Here are some of the best ways to save money on medical bills.
1. Choose In-network Providers
In-network providers are doctors, pharmacies and other care providers who have arrangements with health insurance companies to help control medical costs. It pays to use providers within the network of your health plan because of the low-cost of care involved.
Be sure to check the website of your insurance company to find out a list of providers who are within its network. It really helps to avoid paying unexpected expenses associated with visiting out-of-network providers.
2. Consider A High-Deductible Plan
A high-deductible plan involves paying a high amount of out-of-pocket deductible before the insurance kicks in, besides monthly premiums which are lower than other plans. For people used to paying $20 office co-pays, switching to a high-deductible might seem counterproductive, especially when trying to save money. However, it can actually help save hundreds of dollars per month because of the lower monthly premiums. For healthy families who don’t visit the doctor regularly, this option is worth considering, as it can help save some money in the end.
Most HD plans allow people to open health savings accounts, where they can save (pre-tax) money to pay for insurance premiums, as well as out-of-pocket medical expenses. Any unused money in the savings account continues to grow year after year.
3. Ask For Generic Prescriptions
Generic drugs are not only FDA-approved and safe but also contain similar active ingredients as the doctor’s prescription. They are a good way to save money because they are less expensive and work the same way. Therefore, always ask the pharmacist if there is a generic alternative to the doctor’s prescription.
4. Get The Recommended Preventive Care
Going for the recommended medical exams, immunizations and screenings regularly can help detect a problem in its early stages, making it easier to treat. In the long run, this can help save hundreds of dollars that would otherwise be used in treating serious conditions that were not detected early.
Stay tuned for Part 2 coming this Wednesday where we will discuss the other 5 ways of how to save money on medical bills: staying healthy, getting prescription drugs and lab tests at the best possible prices, why you should consider mail order medications, why you should check your medical bills for errors before you pay, and why carefully following your doctor’s orders is better for your health.
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