The cost of health care continues to rise and has become a significant expense in American society. According to the Centers for Medicare and Medicaid Services, the average American spent $12,530 annually on healthcare in 2020.
Therefore, for people with chronic health problems and long-term treatment needs, finding steps to cover medical costs and prevent the monetary burden during medical emergencies is crucial. This article highlights the steps you can take to pre-plan your medical expenses. Keep reading to learn more.
A Health Savings Account (HSA)
This can be an ideal starting point if you currently have a high-deductible health insurance plan. You can contribute to an HSA until you turn 65, even if you’re not working. The money in an HSA account is not taxed. The interest earned accumulates tax-free, and you’re not taxed when you take it out for eligible medical expenses. Moreover, you can invest the money if you wish to take advantage of potential compound interest.
Evaluate Your Current Insurance Plan
Your health insurance plan includes the cost of many healthcare-related expenses. So ensure you know which conditions are covered under your current plan and which aren’t. Many health care plans offer subsidized nutrition classes, health-risk evaluations, flu shots, gym memberships, and other preventive care.
Take advantage of these discounted services. If your current plan is not appropriate to your current healthcare needs, consider talking to your insurance agent and changing your plan that can better suit your personal needs.
Check Your Medical Bills
Always check your medical bills for errors to prevent paying much more than you actually should. This will save you money and avoid creating a dent in your pocket. Hospital bills can have serious errors like typo mistakes, wrong codes, forgetting to declare prior authorization for tests, procedures, or consultation of specialists, etc.
Such mistakes on the part of hospitals can create a problem for you when claiming insurance. Moreover, ask for an itemized billing that lists all the supplies, medications, or procedures you have been billed for.
Find Ways to Save on Your Prescriptions
Signing up for a pharmacy savings card can help you get significant discounts at the pharmacy counter. Some pharmacies like Walgreens and Walmart have prescription savings programs that offer benefits to all customers.
Doctors often prescribe the brand name of the drugs they are most familiar with, but those may turn out to be expensive. Generic drugs cost much less but are equally effective. Therefore, ask for generic medications wherever applicable.
Follow Doctor’s Orders & Practice Preventive Care
The Centers for Disease Control and Prevention (CDC) reported in September 2016 that one in four Medicare participants aged 65 or older with blood pressure issues did not take their blood pressure medicine as directed.
In fact, innumerable patients with chronic health issues do not take medications as prescribed leading to serious conditions in the long run. One of the best things you can do to reduce your long-term healthcare costs is to follow your doctor’s instructions, establish a daily health and wellness routine and consume sufficient nutrition. Following a simple routine can significantly impact your future health and prevent unnecessary medical costs.
Contact us at Briteside Solutions if you’re suffering from a chronic illness, need medical insurance for yourself and your loved ones, or require the best advice on different health insurance plans. Our team of experts is here to offer personalized guidance and ongoing support to suit your needs. Visit our website today to get started!