Saving Money on Medical Expenses

When people need to see a doctor or refill a medication, concerns about money can cause them to put off seeking the care they need. Whether you need an expensive medication or a doctor’s appointment, it can be difficult to budget for health-care costs. Learning ways to lower medical expenses can help you stay healthy physically and financially.

One way to lower prescription costs is by shopping around at different pharmacies for the best price. While it can be convenient to go to the same pharmacy every time you need to fill a prescription, consider using multiple pharmacies if it can lower your medication expenses. You also can ask your pharmacist about any savings plans your pharmacy offers and if your medications qualify for discounts. You can also save money by ordering your medication through the mail or buying in bulk. For example, a 90-day supply of your medicine may have a cheaper price than the standard 30-day supply.

Another way to save money on prescriptions is to ask your doctor about using generic brands. Some doctors might only tell you about the name brand, but there may be cheaper versions that are just as effective. The Food and Drug Administration regulates both generic and name-brand prescriptions, ensuring they have the same active ingredients that treat the same conditions. If there is not a generic form of your prescription, ask your doctor if there are more affordable alternatives that can treat the condition.

To save money at the doctor’s office, review your health insurance policy to identify which doctors are in your network. Going to an out-of-network doctor can greatly increase your copayments. Your insurance company negotiates prices with approved providers, which in essence allows you to pay a discounted rate on their services. Being aware of the physicians in your network will save money over out-of-network providers.

Finally, check to see if your health-care plan qualifies you to set up a Health Savings Account (HSA). You can contribute to an HSA with pre-tax dollars through your employer or through a high deductible health plan that meets Internal Revenue Service requirements. The money you put in an HSA can earn interest, and when you make withdrawals for medical expenses, insurance premiums, or deductibles, they are tax-exempt.

Don’t let the costs of health care keep you from getting the medical services you need. Be proactive in finding ways to save money on medical expenses.

References:

NH Health Cost. What kind of accounts can I use to set aside money for medical cost? https://nhhealthcost.nh.gov/guide/question/what-kind-accounts-can-i-use-set-aside-money-medical-cost 

National Library of Medicine. Eight ways to cut your health care costs. https://medlineplus.gov/ency/patientinstructions/000870.htm   

Sources: Nichole Huff, Extension Specialist for Family Finance and Resource Management, and David McIver, Consumer Economics and Family Financial Counseling Student 

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