Did you know that, on average, you’re likely to spend $10,700 for your hospital stay? According to research by the HCUP, this is if you spend an estimated 4.6 days in hospital. Taking care of your medical expenses is a very significant part of maintaining your overall health.
However, doing so can be difficult when you consider how expensive premiums can be. This is why knowing these six most effective tips for lowering your personal health finances are useful. Read on to find out more about how you can be financially savvy while ensuring your optimum health.
1. Ask Questions
Taking a more proactive approach to your finances should help you in the long run. To manage your medical expenses, it’s important for you to ask questions when you need to. Do so before you get shocked by the bill at the end of your hospital so that you have a chance to negotiate your bill as well.
When you think of getting health insurance, you should ask yourself essential questions first before you commit to any plan. These are some of the questions that you should think of:
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What will your insurance cover?
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What happens when you delay payment?
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Do you require any pre-authorization for any procedures?
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Do you need to meet your deductibles?
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Are the health providers within your network to reduce your costs?
2. Plan Ahead
It’s important for you to plan for your health needs before they become worse. Even though you can’t predetermine what event will land you in hospital, you can still plan ahead to mitigate some issues. For example, identify what can possibly increase your healthcare costs.
Let’s say that you’re one of the people who go to work when you’re sick – which is one out of every three people! It’s wise for you to change this and get as much rest as you can. Going to work when you’re not well can lead to higher health risks. For instance, you can get into an accident on your way, or you can underestimate your illness. When you plan ahead, you also have a better idea of how you should budget for your health.
3. Update Your Healthcare Plan
The fact is that a healthcare plan is your safety net. So, you ought to ensure that when you use it, you use it as best as you should. Fortunately, the newly passed American Rescue Act of 2021 will help reduce a lot of insurance premiums for most people. If you currently don’t have healthcare insurance, this is the ideal time for you to see what low premiums you qualify for.
4. Understand Your Healthcare Plan
You’d be surprised to find how many people don’t sit down and read through their healthcare insurance benefits. Yet, this is one of those mistakes that you don’t want to end up doing. You might end up missing crucial information that you need when negotiating lower premiums on your medical expenses.
It doesn’t matter if you’re still using the same insurer that you used five years ago. Read through any of the updated medical benefits when they take place. It’s best for you to know what you can get and to take full advantage of the plan that you pay for.
5. Select a Network Provider
The thing about healthcare insurance plans is that you have a lot of terms to understand. One of these is in-network service providers. There are different costs for coverage options depending on whether you’re using a service provider that’s within your preferred network or not.
If you choose a healthcare provider who’s within your network, you should expect to pay way less on your medical costs. The money that you save can go a long way no matter if you’re newlyweds wanting to buy a new home or if you want to go on your next holiday.
6. Shop Around for Medications
Getting different quotes on our prescribed medications should help you save more than you bargained for. In some pharmacies, you can even save up to 80% on your copayment. You should also consider checking online for cost-effective options for buying your medications.
Alongside following the CDC’s recommendation to avoid getting COVID-19 by wearing a mask for those aged two and up, follow these tips to keep your healthcare costs down in 2022 and beyond!
