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Tips to Save on Medical Bills

15 March 2020 No Comment

Healthcare will never leave the top spot of being prioritized. However, you have to check the fees or charges of your healthcare services, insurance premiums, and medicines. It is because sometimes, your healthcare provider commits billing mistakes. 

Finding, getting, and choosing your healthcare provider can be the first step to save money on your medical bills. 

Other steps or tips to save on your medical bills are:

  • The use of in-network care providers
  • The use of infomediaries
  • Know the cost of procedure or health service
  • Know your options
  • Know to negotiate for discounts
  • Find and ask help from a Local Advocate
  • Cash payment

Obtaining a Preferred Provider Option health insurance plan will help pay for most of the fees and charges except your co-pay. It is when you use health services in their preferred provider network. But, the bigger part of the bill will be paid by you, only when you use health services outside their preferred provider network.

A third-party infomediaries health organization can help advise everyone who needs treatment and provider choices. You can also look for estimated charges for health and medical services online. Websites that can help are:

  • HealthGrades.com
  • The Leapfrog group
  • Individual insurance company and hospital
  • The federal government

Do some research about the treatment and procedure to be knowledgeable. 

Asking your doctor about the approximate charges of the service or medical procedure can help you to be prepared. You can also ask your doctor if it is necessary or important, especially when you have to pay your co-pay. 

You can negotiate a lesser cost for health and medical care services. It is possible, especially when there are lots of healthcare providers who can offer the same thing. 

Local advocate or professional healthcare advocate can help you with local care options. 

Cash payment can be discounted. It is due to doctors being able to prevent the hassle of filing insurance claims and transaction fees for credit card payment. 

You can also save money from cutting prescribed medicine costs.

Tips on cutting prescribed medicine costs:

  • Use generic medicines
  • Buy medicines from retailers or by mail
  • Use OTC (Over-The-Counter) medicine as an alternative

Generic drugs are as safe and effective as the branded ones. Plus, it costs less. 

Looking for discounted medicines from large retail stores can help you save money. You can also ask for your doctor’s recommendation about mail-order pharmacy. You can get discounts there when you buy them in bulk. An example is buying three month supply of your medicine.   

Buying OTC medicine that is prescribed by your doctor/pharmacist can help you save too.

Checking for billing mistakes

Tracking and reviewing your medical bills can help you lower the possibility of being overcharged. 

You can do this by:

  • Requesting for itemized or detailed bill
  • Check and review the bill
  • Request for auditing medical bills
  • Check the coverage of your insurance
  • Build a good relationship with the billing office or officer
  • You can ask for a professional bill reviewer

It is better to request a detailed and itemized bill to know what you’ve been charged for. Review it thoroughly and compare it to your doctor’s orders. If you think that there is a discrepancy, then let them know and report it. If in case that insurance claim processor commits mistakes in your bill like there is a medicine that you didn’t get. They can review and correct it for you. 

It is also important to always check your insurance coverage.   

Handling your medical bills

Here are the guides to properly handle your medical bills.

  • Discuss and negotiate health services’ cost with your doctor’s office
  • Make a payment plan or scheme
  • Better communicate with your insurance company 
  • Create and build a savings account for health

You can always ask or request for a discount. You can also make or create a payment plan together with the billing officer if you can’t pay on the due date. If you’re having financial difficulties with your medical bills, then communicate with your insurance company. They might offer a better health insurance plan that will work for you. 

Lastly, create and build a savings account for future medical expenses that your health insurance plan will not cover. 

You may also consider trade forex with a certified broker. You can start at $30. It is always best to be prepared. Whatever option you consider, it is best to look for what fits and suits your needs. After all, health is wealth. 

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