that many people face, ask your employer to consider hosting a clinic. Clinics are an excellent way to streamline pre-screening visits, like running blood work or doing Well Woman appointments.
This effort will keep you and your co-workers healthy, improving engagement and limiting sick time at work. The healthcare provider also benefits by bulking appointments and billing to insurance providers.
Consider a High-Deductible Insurance Plan
The idea of spending more may seem like a terrible way to save money, but when approached strategically, a high-deductible plan is often a cost-saving option.
If your family is relatively healthy with no chronic illnesses or conditions that require regular trips to the doctor, it’s worth considering a high-deductible plan. These plans have lower monthly premiums, which can save you hundreds of dollars per year. Of course, it’s a gamble, as you’ll have to pay the deductible should an emergency arise.
However, using a high-deductible plan also presents the opportunity to use an HSA to save. An HSA allows you to set aside money pre-tax to use for healthcare costs when you have a high-deductible plan. Having this option is an excellent fallback for emergencies.
Become a Negotiator
Finally, know that everything in life is negotiable before you get treatment. Talk to your doctor candidly about your financial situation and ask what your options are. They may be able to skip some unnecessary diagnostic tests or present other medication options.
The key to saving on healthcare is advocating for yourself. Dedicate time to researching and understanding your options, push back on errors, and negotiate in advance.