As Seen in Newsweek,
The NY Times and AP

Michelle Jones, Founder and Publishing Editor of BetterBudgeting.com
Michelle Jones, Founder & Editor

Copyright by BetterBudgeting.com

Home | Site Index | Free Membership | Budget Class

BetterBudgeting.com
Changing Lives
One Budget at a Time™

     

Like saving money, frugal living, cooking on a budget, coupons, homemade gifts, recycling? Learn how to manage your money better, while "Living a Better Life®!

Home
Site Index
Free Membership
Budget Class
Budget Calculators
Budget Forms
Budget Software

Contact Us

 

 Our Ebooks 

Frugal Family Recipes, by Michelle Jones

Frugal Family Recipes Cookbook...

More Frugal Recipes...

Frugal Recipe Blog...

101 Coupon Tips, by Michelle Jones

101 Coupon Tips...

For More Coupon & Grocery Saving Tips Visit Our Sister Site... GrocerySavingTips

Dealing with Debt, by Michelle Jones

Dealing with Debt...

A free ebook gift for members of Living a Better Life®

 

 

Financial Journey
(featured column)

Karen Kuebler - Senior Writer at BetterBudgeting.com

Multiple Ways to Save on Medical Costs

by Karen Kuebler

It goes without saying that with rising costs, we are all affected and looking for ways to save money wherever we can. Medical costs are also rising, and if you are experiencing serious health problems or just finding your medical bills adding up, the ideas to cut back on medical costs aren’t always obvious.  More...

Our family is not exempt from serious health issues. We have had to struggle with a couple of surgeries, as well as a serious illness, over the past several years. I am going to share ideas that we have used to help trim expenses, as well as suggestions I have given to friends who have had serious problems and lacked adequate insurance to cover their medical needs

bulletDiscuss your situation with people in a position to make a decision about your financial bills. A close friend of mine was recently diagnosed with a rare autoimmune disorder. She had to go to Mayo hospital for a week in order to receive the final diagnosis because her symptoms were so strange that it wasn’t easy for local doctors to reach a conclusion. Her medical bills for the week were $20,000. She checked to see if she would qualify for some financial aid due to their low income and low insurance coverage. Unfortunately, she didn’t succeed with that approach. I suggested she write a letter to Mayo, explaining their situation, while being as thorough and honest about their life circumstances as possible. We were both excited when the bill was reduced from $20,000 to $5,000. It was much more than either of us expected!

bulletContact various associations and foundations to inquire about resources available. By calling the American Cancer Society and Leukemia and Lymphoma society, I learned a lot about resources available to patients including such things as some reimbursement for gas mileage and pharmaceuticals.

bulletTalk to your friends. Many of them have been through similar circumstances and I have found them to be a wealth of knowledge about local resources. In addition, our friends had items to offer that were being unused. I had bought a walker from a thrift store that wasn’t all that great, and our neighbor had an excellent walker that she had used for her mother. It was perfect for our needs. In addition, I had friends recommend local groups that are available for help.

bulletOne of the resources recommended was Catholic Charities. It is not a requirement to be a member of the church to utilize their help. They have a stock room of medical supplies available at no cost. I was able to get a really nice shower bench and gave them the walker I purchased from the thrift shop. I browsed to see other equipment available for the disabled if the need ever arises. I can now recommend this resource to other friends.

bulletCall medical providers to compare rates for office visits and services. I received referrals from friends for a dentist. I found two that came highly recommended. After calling both dentists, there was a difference for a porcelain crown of $400 between the two. I went with the one who charged less, and have been extremely pleased with the work and services of this dentist.

bulletOften doctors will discount bills by a certain percentage if you pay by cash vs. credit card. Also, I’ve had doctors discount bills by 20% if I pay by cash on the date of the doctor’s visit saving them the administrative costs of having to mail a bill. Ask all medical providers if they have any form of discount available that you might not otherwise be aware of and let them know you are on a tight budget and looking for methods to save money.

bulletAsk the doctor to help you prioritize what medical matters should be dealt with, comparing risk of waiting and ability to pay. I have done this on more than one occasion and it has been extremely helpful in determining the best schedule for my health care. I’ve also had the doctor compare my health care needs with my husbands’ to help us prioritize services.

bulletWhen dealing with several doctor bills – split them into smaller amounts. I’ve paid $25 a month and have never had a doctor complain and it hasn’t affected our credit rating because the doctors know I’m paying my bill and not skipping town. I often explain the situation of having several medical bills and they have been very understanding.

bulletIn addition to calling doctors, I have called hospitals to explain our financial condition with multiple bills. I’ve discovered that in most circumstances they are happy to set up a reasonable repayment plan. Often, we discuss the situation and they will ask what will work for me. We have been able to resolve both of our needs in a win/win manner. We end up with a payment we can afford and they know they aren’t dealing with a deadbeat. I’ve never had finance charges applied when I have done this.

bulletCall various pharmacists to get quotes on medications used frequently to determine where you can get the best price. Go generic whenever that alternative is offered and you will save a lot of money. If you have a health insurance plan that offers medication by mail for prescriptions taken on a regular basis, go this route because the amount of money you will save is astronomical. Ask your doctor for samples when trying new medications, rather than paying for the first month’s supply, as particular medications may not work for you.

