How to Save on Healthcare
Healthcare can be one of the most significant expenses that your family faces besides your mortgage. Unfortunately, you can’t simply cut out healthcare as part of your family’s regular lifestyle. However, you can utilize the tips below to save money on your family’s healthcare expenses this year.
Always Use Approved-Providers
One of the most essential tips to save yourself some money for your healthcare expenses is to use only approved providers. Each healthcare plan will provide you with a list of approved physicians in their network. While most visits with your family physician are covered, you may need to get referrals from that physician to see an in-network specialist.
Some insurance programs will allow you to see any provider you wish. However, you’ll need to pay cash upfront to visit cash doctors near you then send the bill to your reimbursement-based insurance company. If you opt for this type of insurance policy, you must know what’s covered so that you can ensure you’ll get fully reimbursed.
Ask For Prescriptions of Generic Drugs
If your doctor needs to prescribe you medication, it can be a guessing game of how much you’ll have to spend. To help keep your costs affordable, it’s a good idea to ask your prescribing physician if there is a generic version of the name-brand medication they are prescribing. If so, ask them to prescribe you the generic version as it’s likely cheaper.
Opt For Telehealth Appointments
Telehealth – also known as telemedicine – has created a convenient way for physicians and patients to meet without physically being in the same room. Many healthcare providers have jumped on board recommending this type of appointment, and some even offer lower copays for online visits than traditional appointments. Even if your insurance company still charges the same co-pay regardless of where your visit takes place, at least you can save some money on your travel expenses and time off of work.
Get Larger Quantities of Maintenance Meds
If you’re living with a chronic or otherwise serious illness, you know first-hand that medications can be expensive. Fortunately, many pharmacies will offer discounts on bulk medication orders. Instead of opting for the usual 30-day supply, see if your pharmacy offers a cheaper 90-day supply. You’ll not only have to pay less for your medications, but you won’t have to visit the pharmacy as much.
Claim Medical Expenses on Your Tax Forms
Medical expenses can pile up for those who have undergone a serious medical situation and for those who have chronic illnesses. Fortunately, some people can take advantage of claiming their medical expenses throughout the year as a deduction on their taxes. While there are a few different requirements to be eligible, there’s one main one that you’ll need to meet. This is that your medical expenses must have totaled over seven and a half percent of your annual income.
Shop Around For Medication
If medications are one of your most significant healthcare expenses, it can pay to shop around. You’ll want to take a look at the price of the medicine at different pharmacies. You may find that some pharmacies offer discounts or provide helpful resources that can provide you with cheaper medications. Always compare your co-pay amount to the total cost of the medication with discounts, as you may find the discount is cheaper than your copay for some medications.
Know What Your Insurance Covers
One way to get you into a lot of debt is opting for services that are not covered under your insurance policy. You should read over your policy and understand what is covered and what’s not. Anytime a procedure, test, or even prescription is not covered, you’ll want to speak to your doctor about it. They may have suggestions for other medications or alternative options that may be covered by your insurance.
Choose the Right Care Facility
It’s not uncommon for patients to head to an emergency room for a problem that can be solved at an urgent care center or store clinic. Depending on the type of insurance you have, it’s likely cheaper to visit an urgent care facility than to visit the emergency room. When you or another family member is experiencing an illness, consider which facility is appropriate before going.
Healthcare costs can be expensive, even if you have a good health insurance plan. Fortunately, by employing the tips that we went over above, you’ll likely be able to save yourself money on your family’s healthcare costs this year.
