Those who like the idea of making their annual healthcare costs more affordable are in for some good news. Contrary to what’s often heard in major media outlets, there actually are quite a few powerful ways to spend less on doctors, hospital visits, dental services, and medications. Saving money is an all-important goal for families and individuals who want financial stability during uncertain economic times. What are the techniques that get the job done without gimmicks or risk?
In addition to a couple of obvious strategies like using community wellness centers and purchasing generic medications whenever possible, savvy consumers have other tactics at their disposal. Lesser-known ways to save money on healthcare in the 2020s include using telehealth, opening HSA accounts, getting preventive treatments, and financing dental work. Here are the pertinent details about how to keep spending under control without sacrificing an ounce of personal safety or long-term well-being.
Prevention
Medical professionals routinely praise the idea of early intervention for all sorts of maladies, from common ailments to more serious, life-threatening conditions. In addition to potentially saving a person’s life, a preventive approach to wellness can slash expenses substantially. That’s because early detection of things like cancer and heart disease helps patients avoid costly treatments. Chronic illness carries a huge price tag, so why not take early action to prevent it?
Regular checkups and screenings can catch many illnesses before they even become serious. Reputable insurance carriers are happy to cover preventive treatment at little or no cost, which is a win-win for consumers who pay attention to their general health and have a proactive attitude. It’s about viewing preventive care as an investment instead of an expense.
Open an HSA (Health Savings Account)
Health Savings Accounts are great tools for keeping healthcare costs low. Not only do they let people set pre-tax money aside for future medical bills, but they can also be a savvy way to legally reduce taxable income in some situations. Here’s the simple version of how HSAs work: contributions are tax-free, can earn interest, and roll over from year to year. That makes the accounts a wise way to sock away money for the future while protecting against unexpected medical bills.
There’s a double-sided benefit to the accounts because you don’t pay any tax when you take funds out of the accounts to cover legitimate, allowable healthcare expenses. HSAs are potent tools that should be a part of almost everyone’s financial plan. HSAs incentivize people to get regular and preventive care but also keep out-of-pocket costs much lower than they would otherwise be. Think of an HSA as a budgetary safety net that costs nothing to set up. Ask an accountant or tax preparer how to get started.
Finance Your Dental Work
One of the most powerful ways to minimize upfront costs for personal wellness is to use third-party financing for dental work. Consider the fact that many dental procedures fall into the emergency category and require almost immediate attention. In those situations and others, platforms like Cherry and CareCredit offer effective solutions. Financing allows for budget-friendly monthly installments and immediate treatment, two components of excellent dental care.
An aching tooth or dental-related injury can’t wait. For less immediate treatments like orthodontic care, financing plans from third-party providers offer plans to suit any budget. Plus, applying for a plan has zero effect on credit scores and takes just a few seconds. In fact, most practices are glad to give current and prospective patients a unique online application code for quick sign-up. The whole idea is to take the stress factor out of dental care.
Buy Generics
It’s no secret that generic medicines tend to cost less than brand-name versions of the same products. For decades, individuals have been using the buy generic tactic to save money. The good news is that the technique still works, and today’s non-branded medications can cost between 20% and 80% of what non-generics do.
Check your medical coverage to see if they cover generics at no cost as many do. For patients who need sinus sprays, allergy medications, or pricey cancer prescriptions, buying the non-branded version, when one exists, is one of the simplest ways to get monthly expenditures under control. Always check with a healthcare provider and insurance carrier before purchasing generic drugs, as the terminology and nomenclature in the pharmaceutical industry can be ambiguous and confusing at times.
Use Telehealth Services
Technology and the pandemic of 2020 turned telehealth services into one of the shining stars in the medical industry. Sites like Teladoc Health have boomed in recent years with their ease of access and availability of clinicians that are often difficult to book at a typical brick and mortar office. Not only can patients visit a doctor online or over the phone for a much lower cost, but there’s also no need to hop in the car and drive to a distant location for the consultation. While not every visit lends itself to telehealth technology, the service is ideal for follow-up appointments and all sorts of minor issues.
Most medical practices charge substantially less for video visits and phone consultations. Plus, telehealth is a wise way for people in rural areas to get access to general practitioners and specialists. The same goes for anyone with a mobility challenge or temporary illness, like the flu or a contagious cold. Telehealth saves everyone time and money.
Take Advantage of Community Clinics
In cities of all sizes, community health centers play a major role in delivering services for those who either have no insurance or struggle to keep up with monthly policy premiums on the coverage they have. Luckily, the majority of such centers offer sliding fee options that are entirely based on income. That way, low-income families and individuals can get much-needed treatment without breaking the bank.
Typical services available at community-based clinics include annual checkups, mental wellness screenings, primary care services, and more. High medical bills are a reality for families at all income levels, so these facilities serve as a way to fill in the gap for those who can’t afford essential care. A quick online search is a simple way to find a clinic in any city. Be ready to demonstrate financial need by providing recent tax returns or other documents to qualify for sliding scale fees.
Want to unlock greater wellness?
Listen to our friends over at the Wellness + Wisdom Podcast to unlock your best self with Dr. John Lieurance; Founder of MitoZen; creators of the ZEN Spray and Lumetol Blue™ Bars with Methylene Blue.
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