How to Reduce Your Out-of-Pocket Healthcare Expenses

Wednesday, August 16, 2017

     With most employees cutting down on their health insurance benefits, consumers are left with the headache of filling in the gap. You can take several steps to ease your financial burden when it comes to medical costs that are not covered by insurance. 

How to Reduce Your Out-of-Pocket Healthcare Expenses

Here are some tips on how to do that:

Research Procedures and Prices

     Patients have to be their own advocates when it comes to dealing with the rising costs of healthcare. This means that you have to compare the cost of treatment at different medical facilities and research your diagnosis. It is worth noting that outpatient centers are less expensive than larger hospitals.

     Visit websites that provide the average costs of treatment by ZIP code if you want to make accurate comparisons.

Find Tech-Savvy Doctors

     Your time is money and wasting an entire morning at the doctor’s office only means spending less time at work. If you want to save a copayment as well as time, you need to find a doctor who is willing to communicate with you via email and text. 

     If your doctor is not tech-savvy, there are several telemedicine companies, which are willing to charge you a flat rate for having video appointments.

Apply for Cost-Sharing Reductions

     Saving on your out-of-pocket expenses should start when you are purchasing insurance on the market. Ensure that you are shopping for coverage with organizations that are approved by the government if you want to establish your eligibility for low-cost coverage: you might be eligible for cost-sharing reductions.

Consider Purchasing Discount Health Plans

How to Reduce Your Out-of-Pocket Healthcare Expenses

     Even when you have health insurance, having a discount health plan will save money on services that are not usually covered, including vision and dental. Although these plans are not insurance, they will help you to reduce medical expenses. You might end up making savings up between 20 and 60 percent.

Fight Claims

     You do not want to get a big medical bill for something that you thought was covered. Sadly, this happens all the time for different reasons. If you call your insurance company to complain, the claims might be reduced.

     An insurance determination is not always final; you need to appeal a denial. Although your appeal might not be considered, getting a denial overturn will save on money.

Use In-House Doctors Only

     The ideal time to make sure that doctors are in-network to avoid the extra charges is during open enrolment. Most insurers usually charge a premium for doctors who are out-of-network or set deductible limits before your insurance kicks in. Your bill will depend on your health plan; the bottom line is that you will pay much more with out-of-network doctors.

Choose Generics

     Buying medicine can be very expensive, especially if you take multiple prescriptions or are treating a chronic illness. Do not be afraid to ask the doctor who writes your prescriptions for cheaper or generic alternatives. By law, generic meds must have similar ingredients and work in the same way as the medicine they copy.

Avoid Emergency Rooms

     Are you one of those people who visit the emergency room even when you do not have a life-threatening illness? This could be why your medical expenses are too high. Visiting an urgent care center or scheduling a same-day doctor’s appointment is more affordable than going to the ER for every small problem.

Try Colleges for Non-Threatening Procedures

     Many universities offer services such as acupuncture and dental care at a cheaper fee than most chiropractors and dentists. The students will be working under their professor’s guidance.

Be in the Loop

     There are many areas where you can save money and health care is no exception. Refer to this page for more tips if you want to learn other ways to save even more money. When the financial burden or medical bills become too much, consider investigating good options for credit loans to give you temporary peace of mind.

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