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Thanks to our Savings and Sangria readers for writing such helpful collaborative posts. Today Ellie’s going to show you how to patch up your medical bills!
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If you’ve been hit with a medical bill, you know it can cripple you financially. While there are borrowing methods, such as medical loans and credit cards, these usually have interest attached.
So here are some ways to patch up your medical bills (without having to borrow!).
1. Get insured
Medical insurance is the most effective way of covering medical costs. There are now more options than ever, including family plans and customizable plans that allow you to select certain treatments you want covered in order to save money.
It’s worth always doing your research before taking out an insurance policy so you know what’s included in the small print. Certain tricks such as upping your deductible can reduce your cost, but be careful – if you do have a medical emergency, you may end up paying for most of it out your own pocket making the insurance company useless.
2. Set up an FSA
A flexible savings account allows you to save up money for medical expenses. Your employer will automatically transfer some of your income directly into this account. This income isn’t taxable, so you could end up earning more overall by paying less in taxes.
In addition to standard medical treatment, FSAs can be used to pay for prescription medicine, dental expenses, equipment (such as crutches), and even glasses and contact lenses.
3. Shop around
You can often save money by shopping around for treatment as some clinics may be able to do procedures more cheaply. If you’re on a particularly low income, you may be able to use an advocacy service to do this. Medical advocates not only shop clinics for you, but are also able to negotiate costs in many cases.
You should also shop around for medicine. The brand name medications aren’t necessarily any more effective than the generic brands, and you could save a lot of money by opting for the generics. If you’re buying drugs online, make sure that they’re from a reputable source and are FDA approved.
4. Make use of club discounts
You may actually be able to receive discounts on healthcare through your club memberships. Some gyms offer discounts to members that are worth taking advantage of.
Trade unions may also offer discounts on medical expenses in some cases.
It might even be worth your while to join a club specifically for an upcoming medical procedure. Just make sure there are other perks to joining these clubs as many will involve an upfront membership fee.
5. Seek legal compensation
In some situations, you may be entitled to legal compensation which could help to cover the cost of medical treatment. This might include a personal injury claim or even medical negligence.
It’s worth looking into legal counsel to see if you are due any compensation. Insurance schemes may cover legal fees in some cases.
6. Check your bills
You may be able to avoid certain costs simply by checking your medical bills. Costly errors, including being charged twice for treatment or being billed for the wrong procedure, can be made. By checking these errors over with the medical billing department, you should be able to remove these costs or get a refund if you’ve already paid.
Of course we wish you good health and zero accidents! But if life throws you a medical curve ball, we hope these tips help you patch up your medical bills.
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