Don’t Let Medical Costs Ruin Your Financial Health
Getting the medical treatment you deserve is important. But with healthcare prices continuously on the rise, being able to afford treatment is becoming more and more difficult. Fortunately, there are lots of services out there and tricks of the trade that can help to minimise costs and prevent you ending up with unhealthy debts.
Use an FSA
Flexible Spending Accounts are provided by many employers and allow you to save up tax free money to be used on healthcare. If your company offers a scheme, it can be well worth investing in. You can save up a certain amount every year to spend. If you don’t require treatment within that year, you can still use the money for any other expenses including various over-the-counter drugs, baby products and items such as bandages. You may even be able to buy eyewear such as glasses using an FSA.
Get inventive with your insurance
Modern insurance schemes offer a lot of flexibility. Companies such as Health Insurance Innovations may be able to tailor a plan to your specific medical needs. There are also options such as raising your deductibles or taking out family bundles that can save you money. Always shop around and feel free to ask insurers where possible if they can do you a discount (for those in real financial need, an advocate may be able to help with this).
Change your pills
Don’t rely only on the big brand medicines. There may be cheaper small brands that are just as effective. All meds are required to pass tests that prove their effectiveness and whilst they may not work for everyone, it does no harm in trying them out. Make sure to read online reviews and always buy from a reputable source.
Double check those bills
Many people accept what’s written on their bills to be the truth. However, both insurance companies and medical treatment centres will make billing errors occasionally. Check that you are being charged the right amount by always looking carefully over your bills. In some cases you may be able to threaten legal action for negligence, although this should only be in extreme cases.
Start living healthily
This may sound obvious, but few of us will consider it when trying to save costs. Eating and drinking the right things, doing regular exercise and taking protective measures where possible can prevent many common ailments such as heart problems, liver damage, diabetes, joint problems and even some cancers. You’re never going to become immune to every disease, but taking some basic steps towards healthier living can improve your chances of not getting ill, reducing your medical costs. Certain lifestyle changes themselves may even save extra money such as using the car less, eating smaller portions (or less snacks), cutting back on smoking/drinking and going organic by growing produce at home. Try to reduce these in stages and see the difference it makes to your bank account.