With the high cost of healthcare, saving money may seem impossible but there are things you can do. Here’s how to save money on healthcare.
Your health is one of the most important areas of your life and unfortunately, one of the most expensive. It is also one of the hardest places in your budget to save. It seems backward that saving money to keep yourself healthy is so hard, but it can absolutely be done. Here are my tips on how to save money on healthcare.
How to Save Money on Healthcare
Keep yourself insured – With the high costs of healthcare, one unexpected hospitalization could easily cost thousands of dollars without insurance. Not having insurance is a huge gamble, and it is much safer to have a plan that will cover you if something happens. In addition, there will still be a fine for not having health insurance in the 2018 tax year. All in all, having insurance is the biggest way to save on health care.
Include accident insurance too – Supplemental insurance is also a great thing to have. It protects you in case of an accident that takes you away from work. In fact, having a supplemental plan in place could save your family from ruin if something were to happen that knocked you out of work for an extended period. These plans often are a fairly low-cost addition to your insurance plan.
Open an HSA account – Having an HSA or health savings account is another way to save money on your healthcare treatments. These accounts are meant to be used only for healthcare. Unlike a Flexible Spending Account, funds in an HSA roll over from year to year. They are only available to US taxpayers who have a high deductible which means that you won’t need to scramble to pay your high deductible if you have an emergency. They also save you money since the funds deposited into them are not subject to income tax. You can open an HSA through your bank, or your insurance provider may offer one. Before you open your HSA, make sure that you look at what the federal maximum contributions are per year.
Deduct what you can from your taxes – Certain medical expenses can be deducted from your taxes but whether you are eligible will vary by taxpayer. Save all your receipts just in case and speak with your bookkeeper or accountant. This is especially important if you’re self-employed.
Pay in cash – Need to visit the doctor? Consider paying in cash. Some physicians will charge you an extra fee for paying by card since they too are charged a fee. It may not seem like a huge amount, but those small fees add up over time.
Ask for samples – If you need a prescription, ask your doctor if he has samples available before you run out and fill the script. Unless you have an exotic prescription, chances are good that he or she will have at least a few days’ worth lying around to help you save a few bucks.
$4.00 prescription lists – Walgreen’s Prescription Savings Club, Meijer, Giant Eagle and a whole slew of other pharmacies all offer a $4.00 prescription list. These lists usually contain common medications that are prescribed regularly. Always make sure that you check to see if your medicine is on these lists since they are usually cheaper to buy out of pocket than through your insurance. Other pharmacies have different deals, such as Walgreen’s Prescription Savings Club which offers savings to members who pay a small yearly fee. Check with your pharmacy to see what they savings they might offer.