If your medical costs are going up, you'll want to know how to cut them and keep them from going up. Here are 10 simple ways to save money on health care.
- Put money into a flexible spending account. Check with your employer to see if they have a flexible spending plan that lets you put money into an account before taxes are taken out. If so, consider participating. Your out-of-pocket medical costs, such as prescription drugs, dental care, and co-payments, will be paid back to you. Since contributions to a flexible spending account are taken out of your pay before federal and state taxes are calculated, you can pay your medical bills with money that has already been taxed.
- Think about joining your spouse's health plan. Look at both your coverage and your spouse's coverage to see if it makes sense for either of you to join the other's plan. Remember that most plans let you add a spouse within a certain amount of time after you get married. If not, you might have to wait until the annual open enrollment period for the plans.
- Keep track of your medical costs. If you itemise your taxes and your total medical costs are more than 7.5% of your adjusted gross income, you may be able to deduct some of these costs. Health care services and medical aids like glasses and hearing aids are all examples of allowable medical costs. Keep track of these costs as the year goes on.
- Ask your health care provider for a discount. Sometimes you can negotiate to get your medical bills lowered. Even though it might not work every time, it doesn't hurt to ask your doctor, hospital, or pharmacy if they can lower the price. Do some research to find out what other health care providers in your area charge before you start to bargain. You can also ask your healthcare provider if they'll lower their price if you pay cash up front.
- Live a healthy life. This sounds simple, but it really does work. If you use wellness programmes, keep a healthy weight, work out regularly, stop smoking, and get regular checkups, you can cut your medical costs by a lot.
- Find ways to lower the cost of your prescription drugs. If you take prescription drugs often, you know that they can take up a big chunk of your budget. You can save money by having your prescriptions sent to you by mail. You can do this through a regular or online pharmacy. If your health insurance plan includes a prescription drug plan, you may be able to get a three-month supply of your prescription drug through the mail for the same price as a one-month supply at your local pharmacy. You can also ask your doctor or pharmacist to suggest a generic drug that is less expensive whenever possible.
- Compare your health insurance options. If your employer doesn't offer health insurance, you'll need to get your own plan. Compare prices. Since premiums vary a lot, getting quotes from several companies will likely save you money. Evaluate each plan's coverage and features, taking into account exclusions, limits, and the freedom to choose health care providers. Find out how much you'll have to pay out of your own pocket for co-payments, coinsurance, and deductibles. Even small amounts of money can add up quickly if you go to the doctor a lot.
- Take advantage of free health screenings. If your health insurance doesn't cover enough health screenings or if you don't have health insurance at all, look into free health screenings. Many local clinics and hospitals offer screenings like blood pressure checks, cholesterol checks, and mammograms.
- Always check your medical bills for mistakes. It will save you money in the long run to take a few minutes to look over the charges. Check to see if the bill reflects the procedures you've had done correctly and if it takes into account any insurance you may have. Some mistakes, like wrong computer codes, happen often, and you may be charged for health care that you never got. If you think you've found a mistake, you should talk to the right billing office. If you think your insurance company's explanation of benefits is wrong, you can ask the company to look over your claim.
The best way to save money on health care is to stay healthy. You can also keep your medical bills as low as possible by getting a good health insurance plan and understanding how it works.
