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Steps to lower down your Medical Expenses
Steps to lower down your Medical Expenses
Over the past few years the expenses of hospitals and nursing homes touching the skies, you should seriously take steps to lower the cost.
Following are the few ways by which we can cut down the medical expenses:
1. Take Preventive Measures:
As the proverb goes “Prevention is better than Cure”. The best way to cut down in your medical bills is to stay fit and healthy always so that you can avoid all types of diseases. You can always keep yourself healthy by:
2. Check before you invest:
If you are looking forward to take up coverage as your employer is not providing one, then you need to check all possible companies providing the required health insurance to get the best quotation in the market. Different companies provide different policies with different premiums, so you need to go through the policy documents thoroughly before actually putting your hard-earned money into it. You also need to check all the exclusions, limitations and the list of health centers or hospitals included in each policy. Please do check how affordable the policy premiums will be in the long run, so that we don’t end up wasting money in the initial policies and then fail to continue the same.
3. Lower the Cost of Prescription Drugs:
A regular intake of prescription drugs actually adds up more to your medical expenses. However you can always find out ways to save money. As in you cab always go ahead and order your required medicines through the mail, using online pharmacy. You can always apply for prescription drug plan through the insurance plan and get your thee-month’s supply of medicines at the cost of one-month medicine list from the usual pharmacy. Nevertheless you can always ask your physician to prescribe cheaper medicines as and when possible.
4. Check the Medical Bills:
At times medical bills are very cumbersome to understand. So to avoid some unnecessary extra charges you should always check the bill very minutely, to make sure that the charges are exactly for the tests and other procedures that you went through and also check whether they are covered by your insurance plan or not. Very often due to technical faults they tend to put some wrong codes which gets you charge more and for the wrong thing which you never went for. And if you find any error from their end, then immediately get in touch with the concerned person to get it rectified.
5. Married Couples should have a Single Health Plan:
Most of the health insurance companies have designed their plans in such a way where you can always go ahead and add your spouse after your marriage (within specified days) in your same plan. So why have two different plans and actually end up in spending more money, until and unless the two providers give some exclusive plans.
6. Keep a record of all the medical expenses incurred:
Always keep record of your medical and health–care bills as you can always get it deducted while filing your income tax return during the year end.
7. Negotiate with the vendor to discount the medical bills:
You should always check your medical bills with other providers to assess whether you are paying more or not. If required you can definitely negotiate on the bills, who knows they might reduce your bills.
8. Apply for flexible spending account:
At times your employer designs a flexible spending plan for you, where you will be reimbursed with all the medical expenses that you made from your own pocket. So you can always go ahead with it.
9. Take the benefits of free health check-ups:
You can always go to clinics and health care centers which provide various free tests for blood sugar, pressure and all others. There will be times when your plan will not be able to give specific coverage which you require, and then you can visit these free clinics.
10. Know your insurance plan properly:
Please go through your policy documents properly and thoroughly so that you don’t miss a single point. Every insurance companies nowadays give you policies to stay fit and fine in a discounted rate. There might be discounts which you will not be aware of. So its advised to go through the papers properly when you enter a plan.
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