Most people see healthcare as a top financial priority. The reason for that is that we all want to stay healthy and almost always want to be prepared for the worst-case scenario.
Unfortunately, staying healthy has a hefty price tag. Provider billings, along with the skyrocketing cost of healthcare services and prescription drugs, can be a real concern.
In America, most people have health insurance coverage that covers the majority of the services. Still, even with health insurance, there can be some high costs.
In this article, we will share some tips and tricks on how to save money on your medical expenses. Let’s dive into them one by one.
1. Know Your Insurance Plan
The first tip on how to save money on medical expenses is to learn your insurance plan. Connie Health Medicare advantage plans are best suited for the elders. If you’re younger, you might need to avail of other Medicare advantage plans. If you have none yet, you can ask experts on how to apply for Medicare.
Once you have valid health insurance, check if it requires you to pay a fixed or a deductible amount of your medical expenses. You should also check which expenses are covered and which are not.
Knowing the list of services and medications your insurance company covers will help you avoid unexpected costs.
2. In-Network Care Providers
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If you are enrolled in the best Medicare advantage plans, then your insurer will pay for most of your medical expenses when you use a doctor or hospital that is within the preferred network of the providers.
However, if you choose to see a doctor or seek medical service out of the network that your insurance company provides, you will have to pay a huge amount of money for out-of-network bills.
Your insurance company is working together with certain hospitals, doctors, and pharmacies, and together they build the preferred network. Going outside of that network will always result in an additional cost.
To avoid these unnecessary bills, ask for a detailed list of providers and pharmacies you can use. Before your doctor refers you to a specialist, check with the insurance company whether or not he/she is within your network. This way, you will save money on expenses outside of your network.
3. Research The Real Cost Online
Medical costs can change in a day. It is not uncommon to find doctors in the same network that offer different fees for one service. For this reason, make sure to do a little bit of research to find out the real cost of the service you are seeking.
Go through your insurance provider’s website or some other organizations where you can find the doctor’s fee info with the cost estimator tool. This way, you can easily see the difference and choose the cheaper version.
4. Ask For the Expenses
You might be surprised to know how many things you can learn if you just ask. It is perfectly within your rights to ask your doctor to give you an estimated cost for a procedure or a service.
You can ask for the cost before you schedule an appointment and decide if the price is too high or tolerable.
This is an excellent way to negotiate before the appointment or decide to seek other experts. If we are talking about a routine procedure, then it is even easier to snoop around with other local doctors and find out the real price of the service.
5. Ask Which Services Are Free
Most people with insurance can get certain medical services for free. These are mostly preventative services and are covered by the Affordable Health Care Act.
The free preventative services include vaccinations, blood pressure screening, HIV prevention medication, Depression screening, and Diet counseling.
Furthermore, there are many free services for children as well. These free services include newborn blood screening, fluoride varnishes, eye tests, and wellness visits.
6. Use a Health Spending Account
Although it may sound incredible, creating a spending account is a good idea that can help you save money on medical expenses. This account is a benefit account in which you put money that will serve you for medical expenses.
If you have a health spending account, your employer will contribute to that account as a part of your benefits package.
The real benefit of this type of account is that you can plan and budget the costs for your medical expenses and then use that money to pay for a bill that is not usually covered. Also, you will save on tax money.
7. Buy Generic Drugs
It is that commonly known information, but almost every brand name drug has a generic form that has a way lower price. Brand names come with higher co-pay, so if you choose a generic drug instead, you will save on medical bills.
Still, first, you have to make sure that the drugs are covered by your insurance plan.
8. Watch for Billing Errors
Up to 80% of people do not check their medical bills for errors. This is a shockingly high number because, according to the advocates for transparent medical billing, every second medical bill is incorrect.
To reduce the risks of paying too much, you can ask for itemized bills, review the bill for errors, ask for audits of the bill, review your insurance coverage to see which charges are covered and which aren’t, and establish a good relationship with the billing office.
Before you pay the bill, there is always an option to negotiate the price of the service and pay in cash to save on unnecessary bills.
Conclusion
There are many ways to save on your medical expenses. A good place to start is enrolling in a health insurance program that offers a wide network of services. Then take a good look at the insurance plan and remember all services that are included.
Also, you can always ask your doctor about an estimated price before scheduling an appointment.
The most important thing is that you carefully choose your health insurance provider and do not rush into paying whatever the hospital bills you.
