9 Practical Ways To Reduce Your Healthcare Costs

Rising healthcare costs are affecting everyone, and the trend to increase costs will likely continue. Finding practical ways to contain costs can be challenging but are beneficial in the long run.

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It is no secret that healthcare costs have skyrocketed. Co-pays for office visits, diagnostics and medications are rising to the point that patients consider omitting the medication unprejudiced to save cost. According to Time, Inc., as many as 25 million American cannot afford the co-pays and other expenses not covered by their health insurance. This is especially true for the elderly and others who may be on fixed incomes. Having the money to pay the co-pays and deductibles can be a real sacrifice for them. Others do not carry any healthcare insurance at all, making this an even more serious problem for them when they become ill.

Many are reluctant to even see a doctor just to avoid the costs. Unfortunately, this has led to untreated or poorly treated medical conditions and has increased hospitalizations. There are many ways you can back keep your medical costs at a minimum. These will require some worry on your part but it will be worth it if you are clear to lower the amount you spend on healthcare.

1) Be compliant with your medical regime
You may have only one medical condition or several but don’t make yourself sicker by not following your doctor’s instructions. Comply with the advice the doctor have given you. If medications, treatments and special diets are ordered you need to adhere to what has been prescribed. In the long run, being non-compliant will cost you more.

2) Know what your healthcare insurance covers. It’s important to know what is and is not covered under your health insurance. Don’t assume that everything is paid for. There are many different types of healthcare plans and the benefits they endorse are fair are varied. Not all medications, tests and services are covered under all policies. When you are billed, check the bill carefully. It may look complex to you but if charges are there that you don’t understand you have a right to call and ask for an explanation. Stay in network if you are referred to a specialist, as most insurances charge more for out-of-network physicians.

3) Be inquisitive. If the physician gives you a new medication, ask what it is for. Learn the names of the drugs you are taking and know what side effects might be expected. Also ask about the specifics of diagnostic tests. Be sure you have a good understanding of why the test was ordered. Ask the doctor if it’s really needed and whether some cheaper or alternative create of treatment could be used instead.

4) Save the emergency department for true emergencies. Many people go the emergency room when they shouldn’t. According to Best Medical Care, emergency rooms are expensive and unsuitable for non-emergent problems. Up to 90 percent of patients seen in the emergency department are there for conditions that could appropriately be cared for in the doctor’s office, a clinic or urgent care center. Your insurance might refuse to pay for non-emergent trips to the emergency room and leave you responsible for those charges.

5) Change your habits. It is no secret that such things as smoking, drinking, overeating, excessive sugar and salt in your diet and lack of employ can all contribute to adverse health problems. It is your choice whether you wish to continue with habits that may shorten your life. Certainly, when it comes to the monetary end of it, you will pay more for the illnesses that result from these habits. Habits are hard to demolish, but not impossible. Work on one at a time and determine to improve your health by improving your lifestyle.

6) Hold your health insurance current. As much as possible, stay insured. For as expensive as co-pays can be, it’s much more costly to pay everything out of pocket. If changing jobs check how long the waiting period will be before your new insurance goes into effect and consider continuing your insurance under the Consolidated Omnibus Budget Reconciliation Act (COBRA). Although the monthly premium may be high, you will at least have healthcare coverage if you become ill. Many employers now allow health insurance policies to become effective more lickety-split which would help shorten the length of time for paying the COBRA premiums. For more information regarding COBRA, click here for the COBRA FAQ Sheet.

7) Go generic. Many patient balk at taking generic drugs but these can save you a lot of money. According to the Food and Drug Administration (FDA), generics have to meet the same standards as do brand name drugs. A typical savings, according to an IMS Prescription Audit, could be $6 for a generic as compared to $29 for the same stamp name drug.

Gaze for discounts for your drugs. If you take certain medications on a regular basis you can request that your doctor write you a prescription for a 3-month supply of medication. This is cheaper than the typical monthly refill. Another advantage of the 3-month refill is that you only have to pay the co-pay once instead of three times.
Some people also save money by ordering their medications online or by using a mail order service. This saves time on going to back and forth to the drugstore each month.

9) Use home remedies as much as possible. Read up on things you can do for yourself that would be as beneficial as over-the-counter drugs. Herbal supplements and other home remedies may be quite helpful to you for some conditions. Not only are they cheaper but often do not have the side effects that prescription drugs may have.

Sources:
Health insurance resource center: “Reduce your health care costs”
Time, Inc.: “For seniors, higher copays may have hidden costs”
United States Department of Labor: “Fact Sheet: Consolidated Omnibus Budget Reconciliation Act (COBRA)”

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