According to a recent study, people who engage in choices about their health care have lower hospital expenses.
It’s a good idea to look for ways to save. Especially now when health insurance rates are rising and medical expenditures are eating into your budget. Here are nine simple strategies to keep your health-care costs in check.
Use Mobile or Web Apps
Look for your prescription, compare it, and save. RXsaver is a free web or mobile app that offers users with prescription medication cost information in three simple steps. Start saving money on health care by downloading the app or using your web browser.
Enter the name of your prescription, your zip code, the dose and amount of your prescription, and then sit back and save. RXsaver will then display a list of nearby pharmacies along with pricing information for your search. Both generic and brand-name medicines are available in the app.
Visit https://www.rxsaver.com/ for more information.
Healthcare Blue Book
Healthcare Blue Book is an online health care pricing system that may help you locate reasonable rates for services such as surgery, hospital stays, doctor visits, lab testing, and cosmetic surgery in your region. Healthcare Blue Book also has a wealth of information on how to get health insurance and how to decipher health insurance lingo. Do you know what deductibles are? Are you interested in learning more about co-pays? When it comes to HSAs and HRAs, do you feel lost? The Healthcare Blue Book can assist you in making sense of it all. You may download the free app for your Apple or Android phone in addition to the website.
Visit https://www.healthcarebluebook.com/ for more information.
Consider a Health Savings Account (HSA)
Do you have a health-care plan with a high deductible? Then you may open a health savings account (HSA), which you can use to pay for medical expenditures (co-pays, deductibles, dental care, vision services).
HSAs were established to assist consumers manage their health-care expenditures by incentivizing people to spend their own money more wisely on health-care expenses. Many individuals are unaware that establishing a health savings account (HSA) may help them save money on taxes. Any money you don’t use will grow tax-free and roll over (remain in your account) to the next year. Of course, there are benefits and drawbacks to HSAs.Some advantages include the ability to choose how much money to set away, the ability to choose how your HSA money is spent, and the fact that while your company may contribute to your HSA, you own the account, which means the money is yours even if you move jobs. Potential drawbacks include the difficulty of putting money away for an HSA, as well as the fact that if funds are taken out of an HSA for non-medical costs, you will have to pay taxes on them.
To learn more, consider contacting an accountant or tax consultant who can help you decide if an HSA is right for you.
Medicare Supplement Plans (Medigap)
Medicare, a federal, taxpayer-funded program that assists seniors in paying for medical care, such as screenings, diagnosis, treatment, and other types of medical assistance, partly covers health care expenditures for those over 65. The issue is that Medicare does not cover all medical expenses. Medicare coverage is limited, regardless of how much money you put into it during your lifetime. Medicare supplement insurance, often known as Medigap, is one alternative for seniors.
First you must be enrolled in both Medicare A and Medicare B in order to acquire a Medigap plan. Also, be sure you understand what Medigap insurance will and will not cover. Medigap coverage varies depending on the plan you pick. Long-term care, vision or dental treatment, hearing aids, eyeglasses, or private nursing are all excluded from most Medigap insurance. Learn more at Medicare.gov to see whether Medigap coverage is suitable for you.
Be Smart About High-Deductible Plans
It may seem counterintuitive, but looking for high-deductible plans might save you money in the long term. How? While you’ll have a greater out-of-pocket expenditure, you’ll save more money because you won’t be going to the doctor as often. You can pay larger one-time sums per visit instead of building a large monthly bill (for things you don’t really need).
What’s the end result? Payments are lower each month. Take advantage of your employer’s health and wellness preventative care programs to stay smart and healthy. Enrolling in such a program may potentially result in a premium reduction.
Go Generic
Brand-name medications may be expensive, whether you have one or multiple prescriptions. To save money, consider taking the generic way. If your doctor recommends a medicine that your plan doesn’t cover at a discounted rate, see if there is a less expensive alternative.
Generics contain the same active chemicals and perform just as well as their brand-name equivalents while costing less. Generic medicines are estimated to cost 80 to 85 percent less than brand-name drugs, according to the Food and Drug Administration. Consult your doctor about taking a generic product, and learn how your pharmacy benefits operate so you may select the most cost-effective medications.
Buy Online
All you have to do is click and save from the comfort of your own home. If you want to save money, ordering prescription medications online might save you not only time but also money. Prescriptions can be purchased from a national drugstore or through a program sponsored by your health insurance company. While this is a fantastic method to save money, be sure the website is trustworthy. In the United States, many “internet pharmacies” are not licensed. Look for the Verified Internet Pharmacy Practice Sites seal to verify that a site is licensed (VIPPS). This indicates that a pharmacy complies with the National Association of Boards of Pharmacy’s license and inspection requirements.
Ask Questions
Thousands of dollars a year might be spent on cutting-edge medical tests that aren’t generally covered by insurance. Alternatively, you might save money by sticking to the baseline tests suggested by the US Preventive Services Task Force (PSTF), which provides patient recommendations based on recent research. Before you have any medical procedure, be sure you understand why you need it, how much it will cost, and if your health insurance will cover the cost. Check the PSTF website if your doctor suggests a test for you. Also, get a second opinion whenever possible.
Don’t Stress
According to Dr. Herbert Benson, founder of the Benson-Henry Institute for Mind Body Medicine, stress-related issues account for 60 to 90 percent of all medical visits. This fight-or-flight reaction occurs in today’s stressed environment. Every one of those worrisome what-if questions that keep us up at night produce stress hormones, contributing to the increased incidence of stress-related doctor visits.
So unwind. De-stress by using relaxation techniques. Enroll in a yoga class, put on some relaxing music, and work out for at least 30 minutes per day.
