Monday, January 24, 2022

How To Prevent Medical Expenses From Wrecking Your Savings Plan

 Medical bills are a nightmare at the moment. Costs keep going up, despite improving technology and alleged political commitment to bring them down. 

In this post, therefore, we take a look at some of the things that you can do to reduce the costs you face and keep your savings intact.


Get To Know Your Insurance Plan

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Many people get into medical debt because they’re not entirely sure what their plan covers. They either don’t read the fine print or assume that their employer has everything covered. Then, when they get sick, they discover that they’re paying all these premiums for nothing because they can’t access any finance. 


Make sure that you know what your insurer covers you for. If there’s something missing from the list that you know you need, switch provider as quickly as you can. 


Also, make sure you know the cost of your deductible. Your premiums might seem reasonable, but if your deductible is high, it could leave you seriously out of pocket. 


Only Go To Providers In Your Network

Another way you can protect your savings is to only go to providers in your network. That’s because most insurers will only cover you on a standard deductible for approved doctors, nurses and pharmacies. If you go “out of network,” you may have to pay additional fees. These bills can sometimes be high, even for a single hospital visit, so pay close attention to them. 


Find Out What’s Free

Sometimes, you don’t have to pay anything for certain types of healthcare. For instance, there shouldn’t be any charge for HIV prevention medication, vaccinations, blood pressure screening, diet counseling and depression screening. 


If you want to get services for children, also check if they are free. For instance, kids are entitled to fluoride varnishes, eye tests and wellness visits under the Affordable Care Act


Negotiate

If you do have to pay out of pocket, make sure that you negotiate. Standard prices aren’t always the best fees you’ll pay. Some healthcare providers will charge less. 


If a healthcare provider makes a mistake that puts your health in jeopardy, go to a medical malpractice attorney. They may be able to get compensation and ensure that you get the proper care you need next time. 


Buy Generic Medications

If you need medications consistently throughout the year, don’t buy any branded products. Instead, go generic. These tend to be significantly cheaper.


If you’re not sure what generic products are available, speak to your pharmacist. They should be able to tell you whether a generic version of a particular product is available. 


Get A Health Spending Account

Finally, you can protect your savings by getting a health spending account. These special accounts you can use to put money away for medical spending only. You could earmark funds for things like vision, dental and medical expenses that you expect to face in the coming year. In some cases, employers will make small contributions to any healthy spending accounts you set up. Employers may also reimburse you for qualifying bills. 








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