Out of all of every expense, there’s one that scares people more than any other. It’s often so frightening, it keeps them handcuffed working at jobs they despise, instead of pursuing their dreams, so that they don’t have to face it alone. The expense that strikes fear more than any other is the high cost of medical treatment.
Healthcare costs rise each year. They’re growing faster than inflation and one study believes they’ll double in the next 10 years!
As you get older, the amount you pay for medical treatment will unfortunately continue to climb. It will account for more of your monthly expenses and may even lead to future constraints in your budget.
Many people are already feeling the effects of high healthcare costs, too. One study found that over 66% of all bankruptcies stem from medical debt and 26% of these people had health insurance, too!
One reason that healthcare continues to get more expensive is that the prices aren’t regulated. Care providers can charge whatever they like and since it’s your health, what other choice do you have?
One study found that that the cost of medical treatment can differ by $1,000s depending on the doctor and location of the care! It can even vary by hundreds of dollars within the same city, too!
Luckily, there are some easy ways to save on your medical expenses. Even better, most of them don’t require you to have health insurance, either!
Today, almost anything can be done online. You can rent goats, rent a mom, and consult with a doctor, too!
For just $19 per “visit”, a company called K Health will let you chat with a doctor online. Their professionals can diagnose your symptoms, explain treatment options, and order lab tests or prescriptions for you, too!
If you do need lab tests, head over to UltaLabTests.com. Once there, you can search for the test you need and you’ll find the location and price that you’ll pay. This site removes the guesswork from trying to figure out the cost of care and gives it to you straight!
Doctor on Demand is another TeleHealth provider. They give you 24/7 access to doctors, psychologists, and other medical professionals. In most cases, they’ll work with your insurance provider to limit your out-of-pocket costs, too!
One great thing about these services is that they don’t require you to have health insurance, either. But, even if you do, you can still get a diagnosis for less than the cost of most insurance carriers’ co-pays without leaving the comfort of your home. Both of which will save you time and money on your healthcare costs!
TeleHealth is a great option for travelers, too. As long as you have you have WiFi and a credit card, you can get the guidance and information from anywhere in the world!
It’s not uncommon for many people experience shock when they receive their doctor’s bill. They have no idea how much the procedure costs and what insurance covers. They show up, receive medical treatment, and nearly pass out when they see the bill!
Doesn’t it make more sense to remove this uncertainty and to know how much something costs before you buy it?
One company, ClearHealthCosts.com wants to make medical costs more transparent. They’re collecting data from healthcare providers and consumers to get a better understanding of the amount different medical treatments cost. Their site gives you more information and a better idea of the price you should pay.
Fair Health Consumer is another site that can help you save money on medical treatment. It allows you to search for basic medical and dental procedures and gives you an idea of their price. This takes out a lot of the guesswork and gives you a better idea on what you can expect to pay. With Fair Health Consumer, it doesn’t matter if you’re uninsured, insured, or want to choose a doctor out of network.
Once you have an idea of the medical treatment cost, now is the time for you to start shopping around for care. Try using a site like MDSave.com, where you’ll get connected to high-quality treatment providers. This site allows you to search by procedure or specialty and gives you reviews of each facility, too. This way you’ll find the facility that’s right for you and your budget!
Another way to save on the total cost of medical treatment is by reducing the amount you pay for medication. Many people believe that brand-name drugs work better than the generic ones. But, in most cases they contain the same amount of active ingredients, are equally as safe and effective, and also allow you to save money!
If you must purchase a brand-name drug, try going to the manufacturer’s website first. Most offer coupons, discounts, and other deals to help lower the cost of their medication.
Also, consider where you buy the medicine you need. Before going to your regular pharmacy, try using sites like GoodRx, Family Wize, and RxSaver. They’ll help you compare drug prices online and show you where you can go to get the best deal. And they’ll do all this for you for FREE!
Before my wife and I traveled to Southeast Asia, we needed to stock up on malaria medication. At the time, she was fully insured and I had a catastrophic plan. When we went to buy the medicine, her prescription was 5 times more expensive than mine, despite her having better insurance. Luckily, we thought to search for the drug on GoodRX and she ended up getting the same price that I did!
According to ModernHealthcare.com, up to 80% of medical bills contain an error. These mistakes are often blamed on wrong codes getting entered into the system or even worse – getting billed for services you didn’t receive!
When you receive a doctor’s bill, you should ask for an itemized invoice. Be sure to review it thoroughly. In doing so, you’ll be better able to spot any potential discrepancies and ask any questions that you may have.
If you’re still unsure of the charges or any of the medical treatments listed, then get professional advice. Consider contacting a company like Resolve Medical Bills or Co-Patient. They’ll review your medical bills, explain them to you, and may fight to get them lowered, too!
Health Savings Accounts (HSAs) are another way you can save money on medical treatment costs. These accounts act as reserve funds and help you save for your future healthcare expenses.
HSAs are triple tax-advantaged accounts. The money you contribute is not subject to tax. It also grows and gets withdrawn tax-free as long as it gets spent on qualified expenses!
In order to contribute to an HSA, you need to have a high deductible health plan which helps to keep your premiums low. With that being said, it’s important to remember that the high deductibles must get met before the insurance kicks in and you can use it.
Most employers allow you to open an HSA as part of your healthcare plan. In many cases, they’ll give you free money for using their chosen provider, too.
Keep in mind that sometimes these plans may have high monthly fees and other hidden costs. Before you sign up, compare your plan with the ones on Investopedia’s List of the Best HSAs.
The best way to save money on medical treatment is by reducing your chances of needing it in the first place!
Invest in yourself and get in the habit of being healthy. This means making sure you’re getting enough sleep, exercising, and going in for regular checkups. Not only will you form good habits, but you’ll also feel better and be more productive, too!
Also, consider getting a copy of your medical records. Especially, if you plan on using TeleHealth companies. This will ensure that you have immediate access to your health history and can use it to answer any questions asked by your healthcare providers.
When shopping for healthcare, it’s important to remember that the companies providing medical treatment are businesses, too. They’re just like Amazon, Target, and Apple. They’re all looking for ways to increase profits and unfortunately, it can happen at the expense of an uneducated buyer.
As a consumer, you have the right to shop for everything you buy; healthcare costs and medical treatment included.
While being a tightwad and saving money is great, your health should be your top priority. Never let the cost of medical care be the only factor you look at when deciding what’s best for you and your health.
Which resource will help you save the most money on medical treatment? Comment below.
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