It used to be the two guarantees in life were taxes and death, but you can now add high healthcare costs to that list. Healthcare costs are climbing every year. From insurance premiums to prescriptions, more and more of your budget is going to healthcare.
Know What You’re Paying for Procedures
If you go to the dentist, they’re very good at telling you upfront what insurance will cover and what you will pay.When most people need a medical procedure, the cost is seldom discussed. It’s just scheduled, and you show up for it. Ask for an estimate of the cost. Find out what part of it your insurance will cover. That way your gallbladder removal’s cost won’t put you in shock after the fact.
If possible, discuss the cost with the billing department. There may be room for negotiation. You could receive a discounted price. If not, at least you’ll know how much you’ll need to budget for the procedure. Then, you can work out a payment plan.
Negotiate With the Business Office
Most hospitals or healthcare providers will let you set up a payment plan. Just call the business office.With a payment plan, you’re not hit all at once and stressed by a large bill. You can break it up into manageable amounts. In most cases, you choose the monthly payment amount.
Most hospitals and healthcare providers are flexible; they want payment without bankrupting you.
Check Bills for Errors
Mistakes are made, but you shouldn’t have to pay for them. An estimate is that 60 percent of medical bills contain errors.Some mistakes may result in double charges. Or they may be charging you more for a test than they have on their website. For example, if you were told in writing that the cost was $4,000 and it comes in at $5,000, call the billing department.
Always ask to see an itemized bill so that you can check.
Plan for Urgent Care
Take the time to research the best place to go in an emergency before you need it.Use Insurance Benefits
This may seem like spending money, but if you’re using your benefits for preventive exams and procedures, you’ll end up saving money.Go to routine health screenings. These tests could catch health problems and often don’t have copay.
Ensure you go for regular check-ups to prevent problems or catch them early.
If your health plan offers health advocates or case managers, use them. They ensure you receive the most of your benefits. A case manager helps you manage chronic illnesses like diabetes or COPD. They work to keep you from becoming more ill and save you money on future health costs.
Save on Medicines
Always ask if a medicine being prescribed has a generic version. If it’s a new medicine, it probably has a large co-insurance. Ask your doctor if a less expensive one is as effective.Check and see if you can order your maintenance medicine through the mail. That will often save money.
Ask Doctor About Options
Ensure that the recommended tests or procedures are medically necessary. Ask your doctor pointed questions about the tests or procedures. You don’t want to dismiss something you need. You just want to know if there are alternatives to the expensive tests or medicines. This is especially important if you have a high deductible.Taking Control of Healthcare Costs
With planning and vigilance, you can manage your healthcare expenses. The biggest way to control costs is by checking your bill. With errors turning up in 60 percent of health bills, you’re probably not immune to that mistake.Like any other expense, know what you’re paying before you have tests or procedures. Be proactive with the billing department to ensure you can make payments or qualify for discounts.