It’s no secret that the cost of healthcare in the United States is going up.
Healthcare costs are rising faster than most people’s salaries, making it difficult for them to ensure they and their family get the care they need.
Are you in this position right now? Have been wondering how to reduce healthcare costs for yourself and your family? If so, we’ve got answers for you.
Listed below are seven tips that will help you save money while still making sure your needs are met.
Why Is Healthcare so Expensive?
Before getting into money-saving strategies, let’s first go over some of the factors involved in determining the price of healthcare.
There are a number of factors that might influence the cost of treatment and your health insurance premiums, including the following:
- Healthcare providers are paid according to the number of tests and procedures they perform
- Rates of chronic disease are rising among Americans
- New drugs, technologies, and procedures cost more money
- Supply and demand problems are rising in response to a shortage of primary care doctors
As you can see, there are a lot of issues that contribute to the rising cost of healthcare. It’s definitely a complicated issue, but that doesn’t mean nothing can be done to lower your healthcare costs.
Now that you know more about the factors that are influencing the cost of your healthcare, it’s time to talk about how you can bring these costs down.
How to Reduce Healthcare Costs
You might not be able to change the entire healthcare industry. But, there are still lots of strategies you can implement to save money for yourself and your family, including the following:
1. Shop Around Before Choosing an Insurance Plan
First, if you want to save money on your healthcare plan, you’ll need to do some shopping around. Don’t just go with the first plan you’re presented with.
Remember, too, that you shouldn’t pick a plan based solely on price. Compare coverage, too, and look for a plan that offers everything you need.
Paying a higher premium could provide you with better coverage. This, in turn, could lead to fewer out-of-pocket costs in the event that you do need to go to the doctor.
2. Ask for Prescription Coupons
Did you know that you can use coupons to pay for prescriptions?
There are lots of coupons that can help you save money on prescription drugs, you just have to ask for them.
Your doctor may be able to provide you with some, especially if you explain that you’re looking to save money. You can reach out to the drug manufacturer directly, too. You shouldn’t be afraid to search online for coupons, either.
Some pharmacies also offer healthcare coupon books that you can use to offset the costs of over-the-counter and prescription drugs.
3. Ask for Generic Drugs
Another way to save money on prescriptions is to ask for the generic version whenever possible. Let your doctor know that you want this option when they’re writing you a prescription.
If you’re worried about the effectiveness of generic drugs, keep in mind that, most of the time, they work just as well as the brand name version.
If you’re still concerned, you can always ask your doctor if there is any difference between the generic version and the brand name option.
4. Prioritize Your Health
If you want to save money on healthcare, make sure you’re making your health a priority.
This means taking advantage of the preventative treatments (physicals, wellness screenings, etc.) that your insurance provider offers. It also means taking basic steps to maintain good health–exercising regularly, eating a healthy diet, etc.
If you feel that it’s too expensive to eat healthfully or exercise regularly, you may need to adjust your mindset and get creative with how you approach diet and exercise.
Remember, it’s nearly always cheaper to prevent illnesses and accidents than it is to treat them.
5. Open an FSA and/or HSA
It’s also a good idea to set aside as much money as you can to deal with potential healthcare needs.
Opening a flexible savings account and/or a health savings account is a great step that can help you start saving to offset your healthcare costs.
Both of these accounts are tax-free and let you deposit a certain amount of money each year to cover the cost of prescriptions, co-pays, and other healthcare-related expenses.
These accounts are especially beneficial if you have a high-deductible healthcare plan. If you deposit money into them regularly, you’ll already have the money you need to cover co-pays and other out-of-pocket costs.
6. Shop Through an Online Pharmacy
Online pharmacies often offer better drug prices than in-person pharmacies. You may be able to save even more money if you shop through an online canadian pharmacy.
When you shop online, you might also be able to buy your prescriptions in bulk, too, for a discounted price. This is a great way to get the medications you need without having to worry about running low before your next order.
7. Choose in-Network Providers Whenever You Can
Finally, make sure you understand your healthcare plan and which doctors are in your network. Going outside of your network for care will cost more money, even if that doctor does say that they accept your insurance.
Check online with your insurance provider before going to a particular doctor to make sure they’re covered. Remember, when in doubt, it’s always best to talk directly to your insurance provider.
Looking for More Ways to Save Money?
As you can see, there are many different strategies you can utilize to lower your healthcare costs.
Now that you know how to reduce healthcare costs, are you interested in learning about other steps you can take to save money? We’ve got lots of articles that can help you do just that.
Whether you want to save money on home renovations, entertainment, or anything in between, we have resources for you. This article on saving your hard-earned money is a great place to start.