Healthcare costs can be an unpredictable expense that can really affect your budget. There are ways that you can try and minimize these costs and save money on your healthcare. Below are three ways to decrease the money spent on healthcare costs and elevate this burden on our budgets.
1. Save money on Medicine
Ask your physician if there is any way to save money on your medications. There may be more affordable alternatives, generic versions of a name brand medication, or other options available to you. You don’t know until you ask!
Additionally, you may be eligible to receive medication through the mail. This can be much less expensive than picking up your medications at a pharmacy. Speak with your healthcare insurance provider to learn more about if this is an option for you.
2. Use Your Healthcare Benefits
Most health insurance covers the cost of preventative medicine. Meaning, they will fully cover exams, dental cleanings, etc in order to prevent health conditions from going unnoticed and getting worse (Read: More expensive for them.) Be sure to take advantage of these benefits so that you can prevent or catch conditions early before they become a costly problem. Speak with your health care provider to learn more about how you can use your benefits.
3. Sign Up for a Flexible Spending Account (FSA)
Flexible Spending Accounts let you pay for your medical expenses with pretax dollars and they can save you a bundle on healthcare costs. If your employer offers an FSA, it pays to sign up. Currently, you can contribute up to $2,650 a year in pretax dollars to pay for expenses such as doctor office visits, drug copays, prescription eyewear, and certain medical supplies.
Here’s how FSAs work: You decide how much you want to contribute up to the maximum, and your employer then deducts that amount evenly from your paychecks throughout the year. As you incur medical expenses, you’ll either use the debit card provided by your FSA administrator to pay for them, or you’ll pay with your own money and then submit claims for reimbursement. Sit back and see the savings add up with FSAs.
With the rise in healthcare costs, we all need a little help trying to save. Try one or all of these ways today to save on your healthcare costs and you will be surprised at the savings you see in your budget.
