How to Cut Health Care Costs

When it’s tax time, I tend to go through my year’s worth of spending to gather deductions and get an overview of where my money went. I’ve noticed that for the past few years, health care has been eating up more and more of my income. From rising costs of insurance premiums to more money I have had to shell out of my own pocket, heath care is one of the highest costing items in my budget.

I came across an article that promised to give 7 ways to decrease heath care costs, so I thought it was worth a read. Some of the items listed were more helpful than others, and not all will apply to everyone (I don’t take any prescriptions, so cutting back on that cost won’t help me). But any article that offers suggestions for me to cut back on expenses is worth a read.

One of the items listed is something that I feel quite strongly about, and that’s prevention. Keeping up with your health in order to prevent future illnesses and possible procedures can go a long way. If spending a little money now makes you spend a lot less in the future, it’s a valid expense in my book. Make sure to research what your health insurance is required to cover, so that you aren’t paying more out-of-pocket than you should.

It’s also helpful to know what resources are out there to help you navigate through the confusing world of health care. Heathcare.gov is a great resource to explore insurance options and providers. They even break it down to additional resources available by state.

Again, I don’t take any prescription medications regularly, but when I do need a prescription, I always get the generic over the name brand. I find that they are just as effective. It looks like Lipitor’s patent protection has ended, allowing other companies to sell a generic version. Switching to a generic on a medication taken daily can really add up.

My current insurance plan has a pretty high deductible, which keeps my monthly premiums lower. It’s a gamble because until I hit that deductible, all of my costs are out-of-pocket. But I find that it is cheaper in the long run for me and may be an option for people who are, for the most part, relatively healthy. I also try to stay in network when I can. My insurance covers much more if I use a preferred provider and I only go out of network when I have to.

The last one is one of my husband’s favorite things to do: question your doctor. Running 16 tests may be necessary to diagnose your illness, but then again it may not. Sometimes it pays to question the tests that the doctor has ordered. For example, maybe you can do a few at a time to see if the problem can be found, rather than running the whole battery of tests prior to the doctor reviewing the results. If the first test shows something conclusive, the rest may not be needed. Of course, this only works with non-life-threatening issues.

Even if you follow one or two of the suggestions listed in this article, it could end up giving you a significant savings. And aren’t we all open to saving money?

Submitted by:

Kerry Hammond, Esq.

Bankruptcy Attorney