Healthcare in America is prohibitively expensive. Every day, people go without the care they need. Others struggle with overwhelming debt loads.
However, you can cut costs if you are willing to do some work and be clever. Here are ten hacks that could help you save money on healthcare costs.
1. Get Covered
If you are one of the many Americans who lack health insurance, please do what you can to obtain coverage. Without it, a single accident or illness can lead to bankruptcy — scores of individuals experience this hardship each year.
The open enrollment period generally runs mid-February through August. However, if you have a qualifying life event, such as a job loss, you can apply for coverage anytime.
2. Get Prescription Savings
Check with your doctor for generic versions of any medications. Many pharmacies and insurance programs have discount programs where you can get your prescription filled for a reasonable fee.
If you don’t have coverage but take medication, consider a prescription discount card. You have several options, some of which allow you to fill at local pharmacies instead of online.
3. Stay In-Network
Your insurance carrier probably charges a higher fee for out-of-network providers. Contact your company when it comes time to find a new primary care physician or specialist.
Pay particular attention when it comes to hospitals. When minutes count, you may not have time to choose an in-network provider, but going outside can cost thousands more.
4. Talk to Your Provider
Your doctor is on your side. If you are experiencing economic hardship, speak with them. Some may let you pay your copay in installments — please call and ask before assuming that you can’t afford to go.
Your doctor may also suggest lifestyle changes that can ease some of your symptoms. Ask questions — if their proposed diet or fitness routine won’t work for you, work together to find something that will.
5. Request Medication Samples
Prescription medication prices can keep you from filling them and in prolonged pain — or worse. The high cost of insulin causes unnecessary deaths each year.
However, pharmaceutical representatives often give physicians samples of medications. It’s not a surefire solution, but ask your provider if they have any they can share with you.
6. Review Your Bills
The sticker price when you receive your hospital bill can make you hit the floor in panic. Once you pick yourself up and dust yourself off, please review each line item carefully for errors.
One estimate states that as many as 80% of all medical bills may contain errors. Please don’t pay more than is necessary. If you spot a discrepancy, notify both the institution and your insurance carrier to correct the mistake.
7. Choose the Right Plan
If you are in charge of selecting health insurance for an organization, consider how fully-insured plans compare to self-insured plans for your company. The right decision could save you considerable cash every year.
Individuals do well to consult with an insurance specialist if they have specific healthcare needs. The right policy for you might be different from your neighbor or best friend.
8. Ask for Income-Based Discounts
Talk to everyone and anyone about any discounts you may be eligible to take. It starts with the Marketplace if you purchase insurance independently. Depending on your income, subsidies may defray many of your costs.
Talk to everyone, from your primary care doctor to your dentist. Many have sliding scale fees to help if you lose your insurance coverage or it lapses for any reason. Please don’t skip your annual checkup — it could prevent a more costly illness later.
9. Take Advantage of Flexible Spending
If your employer offers a flexible savings account, please consider taking advantage of it for your healthcare needs. You could get up to $2,750 per year per employer. You can use this money to pay for expenses that your insurance doesn’t cover, like dental and eye care.
If it comes down to the point where you have to take out debt, be smart about it. A home equity line of credit will offer you far superior interest rates than most credit cards and personal loans if you own a home. Shop around for the best price so that you don’t end up overpaying by thousands.
10. Go Overseas
Finally, healthcare in the United States leaves a lot to be desired. During the recent pandemic, some other nations urged their residents to return from here due to the issues in this country.
However, if you have a passport, you might find far superior care overseas. Scores of Americans cross the northern and southern borders each year in search of more affordable care. You can get top-notch treatment for a fraction of the cost. The same goes in European countries, and you can often find drugs that require a prescription in the States available over the counter.
Use These 10 Hacks to Save Money on Healthcare Costs
Healthcare in the United States can be very expensive. However, getting a little savvy might help you save some money on the costs.
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