5 SMART WAYS TO CUT YOUR HEALTHCARE EXPENSES

Medical bills are the necessities of life that you dislike but cannot get rid of. We find them unnecessary when health is fair. When that nagging cough does not go away; or an accident requires getting admitted to the hospital immediately, the medical issues crop up, and so does the treatment cost, and hence the bills. The survey says that 7% of the total expenditure made by Indian households is towards health and 62% of all U.S bankruptcies are medical-related. Most people do not think of the cost involved in getting better post being sick unless the latter happens. The primary reason behind such figures is that we lead an improper lifestyle and do not take proper care of ourselves unless it is too late, which contributes to the high medical bills we have to pay. So, here we have prepared some ways for you to cut down your medical bills.

1. PREVENTION IS BETTER THAN CURE

Go to a dietician and get a proper diet planned for yourself to keep your health in order. Give yourself cheat days to fulfill the foodie's desires in you but don't make that a habit. Go for walks, do some exercises at home if you cannot manage the time to go to the gym. If you can, definitely make it a point to be regular at the gym. Reduce smoking, and avoid consumption of excess alcohol to keep the health hazards away.

2. GET YOURSELF AND YOUR FAMILY HEALTH INSURED

The moment we realize that the call is from an insurance sector executive, we hang upon them. Yes, they might be doing it to sell the insurance policies, but we need them so that a medical emergency does not turn into financial trouble. Health insurance can get you covered for your dental checkups, your regular health checkups, and sudden emergencies as well. The yearly premium might seem to be an additional expenditure, but it keeps you prepared for emergencies by covering the bill without you having to spend from your pocket. This cashless benefit comes in quite handy when there is a chronic condition or critical illness, and there's a possibility of the bill turning into lakhs of rupees. So, choose your health plan accordingly to make your insurer take care of the long paper trail and the expenses incurred. You can then devote your complete attention to your loved ones, without bothering much about the costs. 

3. GET AN ITEMIZED BILL AND CHECK FOR ERRORS

Everyone does not have sound medical knowledge; hence, the bills are to be prepared in a manner understood by a layman. If you do not understand the items you are paying for, ask for an itemized bill and explanations. Medical billing is complicated and prone to errors. So, it's your responsibility to double-check the invoice to ensure that you are not charged for the promised items for free. Compare the bill with the 'explanation of benefits' (EOB) received from the insurance company, and contact them if you have any queries or have found an error. (Remember, the EOB is not the bill, it is a detailed explanation of the benefits you are entitled to.) They can work with the medical office to rectify the mistakes in your invoice and reduce the amount.

4. TRY LOWERING THE BILLS YOU ARE RESPONSIBLE FOR PAYING

You might be vigilant in verifying the expenses you are covered for, but there might be expenses that will not be covered in your plan; hence before you pay, file an appeal with the insurance company, including your claim. If the initial request is rejected, you also have the option for a second appeal. If you run out of appeal options, negotiate with your insurance provider to offer you a discounted rate since you pay out of your pocket.

5. ORDER FROM ONLINE PHARMACIES

Online medical pharmacies provide discounts as opposed to regular medical stores. Additionally, they come up with coupon codes & offers with other online shopping platforms and non-cash benefits during festive seasons and other special times of the year. So, keep an eye on them, and use those benefits. Also, do not skip your medicines to prevent costs. Saving a few hundred by avoiding the necessary medications can cost lakhs.

Health issues are a sensitive topic to discuss since they are personal. Hence, keeping the aforementioned in mind will help you trim your medical expenses to a great extent and save your hard-earned money. 

I wish you a healthy life!