One of the most neglected topics here at Saving For Hope is the medical field. One of the reasons for this is that medical talks are full of liability, scrutiny and critique. However, after some conversations with a few people we know (both inside and outside the medical field) we realized that there is still a ton of misinformation and confusion when it comes to savings on medical bills.
My wife and I learned some of these lessons the hard way, between two pregnancies, sudden injuries and illnesses, and all the medical debt that comes with it. However, through it all, we have seen how proper planning, basic understanding of our insurance’s “do’s and don’ts” and adjustments to our budget,were able to help us get out of the black hole that is called: medical bills!!
Here on this article we at Saving For Hope, wanted to give you a few tips that can help you save on your medical cost in the long run. Remember, your family’s well being both medical and financial, is not a sprint, it is a marathon. If you are interested, read on!
First, one of the biggest expenses for a family is the cost of insurance itself. But here are a couple of tips to help you save. Shop your insurance around! This allows you to know your options and to be able to determine the best possible scenarios for you and your family. Another way to save on insurance cost is to have an alternative. There are insurance alternatives,like bill sharing organizations, that will allow you to have a plan and save a ton of money monthly, without compromising quality, availability, and preferred doctors. Click To TweetSites like Medishare.com are a good example of such sharing sites (BTW we do not make money from them, we just like what they do and recommend them). Shop around and look for alternatives, it will help you save a ton of money!!
Second, know and understand your insurance limitations and benefits. Some insurances have multiple tiers of service providers, each of which can cost different amounts of money to you and your family. Some procedures can cost more if they are done at certain places, like specialty clinics, hospitals,etc. Understanding the ins and outs of your insurance (as complicated as they make it) will help you save money. Know what you have, and if you don’t, call them and start asking questions. The more you know, the more you will save!!
Third, once you have your insurance figured out, make sure you use it to its full potential. What do we man by that? make sure that you know: your co-pays, your deductibles, and what is and is not part of your network. That way you can plan your doctor’s visits to maximize your out of pocket money. For example, if you have a $3,000.00 deductible per year, and by October or November you already reach the amount, try to schedule as much doctors’ visits as you can in December to avoid paying the deductible again starting in January. Knowing your co-pays and deductibles allows to plan better!!
Fourth, if you take medications, always ask for generic brands instead of name brands. Of course, the best way to save money on medications is to not take them in the first place, but if you must take them due to a medical condition, or illness, or even an injury, there are always generic alternatives. Also, ask for free samples at the doctor’s office, they always give free samples! I did that on a prescription toothpaste once and the dentist gave me 2 tubes of it (worth about $14.00 at the time) for free just because I asked!! Use generic and ask for samples or discounts, it pays off!!
Fifth, live a healthier lifestyle. Yes, we know!! It sounds like a cliché, but the reality is that living a healthy lifestyle will help you save money!!! Eat better, exercise more and sleep well, it pays off. Insurance companies,and even bills sharing sites like the one mentioned above, give members huge discounts, if they are underweight, with low stress, and healthier overall,because they know they are at less risk to have a major medical issue like a heart attack or diabetes. Call you current insurance company and see if they offer any type of program, to help you lose weight and to get discounts. These days most insurances do. Stay healthy, eat well and look for discounts doing it!!
We hope this article was helpful to you and your family!!! We also hope that this will be the starting point to target this important topic more in the future. Stay tune to get more tips as we work these important issues together. Medical bills affect millions of people in the US, and we just want people to know that there is hope, and that they don’t have to do it alone. Click To Tweet
We will love to hear from you and your family. Drop us a note or two and let us know if you have a crazy medical saving story you want to share for others to benefit. We will love to post on our site. Also, if you like the site and the free information we provide, we ask you to donate in the link below, to keep the site going! As always: Enjoy!!