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Saving on Medical Costs is Possible
A recent study by the Kaiser Foundation shows that employee sponsored medical insurance costs went up on average by 9% in 2011, which means many employers are choosing to go with plans that lay more upfront medical costs on their employees.If you’ve found yourself in a position to pay higher deductibles or co-pays for services once fully covered by your plan, you’re not alone.
The U.S. government predicts that American families will spend an average of $3,301 for out of pocket medical expenses by 2014, up from $2,500 in 2009.
There are ways to save on rising out of pocket medical expenses. MainStreet talked to the experts to help you save.
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Medication Enhancement
Dr. Murray Grossan advises patients on a daily basis about simple things that will help their medication work better, or even eventually help them eliminate the use of their medication.“Any illness is prolonged and made worse by anxiety and stress hormones,” Grossman says. “Simple breathing relaxation exercises will reduce amount of bad stress hormones.” Grossman says using simple methods to improve the quality of sleep also helps.
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Look for Deals
Ornella Grosz, a financial expert and blogger at Moneylicious, says coupons aren’t just for the grocery store anymore. “Deal sites such as Groupon and LivingSocial offer occasional discounts on some health care services, like Lasik,” Grosz says.Photo Credit: Getty Images
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Urgent vs. Emergency
Many experts attribute some of the rising healthcare costs on too many people using emergency rooms for non-emergencies.
“Opt for the urgent care facilities than emergency room to treat burns, many illnesses and infections, and sprains,” Grosz says.
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Follow the Money Trail
Beth Ann Morgan, owner of MedicalBillDetectives.com, says that many people do not even bother to look at their bills; they just assume their insurance companies have paid them. In this higher-out-of-pocket environment, it really pays to check the bills to make sure they’re even yours.“Make sure you were there and actually received the services/procedures on the date listed on the bill,” Morgan advises.
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Going Under
If you are undergoing a medical procedure, it might be prudent to ask your doctor if it is medically necessary to go all the way under.Nicholas Newsad, author of the book, “The Medical Bill Survival Guide: Easy, Effective Strategies for People Experiencing Financial Hardship,” says patients can save up to $400 by having conscious sedation during colonoscopies instead of general anesthesia.
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Location, Location, Location
Where you have a procedure done might just make a huge difference in your bill. This writer saved over $200 per visit on regular blood draws just by going to a diagnostic center, rather than having it drawn at the doctor’s office and having it sent to the hospital, where the doctor sends out his labs.Newsad recommends always asking the doctor if something can be done in his office rather than a hospital for less money. He says pain blocking injections, for example, can cost up to $600 less at a doctor’s office.
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Shop Pharmacies
It’s always a good idea to shop pharmacies for your prescriptions and never rule out the independents and assume larger chain pharmacies will be cheaper.“Independent pharmacies usually beat out the chains on pricing for generics,” Stuart Gethner, an independent pharmacist and partner at Fairmont Pharmacy in Arizona. “Also, working with independent pharmacists means working with someone who lives in your neighborhood and someone you will develop a personal relationship with. An independent works with patients and will even accept payment arrangements for a good customer with whom they've gotten to know and trust.”
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Utilize that HSA
"Use a health savings account (HSA) along with a qualified high deductible health plan,” advises Jared J. Balis, a Utah-based health insurance agent. “An HSA allows the account owner to deposit pre-tax money into their account, and use it to pay for qualified medical expenses tax-free.”Photo Credit: Getty Images
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Use the Cash
By having the cash available for medical expenses, Balis says this gives you negotiating power with the hospital. Balis says he’s saved 40% on the cost of having his last two children by paying the hospital upfront and in cash.“They'd rather have less money up front, than charge a person more and take the chance on that person defaulting on the loan,” Balis says.
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It Doesn’t Hurt to Ask
Ask your doctor for discounts and don’t be afraid to ask your doctors for lower cost medication that may do the same thing or for generics. Dr. Arthur Lebowitz, a co-founder of Health Advocate, says 61% of people who ask for a discount from their doctor receive one.Photo Credit: Getty Images
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