How to save on Medical Expenses

Most consumers have learned from personal experience that healthcare costs are steadily increasing, leaving us with higher out-of-pocket costs. Here are a few ways to save money on healthcare-related expenses.

By spending a little time learning how to reduce your healthcare expenses you can make a significant difference in reducing your out-of-pocket costs.

The cost of prescription drugs is continually escalating

Ask your physician about splitting a higher-dosage pill in half. The difference in cost of the higher-dosage pill is usually minimal and you may come close to receiving two pills for the price of one. This could be the best two-for-one deal around.

Ask your physician for free samples to test a medication's effectiveness. It is possible that your body may not be able to tolerate a new medication and it's better to try the samples before purchasing an entire month's supply.

When you need a prescription filled, call your local Pharmacies to see who offers the lowest price for the medication you need. Many consumers don't realize that Pharmacies set their own medication pricing.

Discuss receiving a generic equivalent with your physician or pharmacist. You can save as much as 40% to 60% by choosing a generic drug instead of a name-brand prescription. Purchasing a store brand (instead of a name brand) of an over-the-counter medication can easily save a consumer over $100 a year. Many drugs have similar over-the-counter alternatives (no prescription needed) that will save you money.

You may find your best deals online but you should make sure the website is legitimate. Reputable online pharmacies should carry the seal of Verified Internet Pharmacy Practice Sites (VIPPS) and/or the National Association of Boards of Pharmacy (NABP). This means that the online pharmacy complies with licensing and inspection requirements for their state and the states in which they distribute pharmaceuticals.

Prescription Price-Saving Apps

Check into Prescription Savings Plans such as Good RX, SingleCare, WellRx, or BlinkHealth for their price cuts compared to suggested retail prices. Most of these plans offer free home delivery, work with 30 to 70 thousand pharmacies nationwide, and can save you up to 80% off your prescription drugs, including some pet meds.

Be sure to take all of your medication as prescribed – even if you start to feel better – as a relapse could occur and a return visit to your doctor may be needed.

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Visit a retail health clinic when possible

These healthcare clinics are located in many retail stores, pharmacies, and grocery stores throughout the United States. They offer limited services but are perfect for treating common illnesses, infections, and skin conditions and many also offer vaccination services. These clinics are fast and inexpensive. Urgent Care facilities and hospital emergency rooms have a large cost associated with their services. Even for those who have medical coverage, an insurance co-pay is usually much higher for an Emergency Room visit than for a clinic or physician's office visit.

Negotiate the cost of your healthcare services.

A poll conducted by Harris Interactive found that about 66% of adults who tried to negotiate their charges with a hospital or a dentist were successful and about 60% were successful when negotiating with a physician. You have nothing to lose by asking for a discount.

It is very important for patients to follow doctor's orders.

Studies indicate that about 10% of hospital confinements are a direct result of patients not following their physician's instructions.

Keep a log of medical services provided to you.

This is especially important if you are hospitalized. Always ask for an itemized bill and compare it to your log. It has been found that more than 50% of hospital bills have some type of billing error. Also remember, you may be able to deduct medical, dental, and vision expenses on your Tax Return.

Knowledge + Awareness = Lower Healthcare Costs

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