For most families the cost of healthcare premiums and medical expenses place an enormous burden on our budgets and our families. For some families they become a much heavier burden as they do not have the luxury of having any form of health insurance. In my work as a medical biller and an medical office manager I have seen first hand how it affects people in all stages of life.I also feel the burden personally and have compiled a list of ways to save on Healthcare/Medical expenses.
- If you must purchase your own health insurance, shop around for prices. Different insurance companies offer different rates and coverage. If you need to save money and do not have medical problems, if may be beneficial to have a higher deductible policy that is there if an emergency arises. Make sure to weight the pros and cons of each option and how it fits into your budget.
- If you get health insurance from your employer but you have to pay for your family. Check the prices compared to purchasing it on your own. Sometimes it is not always the cheapest option if your employer is a small company.
- Do you take regular medications? Ask your doctor if a generic is available? If a generic is not available you can ask if there is a generic alternative available. Generic medications are just as good as Brand Names are a significantly cheaper in price. Even if you have coverage, your co-pay will be less.
- Do you pay for medicines yourself? Shop around for the cheapest price. All pharmacies do not charge the same price and the price may change from one month to the next. Some pharmacies also offer medication savings plans for generic medications and discounts on brand name medications.
- Enroll in a medication savings plan. There are numerous free medication savings plan available.
- Do you pay cash for your office visits? Ask your doctor for a discount since you are paying cash. The cost they charge is not what they will get from an insurance company. All insurance companies have contracts with the doctors that accept their insurance and it always includes reduced rates. If you do not get any where with the billing department, do not be afraid to ask the doctor directly.
- Have a sizable balance that you are able to pay off in full? Ask for a discount because you are paying in full. Some offices will take off a percentage because it will save them from sending out bills.
- Do you have a large bill from a hospital or facility? Call and ask if they have a financial hardship program. Most hospitals offer this program. It will require filling out a form and showing proof of income and/or assets to prove you have a financial difficulty.
- Need vaccinations? Check with your local health department and/or pharmacy.
- Scrutinize your EOBs (Explanation of Benefits) from your insurance company. Make sure that everything they were billed for was done. Doctors occasionally bill for things that were not done. Match your EOBs to your medical bills. Make sure that the doctor’s office or hospitals is not overcharging you. Your EOB will tell you how much your co-pay, deductible, patient responsibility, etc. is.
- Cut down co-pays by making sure all doctors and facilities are IN-NETWORK. Do not assume the doctor’s office knows if they are in-network. Check with your insurance company yourself.
- Do you have a Point of Service plan where referrals are optional? Make sure you obtain a referral form your doctor if it means your co-pay/responsibility will be less.
- Buy Store-brand medications and vitamins. They work just as well as the Name Brand and are a fraction of the cost.
- Now that you have read my tips for saving on your healthcare/medical expenses. Please share how you save.
Check out our tips to save on Dental Bills.
Hi I’m Gwendolyn and I have been a stay at home mom since 2009. I have been with my husband, James, for 10 years and we are proud parents of Jayme (8) and Nicholas (13). We are also parents to 3 dogs, 2 cats, 2 hamsters, and a snake. My father-in-law lives with us so it is always non-stop at our house. I had the honor of becoming a step-parent when I got married and have a great relationship with my step-son. I always used coupons and shopped for bargains but was forced to step up my game when my husband was disabled in 2005. I get an incredible rush from saving money and finding great deals. My life is a constant journey and I look forward to sharing it with you all.