Failing to financially prepare for bad health can result in unhealthy debts. Whilst health insurance can go some way in paying for medical bills, there are many other ways to make healthcare more affordable.
Keep an emergency fund
Offering to pay some money towards healthcare (known as a deductible) can greatly lower your insurance. If you can save up a safety net of two thousand dollars, this could go a long way. You may not even need to use your insurance scheme and could lower your rates. Of course, saving up an emergency fund is easier said than done. Start by setting up a direct debit and slowly putting in amounts each month this can avoid having to file for medical bankruptcy. Be sure to read this GoFundMe article on tips of what you can do to avoid bankruptcy due to medical bills.
Use an advocacy programme
Prescription medicine can gradually eat away into your finances. In many cases, this can be the result of choosing branded medicine over cheaper generic solutions that are just as effective. Fortunately there are advocacy programmes out there that can help you shop around to find you the most affordable medicine solutions such as Nationwide Prescription Connection. You can learn about Nationwide Prescription Connection and such programmes online, or by asking your local doctor. Other advocate programmes can try to save you money on bigger expenses such as surgery and long-stay visits.
Keep an eye on discounts
If you need glasses or contact lenses, you may be missing out on discounts provided by various services. Insurance providers may sometimes offer discounts on eyewear which you can use when visiting an optician or ophthalmologist. Automobile Associations of America are also a good place to look for discounts on glasses and lenses. On top of this, online retailers and warehouse clubs may also be able to offer discounts.
For general discounts meanwhile, there are various discount clubs available that require a monthly membership and can save you up to sixty per cent on your medical bills.
Join a farm bureau
Farm bureaus can be found in every state. Whilst set up for farmers initially, you don’t need to be a farmer to join. Being part of this bureau can sometimes get you discounted health insurance as well as other financial perks. It costs fifty dollars a year to be a member, but this could be worth it in the long run. As each state’s services differ, it pays to look into their services first.
Use an FSA
A FSA (flexible spending account) might be something that your employer offers and is well worth taking advantage of. These tax-sheltered accounts can be used to pay for various medical costs, often allowing you a certain amount of payment each year. Even if you’re not in and out of hospital you may be able to use this to buy glasses, dentist appointments and load up on certain medical supplies such as bandages and infant pain reliever.
On the topic of workplace bonuses, it’s always worth asking your employer if they offer any healthcare perks. Certain costs may be able to be deducted on expenses.
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