How to Save Money on Health Care Expenses - by BI Tips

While managing health care can be a huge challenge, unexpected medical bills do tend to come along. Finding a way to save money while receiving quality health care will be important as time goes on and the cost of health care continues to rise. Whether it is just a normal visit to the doctor or long-term medical needs, there are many strategies you can take to lower your health care costs. Here's a look at ten tips that will be very handy in saving money on health care costs.

1. Price Shop for Medical Services

Perhaps the smartest and most effective way to save on healthcare is through service shopping. Sometimes, medical procedure and test prices can range considerably from one provider to another. Use online tools like Healthcare Bluebook or GoodRx to compare costs for everything from lab tests to surgery. Many hospitals and clinics also offer transparency pricing, which enables you to make an informed decision based on your needs.

2. Go with Generic Medications

Brand-name medications often bear a big price tag, but generic versions contain the same active ingredients and are significantly cheaper. Always ask your doctor if a generic version of your prescription is available. You can also check online discount pharmacies for lower prices, or use apps such as GoodRx for finding discounts at local pharmacies.

3. Use Telemedicine Services

Telemedicine has become increasingly popular, offering convenience and affordability compared to in-person visits. Many healthcare providers now offer virtual consultations for common health concerns, which can be considerably cheaper than office visits. You can also avoid costs related to travel and time off work.

4. Maximize Preventive Care

Preventive care can help you catch potential health issues early and thus avoid more expensive treatments in the future. The majority of insurance plans include free preventive services, including annual checkups, vaccinations, and screenings. Keeping up with your preventive care can lower your risks of having to make that very costly visit to the emergency room or having to stay in a hospital.

5. Open a Health Savings Account (HSA)

If you have one of those high-deductible health plans, open a Health Savings Account. HSAs let you save pretax dollars for medical expenses, which reduces your taxable income. Money placed in an HSA carries over from year to year, and that can be a lifesaver when medical bills come rolling in and you don't want to have to dig into regular savings.

6. Negotiate Medical Bills

If you receive a medical bill that seems too high, don't be afraid to negotiate. Many healthcare providers offer payment plans, discounts, or income-based sliding scale fees. Give the billing department a call and discuss your options. Ask them if they can lower the amount owed. Sometimes, nonprofit hospitals are required to offer financial assistance, and it's worth asking that option.

7. Use Free Health Screenings

Many community organizations and healthcare providers have free or low-cost health screenings that include blood pressure checks, cholesterol tests, and diabetes screenings. Check your local health fairs or community centers to see when an event is coming and take advantage of these free screenings to stay on top of your health without the cost of doctor visits.

8. Use Urgent Care Centers Instead of the ER

If a medical condition is not life-threatening, one should seriously consider urgent care over the emergency room. ER treatment for minor complaints can be prohibitively expensive. Urgent care centers offer faster and cheaper treatment of conditions such as minor fractures, sprains, and infections of all kinds.

9. Check Your Medical Bills for Mistakes

Amazingly, medical billing errors are quite common; these errors may cost you more than what you ought to pay. Always go over your medical bills with care to ensure that you are not being charged for services that you never received or even for coding errors. In case of any anomalies, take time and contact your health care provider or the insurance company to ensure the issue is sorted out.

10. Choose In-Network Providers

Pay special attention when receiving treatment from in-network providers. If you do not, you will have to pay the bill that many providers charge much higher than what your insurance covers. If you have health insurance, it is always good to get a list of in-network doctors, specialists, and hospitals your company may provide in order to help you save money when treatment is required.

Conclusion

Saving money on health care does not have to equate to compromising quality care. You can save tens of thousands of dollars by shopping for medical services, taking generic medications, and using telemedicine. You can also save money by maximizing preventive care and set up resources to help you plan for future health care costs, such as an HSA. If you do these things, positions will be afforded to you where you can take care of your healthcare spending without hurting your wellbeing.