With medical care costs on the rise and family budgets contracting, financial and health care experts recommend that people take control over their medical costs. They urge people to be relentless at asking questions to medical professionals, looking for other methods and maintaining self-discipline. For anyone in a company-provided health insurance, enrolling in a flexible spending account can save big bucks. An FSA allows an employee to put pretax dollars into an account to pay for medical care. The downside is that the employee forfeits any unused funds at the end of the coverage period. But it’s surprising to see all the various medical expenses you can use FSA money on, such as contact lens solution. Employers can issue credit cards that people can swip at the register. If you are unsure if something can be paid for with FSA money, you can just first swipe your FSA card, it will pay for any medical expense, and then you pay for the rest. Really simple. CUTTING COSTS STRATEGIES: Here are some strategies to reduce medical expenses:
- Cut office visits. Try actively managing chronic illnesses, such as asthma, diabetes and obesity.
- Participate in free health fairs or visit walk-in clinics, which cost less than half of a doctor’s office visit.
- Call at least two labs to get test prices in advance. You’ll save significantly by shopping for diagnostic procedures, paying upfront and filling insurance forms out yourself.
- Shop for better prescription deals. Compare prices among local pharmacies and reputable online sites.
If you’re uninsured, you should:
- Ask about cash rates and discounts before receiving care. Negotiate the deposit amount to no more than 10 percent of your monthly income.
- Ask the hospital billing office to discount your bill to the rate charged to a typical insured patient.
- Ask for a written copy of the medical facilities financial assistance guidelines
