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10 Ways to Save Money on Healthcare
Healthcare is an essential service, but healthcare costs are on the rise again in the U.S. Current healthcare costs average around $12,350 per person annually. It represents a 9.7% increase.
This leads to issues such as an individual being underinsured or uninsured altogether. An estimated 49% of Americans surveyed also said they would be unable to pay for a surprise medical bill of $1,000 within a 30-day timeframe. High medical costs put a stranglehold on receiving proper care.
Even basic prescription medication costs have gone up. In 2021, medication spending increased by 4.7%, up from the 3% raise in 2020.
For Americans trying to save money on healthcare, it can be a challenge. But there are some things that you can do to save more money. Keep reading below for 10 ways to save money on your healthcare costs.
1. Re-Examine Your Current Insurance Plan
One of the best ways to save money on healthcare costs is to check your current health insurance plan. You need to look at every aspect of it. If you’re frequently incurring costs that aren’t covered by your healthcare provider, you may need to change your policy’s coverage level.
You also need to make sure your current healthcare providers are all covered by your healthcare plan. If they aren’t, you’ll have to pay more for out-of-network healthcare which can drive up your expenses.
Check if there are any out-of-pocket deductibles that need to be met before your insurance plan will cover your healthcare costs. If you have a high deductible, this means you will pay more upfront before your insurance will kick in their portion. Higher co-pays will also contribute to your healthcare costs.
2. Change Your Current Health Plan
The end of the calendar year brings its open enrollment period for the health insurance industry. This allows you to view other insurance plans and change companies or insurance coverage tiers without having to qualify for special enrollment criteria like a marriage or the birth of a child.
You can compare the costs of your current health plan with those of other plans. If you’re paying too much for a certain plan but don’t need as much coverage, you can drop down a tier to save money on healthcare costs.
You might also be able to change your plan to one with a lower deductible in exchange for one with higher co-pays. However, if you don’t require higher co-pay specialist visits or frequent healthcare office visits, you could save more money.
3. Consult a Health Insurance Broker
Health insurance brokers are experts at navigating the complicated health insurance network. They will ask you specific questions such as your yearly out-of-pocket expenses for like medication or if you have any particular health conditions.
A health insurance broker will be able to give you a side-by-side comparison of top insurance rates and costs. This can help you find the best insurance plan for your unique needs. They may even be able to find you additional financial help for your insurance plan costs if you meet certain monetary circumstances.
If you need specialized care or meet age and financial requirements, you may qualify for low-cost programs health insurance programs like Medicare or state programs. These low-cost or no-cost programs help you save money on healthcare costs.
4. Check Your Medical Bills for Errors
You may receive bills for services through your healthcare provider and your insurance company, but that doesn’t mean that they will always be accurate. You need to check these bills thoroughly for any errors like double charges for office visits or denied claims for coverage on a service or procedure you were told would be covered.
Another frequent error is a charge resulting from the medical biller putting through a claim under the wrong authorization number or billing code. Incorrect billing codes can result in your claim being denied and leaving you to pay for the full balance.
Being proactive about billing errors can help you save money on healthcare costs and maintain proper account balances. You should always verify that a doctor or hospital is within your insurance’s coverage by calling them or searching their directory online first to avoid unpleasant surprises.
5. Negotiate on Certain Healthcare Costs
Healthcare is a business, but some medical centers and hospitals can have prices set for services and procedures that vary widely from location to location. Don’t take one price at face value, especially if you require a specialized treatment or procedure.
For non-emergency services, call different medical facilities. Ask to speak to their billing department specialist. Request a quote for the procedure, test, or treatment you need and make a note of their price versus others in the area.
You can even ask if they can cut you a further deal on the price if you mention that another medical center offered you a lower quote. If you don’t have insurance, many clinics and hospitals may offer a discount on services if you can pay in cash and let you save money on healthcare expenses.
6. Contact the Pharmaceutical Companies Directly
Expensive but essential prescription medications are a leading cause of rising healthcare costs. New or experimental prescription medications can be beneficial, but they come with a hefty price tag. Sometimes, these prescriptions are so expensive that some health insurance companies won’t cover them or will only pay a very small portion of the expense.
If you’re having trouble paying for your prescription medication or are trying to save money on healthcare costs, it may be worth your while to go directly to the pharmaceutical company that makes your medication. Pharmaceutical companies have special programs in place that can make it easier to get the meds you need.
If you qualify under their financial criteria as low to no income, you can get these medications for free or for as little as a $5 co-pay per month with a specialized medication discount card.
7. Ask Your Doctor for a 90-Day Medication Supply
Asking your doctor for a 90-day supply of your medications is another method to save money on healthcare costs. 90-day medication supplies can be cheaper than month-to-month prescriptions on average.
You cannot get 90-day supplies for meds like narcotics or tranquilizers known as Schedule III and Schedule IV medicines. These meds have a high rate of dependency and addiction so they must be renewed by your doctor and pharmacist each month.
However, more common medications for conditions like asthma, diabetes, and high blood pressure can be written up as a 90-day medication supply. Insurance companies are more likely to approve 90-day supplies of medication. You also won’t need to make as many frequent trips to the pharmacy in a year, which can save you time and money.
8. Buy Generic Prescription Medication
Name-brand prescription medication can easily drive up the costs associated with healthcare. A generic prescription medication is a great way to help save money on healthcare costs associated with medication. Not every medication may have a generic version available, but for the ones that do, you can save more money.
Viagra is a name brand for a top medication used for erectile dysfunction but it can be prohibitively expensive in America. 28 tablets of 100mg of Viagra can cost as much as $2,586 in the United States. Sildenafil, the generic version of Viagra, costs just $1,189.72 for 30 tablets of 100mg, a savings of nearly $1,400.
Generic medications have the same ingredients as their name-brand counterparts, but for a lot less. They cost less because the name-brand medication’s original patent expired, making it more affordable to manufacture a formulaic copy from a different company.
9. Use RX Medication Coupons
In-store and online pharmacy coupons are now available. These coupons can give considerable discounts on prescription medications that can offset their total cost. This can help you save money on healthcare costs overall.
There are also prescription medication savings cards that can provide substantial discounts on medications up to 80% off their original prices. These programs track prescription prices across different pharmacies. They offer medication coupons to save you money on your meds.
These coupons may or may not be used in conjunction with your health insurance. They may only give you a certain percentage off of the non-insurance manufacturer or name-brand price. It is important to read the terms and conditions associated with these coupons to ensure that you’re getting the best price.
10. Buy Prescription Medication From an Online Canadian Pharmacy
A Canadian online pharmacy can save money on healthcare costs associated with medication. Canadian pharmacies have the same quality prescription medication in stock. But they can fill your prescriptions for a much lower cost than U.S. pharmacies.
For example, Humalog (insulin lispro) can cost upwards of $153 for 100 units/mL in the United States. From a Canadian pharmacy, you can get the same medication for around $105.
Create an account online with your shipping and payment information. Upload your Rx online or send it in through fax or email. You can also provide your doctor’s contact information for the pharmacist to contact directly and fill your prescription.
A Canadian online pharmacy provides service, convenience, and savings on all of the leading prescription brands.
Save Money on Healthcare Prescription Costs with Canadian Pharmacy Online
Saving money on healthcare can be a frustrating and time-consuming process, especially when it comes to high medication prices. That’s why you need Canadian Pharmacy Online.
We can help you save money on healthcare costs associated with your medication. We offer coupons and source medications from all over the world at a reduced cost and pass these savings on to you. You can save time by ordering online meds conveniently and receive a big discount off of the average medication prices in the U.S.
Contact us for more information and start saving money on your prescription medication today.