Just the thought of getting slammed with huge medical bills can give anyone nightmares.
Even with around 90% of Americans having health insurance coverage to pay for the main bulk of their healthcare needs, half of the estimated people believe that they’re underinsured.
If that’s you, no worries, you’re in good company. You’re probably looking for tips and strategies on how to save on your medical bills, so you’ve come to the right place. Keep on reading for the key strategies that will have you lowering your medical bills in no time.
Lowering Your Medical Bills 101: Choose the Right Provider
Let’s start with stating the most critical step towards lowering your medical bills, and that is comparison shopping. You’ll want to start your search for your healthcare provider by looking at your in-network care providers.
If you have a PPO (preferred provider option) health insurance plan, you should take advantage of your insurer’s obligation to pay for the majority of the cost.
This rule of thumb is applicable for both individual doctors and hospitals. As long as they’re part of your insurance company’s preferred network of providers.
On the other hand, if you picked a healthcare provider outside of your provider network, you’ll be on the hook for the larger portion of the bill.
Usually, some PPOs will pay only up to 70% or 80% of the expenses you’re incurred outside the network. It might seem generous on the surface, but 30% or 20% of a huge bill will still cost you a lot of money.
Research Your Service Costs Online
You should preferably do so before even scheduling an appointment with your healthcare provider of choice.
Considering the ever-rising costs of healthcare on Americans, a simple search will let you find third-part health “infomediaries.” These are organizations that try to shed some light on treatment prices and provider options.
You can find an average of the costs for medical services depending on your location, the insurance companies, the hospitals, and the federal government. Just taking a look before going to the appointment will make you a more informed customer.
Ask About the Cost and Your Options
Speaking of being better informed, you can always ask your doctor’s office for an estimated cost for the procedure or the service you’re aiming for before setting up an appointment.
Moreover, once you’re in the clinic or hospital, you can ask your physician if all the recommended procedures and tests are actually medically necessary. You’ll definitely want to do so, especially if you’re dealing with a high co-pay or a monstrously-high out-of-pocket deductible.
Check for Discounts
Did you know that you can always negotiate for a lower price for any healthcare services, especially if your chosen provider is facing strong competition from other healthcare providers in the same area?
Furthermore, make sure to ask if you can pay in cash. Interestingly enough, a lot of doctors’ offices are cash poor and would offer discount bills for patients who would pay in cash.
Connect With Local Advocates
Adding on to the same strategy of being well-informed, you’ll want to check out any professional healthcare advocates in your area.
These folks can give you all the accurate information about your local care options, as well as help you with resolving billing issues with your healthcare provider, as well as your insurance company.
Cut Drug Costs by Using Generic Prescriptions
Disregard the multi-million-dollar ad campaigns that promote name-brand drugs and treatments. Then, actually took a look at the science. You’ll find that generics work just as effectively as name-brand drugs.
Another perk of generic drugs is the sheer drop in price for you, as they tend to cost significantly less than their name-brand equivalents.
Go for an Over-the-Counter (OTC) Alternative
An even more effective strategy at cutting your costs of prescription drugs is not using prescription drugs in the first place.
Of course, this will heavily depend on whether your doctor or pharmacist would recommend an OTC drug that can properly treat your symptoms.
Get an Itemized Bill
Did you know that the majority of hospital bills would contain overcharges?
So, yes, you’ll want to specifically ask for an itemized bill, because all you’ll be getting in the mail will be the explanation of benefits (EOB), which doesn’t contain the detailed breakdown of all the costs that have been charged for services rendered or an inpatient stay.
You should also take a look at the electronic version of the bill by using great platforms like quickpayportal. Those tend to be rather accurate and will give you the details of exactly what you’re being charged for.
Review Your Bills With an Eye for Errors
After getting the itemized bill, you’ll want to double-check that you’ve actually received all the items, medications, and services that are on the bill.
If you spot an error or a discrepancy, you can request copies of your medical chart or pharmacy ledger. This way you can compare the doctor’s orders for services with the ones you’ve been billed for.
Set up a Health Savings Account
Most people tend to not think much about health savings accounts until they actually need them.
If you’re saddled with a high-deductible health plan, you’ll want to open a health savings account, so you’d have the funds to cover any out-of-pocket payments or deductibles.
This is an account where you either put your own money, or your employer contributes to the account, and it’s tax-deductible. Thus, you’ll be getting tax-free money once you withdraw money.
Yet, you’ll want to keep in mind that the tax-free aspect remains only if the money is going for a qualified medical expense.
Trimming Down Your Medical Bills: Unlocked
We know how overwhelming it can be to open your medical bills and see a huge number that you’re expected to pay.
Hopefully, after going through our guide, you now have different strategies to apply, so you can lower your medical bills as much as possible. Always remember that you can ask questions, request forms, and negotiate all you want.
The best way to ensure lower medical bills is to conduct your research ahead of time.