bulletSave money by purchasing necessary medications at higher doses and then splitting the pills in half. If the medication is in capsule form, this won’t work as the medication is usually time released and you won’t get the necessary dosage by trying to split them. But tablets can be split in half and our mail order pharmaceutical company charges the same flat fee amount for varying dosages of a medication. Discuss with your doctor to ensure the safety of the idea and to explain your reasoning about saving money on medication.  Since the doctor won’t have to prescribe as often, you’ll save money by making your medication last twice as long.

bulletKeep your medical records filed in an organized way so that you can check bills easily. Providers do make billing mistakes, and if you aren’t knowledgeable about your records, you could end up paying a bill you don’t owe. This happened to me for a bill that was $600. It arrived approximately two years after the date of service! I checked the files and paperwork for that year, and discovered the mistake they had made. It took several phone calls and a couple of letters to explain what had happened  It didn’t help that the person first helping me left the job before my problem was totally resolved, and had not left careful notes in the file to explain the discrepancy. I had to start from the beginning with another representative. However, it was worth it in the long run because I could have paid $600 that I didn’t owe.

bulletKeep immaculate records and all receipts for tax purposes. Mileage, motel stays, etc. If you are being treated out of town, discuss your circumstances with a social coordinator at the medical facility. They can provide you with a list of lodgings that are available at discounted medical rates, and provide other possible resources that you might need in a town with which you are unfamiliar.

bulletIf you are staying out of town – bring your own food. Cook ahead and use an ice chest to keep food cold. You can purchase collapsible coolers and fill them when you arrive in town if you are flying to the facilities. As long as there is a microwave available, you can purchase food from a local grocery store once you have arrived. I’ve taken my crock pot to heat dinners when we take our vehicle. You’ll save a fortune by planning your meals at home and packing the food, as well as preparing meals ahead when possible. I’ve made pasta salads, baked chicken with sauces, cooked rice and pasta, spaghetti and meatballs. If the place you are staying has a refrigerator, all the better – but you can keep adding fresh ice cubes to your ice chest to keep the food cold and fresh. Believe me on this one—we have gone both ways. When I go unprepared with our meals, the bills add up in a hurry.

bulletCheck to determine if your company offers an HSA – Health Savings Account—as part of their benefit plan. If you have a high-deductible health plan (at least $1,050 for individuals; $2,100 for families), you are eligible to fund an HSA, which you can tap to pay medical expenses. You'll save about $1,500 in taxes for every $5,000 you put into an HSA. Any funds you don't use will grow tax-free and can be rolled over from year to year.

bulletAn alternative that employers are required to offer is an FSA – Flexible Spending Account. Add up your co-pays, deductibles and other out-of-pocket medical expenses from last year to figure out how much to put into your FSA (your benefits department can tell you what's eligible). For every $1,000 you put in, you'll slash about $300 in taxes. You'll forfeit any funds in your FSA that you don't use by the end of the year or by March of the following year (depending on your company). If you have extra money in the account stock up on over-the-counter medical supplies like Band-Aids, cold and flu tablets and aspirin; order a six-month supply of contact lenses and solution; or schedule an extra session with your therapist or chiropractor, f you've exceeded the number of visits covered by your health plan.

One of the best ways to save on medical costs is to take control of your health. Although we can’t always prevent illnesses, there are many proactive steps that we can all take to help minimize the likelihood of getting sick. Learn and apply effective stress coping mechanisms, as stress is an underlying factor of many health related problems including heart disease and cancer. Exercise regularly and eat nutritiously. Maintain a healthy weight. Consider all of your current habits—are any of them self-defeating in protecting good health? You’ll know if you have any habits that could be eliminated which will save you money, while also benefiting your future health.  Here’s wishing all of our readers good health while protecting your financial situation in the future!

 

*  *  *

 

Copyright © 2008 by Karen Kuebler. All rights reserved.

Want more money-saving tips?  Get a FREE Subscription to our monthly newsletter!

 

"Like Us" on Facebook Like Us on Facebook!

Follow BetterBudgeting on Twitter
Follow Better Budgeting on Twitter!

"Top 10" Budget Busters

"Top 10" Daily Deals

15 Ways to Create Cash

63 Gifts for Under $10

Credit Scores & Free Credit Reports

Monthly Tip Contest - Win $25 Cash & Free Coupons

More Articles...


 

Thank you for visiting with us today...  
Don't forget to sign up for your FREE SUBSCRIPTION & BONUS GIFT!

Home | About Us | Contact Us | Article Index | Affiliates
Reader Feedback | Disclaimer | Privacy | Subscribe | Unsubscribe-Change Address

Like Us on Facebook!        Follow Better Budgeting on Twitter!  

Copyright © 2001-2012 by BetterBudgeting.com,  a subsidiary of Blue Ridge Publishing, Inc.

All rights reserved.

Living a Better Life® is a registered trademark of BetterBudgeting.com and it's parent company, Blue Ridge Publishing, Inc.  No portion of this Web site or its publications may be reprinted without the written permission of the editor.  Please ensure that any reference to our content (shared in print, Social Media or on the Web) includes credit back to us with a link to BetterBudgeting.com.  You are welcome to link to our Web site or individual pages.  Thank you for your support!

Members... Have you told your friends and family about us?  Do we have your correct email address?