Are you overspending on medical care? Whilst our health is the most important thing any of us have, it shouldn’t be a reason to get into unhealthy debt. There are many ways we could all be saving money on our health. Here are just a few handy methods.
Avoid big brand medicine
The medicine that’s advertised on the TV isn’t always the most effective. In many cases, you’re paying a higher price for this medicine simply because of the brand that comes with it. Lesser known brands are generally cheaper and can be just as good.
Compare insurance rates
Everyone deserves to have medical insurance to help pay for those unexpected hospital trips and big expensive life-saving ops. Insurance costs will vary widely from provider to provider so always take the time to compare what’s out there. Sites like healthinsurancequotes.co are set up especially to help shop for quotes. Always keep checking for a cheaper rate – it rarely pays to stick with one company.
Consider raising your deductible
Your deductible is the amount you’re willing to pay before your insurer steps in. By raising this amount, your insurance rates will be drastically cheaper. The only downside is that you will have to pay this deductible if you ever make a claim, so make sure you have some money put aside.
Take out an FSA
FSAs are tax-free savings accounts into which you can put some of your income each month for a rainy day. Being tax free, you’re getting money you wouldn’t otherwise have. These accounts can be spent on most medical expenses and even at some dental practices and opticians. Healthcare.gov gives more information on what an FSA covers.
Make use of club incentives
Various clubs may offer discounts on healthcare for joining them. This could be a gym or a business group. Your local state Farm Bureau may even offer a healthcare discount – you don’t even need to be a farmer to join.
Pay for treatment in advance
Sometimes offering to pay for treatment in advance can get you a discount. This won’t help you in an emergency, however for many planned clinic visits it can save a lot of money. You can ask your doctor or the billing office for such a payment discount.
Check your medical bills
Occasionally, hospitals can over-charge patients. It’s always worth checking your bills for errors before paying up, as you don’t want to be paying for treatment you never received. Check your insurance company has also paid the right amount as billing errors can also happen here too.
Live a healthy lifestyle
Rather obvious but important, living a healthy lifestyle will result in fewer hospital visits and less medication. It can even have a positive impact on your insurance rates – heavy drinkers, smokers and those that are overweight are generally more of a risk to insurers and so have to pay more expensive rates.