Guest Post – Five Easy Ways to Save Money on Medical Expenses
When looking for ways to save money and live a more frugal or simpler life, doing your best to save money on health insurance can leave a lot more cash in your bank account. Here are some ways you can cut your medical expenses dramatically.
1. Watch your deductible. Prior to his going on Medicare, my husband (who is self-employed) picked up an independent insurance plan. In order to save money, or so we thought, we put a $3,000 deductible on the policy. But we failed to put that money in the bank. When he was forced to claim some expensive medical tests on his insurance, we were left with $3,000 in medical bills to pay off. That was a hard lesson learned, but now we are very cautious about how much deductible we choose. It’s better to pay a higher monthly premium than to try to come up with a huge amount of money all at once. Or have to pay monthly bills for years to come.
2. Stay healthy. Sounds simple, doesn’t it? Sadly, so few Americans are truly healthy. We eat too much. We eat the wrong foods. We don’t exercise. We smoke. Or drink. All of these things, especially when combined, work to diminish our overall health and cost us millions of dollars every year in medical expenses that we shouldn’t have to pay. Maintaining a healthy lifestyle by eating right, refraining from unhealthy practices and getting enough exercise can do more to help us save on medical expenses than practically anything else we can do.
3. Shop around for the lowest priced insurance policy. If you’re responsible for providing your own health insurance, as those of us who are self-employed are, look around for the best policy with the best benefits for the best price. You can literally save thousands of dollars every year just by comparing rates from various companies. And don’t rely solely on online prices. Call a local agent and discuss rates, too. There may be discounts for buying locally that you won’t receive when shopping online.
4. Shop around for the lowest priced care. Doctors charge different rates just like anyone else does. If you’re uninsured, in particular, shop around when you’re looking for a new doctor. Ask how much a typical office visit costs, if the practice offers discounts for those with no insurance, or if they can work with you on payments. If you have insurance, stay within your network, if applicable. That can save you money on everything from office visits to blood work and other tests.
5. Cut the cost of prescriptions. Begin by asking your doctor to prescribe lower priced drugs, if they’re available. And always choose generics when possible. Also ask about over the counter choices that may be just as effective. And be sure any drug prescribed is really necessary. Doctors often feel they have to prescribe a medication to make a patient feel that they’ve been treated and helped. If you can get over your illness or injury in about the same time without the meds, opt out of taking them. In addition, if you need a medication but money is short, most pharmacies will let you get half a prescription instead of buying the entire dosage. Ask if this is an option when you go to get the medication filled or refilled.
There are many ways to save money on medical expenses, but these five will help you develop a more frugal mindset and help you understand that while medical professionals may act as if costs are uniform, and set in stone, that simply isn’t the case. By shopping around and being aware of the costs you can save a tremendous amount of money each year on the cost of staying healthy.
Darlene ‘Dee’ Bishop is a professional writer whose work has been published in hundreds of places online and in print. She is the publisher of Just Write for Business, a free weekly newsletter filled with original articles, tips, ideas, inspiration and advice to help you write like a pro and make money writing.
