Our health is a very important thing to take care of nowadays, what with the rampant health scares that are popping up more and more. So why is it that not everyone is taking advantage of healthcare options?
Even with the Affordable Care Act, there are still a lot of people who choose not to visit the doctor because of how costly it can be. Even more, others choose not to have health insurance altogether because of the costs. If you are one of those people who find healthcare to be expensive, read on to know more about how you can save money on healthcare.
Look Around for Options
One way to save money on healthcare costs is to look at different providers. Shopping around for medical professionals and facilities that are less expensive can really help you reduce the cost of your healthcare. It can be time-consuming and it will take some effort to look up doctors, hospitals, and clinics online but the difference in prices can be very surprising.
If you do have medical insurance, consider calling them up to know which doctor, hospital, or clinic can help you save more money. Even within your insurance’s network, there are still some price differences that can make a huge dent in your wallet for out-of-pocket costs. Remember that when it comes to medical procedures, you can still shop around for the best deals instead of going with your doctor’s recommendation.
Set Up A Payment Plan
Because a growing number of people aren’t able to pay the costs of lab tests and medical procedures outright, some medical facilities and professionals have addressed this need. Payment plans have become an option for those patients who can’t afford to pay for the tests and procedures upfront. This way they can focus on getting the care that they need first, and worry about the finances later.
But setting up a payment plan can still be difficult, especially since the monthly costs will vary depending on the price of the procedure and the duration of the payment plan. This is why it’s still important to set aside some money to cover potential medical costs in an emergency fund. This way, you can soften the blow that medical emergencies can have on your finances.
Get A High Deductible Health Plan
One of the common reasons why people choose to go without health insurance is the cost of the monthly premiums. This is especially true for people who rarely visit the doctor in a year, or have other expenses that they need to prioritize. But going without health insurance is risky; you could even end up being penalized under the Affordable Care Act.
An alternative to a traditional health plan is the high deductible health plan (HDHP) Unlike traditional health plans, HDHPs have lower monthly premiums which can help you save more money in the long run if you are healthy or don’t have a lot of pending medical expenses. However, HDHPs have higher deductibles, so you may want to consider setting aside some money to cover those deductibles in the future using a Health Savings Account. However even if you have a traditional health plan like Medicare, you may still want to consider getting supplemental insurance like Humana Medicare Supplement to help cover miscellaneous costs.
Adjust Your Income
If you’re reading this because you can’t afford health insurance, you may have already considered increasing your income to afford it. But did you know that you can also adjust your income to a lower amount in order to qualify for subsidies or financial assistance?
If your income falls under a specific amount, you may be eligible to receive financial help in the form of a premium tax credit. This premium tax credit will be applied to your monthly premiums, making the contributions you pay out of pocket for your health insurance lower. You could also qualify for a higher premium tax credit if you gain a household member.
Our health is a treasure that should not be left unattended. If we aren’t healthy, we aren’t able to do the things we want to do and be with the people we want to be with. So with all the options available to make sure you have access to affordable healthcare, there really is no excuse for you to not take care of yourself and be healthy. Now that you have learned of the ways on how you can save money on healthcare, you can start protecting yourself from the dangers of going without proper healthcare both physically and financially.