How To Avoid Getting Into Medical Debt

Medical debt is a growing concern for many families. The rising cost of healthcare is incredibly expensive and can cause financial ruin for families who are unprepared. Having a plan in place for medical bills that may arise is a high priority. What can you do to prevent medical expenses from causing you harm? Here are some of the top ways to avoid getting into medical debt:

Develop A Healthy Lifestyle

One of the best ways to avoid getting into medical debt is by doing everything you can to keep yourself as healthy as possible. Proper exercise and nutrition will help your body stay strong and fight off disease. You can improve your overall mobility and live longer by engaging in 10 minutes of physical activities on a daily basis.

Choose nutritious foods to give you the vitamins and minerals needed for optimal performance. If you smoke, consider options for quitting. Cut down on caffeine and alcohol intake. Use meditation exercises to help you reduce stress. Engage in as many healthy activities as you can every day.

Take Preventative Measures

According to CDC estimates, approximately 710,000 flu-related hospitalizations and 56,000 flu-related deaths have occurred since 2010. You can prevent this from happening to you by making an appointment with your doctor to get a flu shot every year. Also, make sure to get a physical as well to prevent or catch any other potential health problems. Make sure your immunizations are up to date as well.

Understand Your Health Insurance Coverage

You need to understand exactly what your health insurance covers with certain medical problems. Take varicose veins for example. Varicose veins affect up to 60% of women and men aged 60 or older and approximately one in three Americans have venous disease. Laser and surgery treatments can cost up to $3,000 and are often not covered by many insurance plans unless the veins are causing other medical complications.

If you have a health issue not covered by insurance, you may want to consider other alternative payment options. Enroll in a flexible spending account or health savings account if possible. Research insurance plans online to see if any provide coverage for your specific medical needs.

Understand Prescription Costs

The costs for prescriptions are steadily rising and can cause a strain on a family’s household budget. Pain medications are one of the biggest culprits when it comes to medical debt. A powerful opioid 50 to 100 times more powerful than morphine that’s commonly prescribed for extreme pain is Fentanyl. Even though it’s one of the cheapest pain medications, it can still cost you about $10 a pill without insurance.

It’s important to shop around and understand prescription costs if you want to avoid getting into medical debt. You can save money on prescription costs by choosing generics over name brands. Ask your healthcare provider if there are other alternative options that cost less or are free. Inquire if you are eligible for a financial assistance program or charity organization to help cover costs. You can also submit a request to the manufacturer to receive the medication free of charge if you meet certain income requirements.

Ask About Costs Upfront

Before committing to a treatment option or medical procedure, ask about the cost beforehand. Your local hospital may charge $3,000 for an MRI but the urgent care center down the street may charge $300 for the same thing. Shop around with other healthcare providers and facilities and see if you can negotiate a better price. Research online for comparison tools to help you figure out what the potential costs may be.

Use in-network providers and preferred pharmacies from your insurance company to help cut medical costs. You can also request a discount on the services if you agree to pay upfront or before the bill is due. If you have a high balance, you could offer half up front as a down payment.

Check Your Medical Bill Before Paying

Medical facilities can make mistakes when it comes to billing and you could end up being overcharged. Americans have paid approximately $58 billion in medical care costs they didn’t even owe. Make sure all items are listed on the bill and ask questions about anything you are unsure of. Double-check with your insurance company on whether these items are covered or not before you pay out of pocket.

Make Payment Plan Arrangements

If you get a medical bill you can’t afford, reach out to your healthcare provider and ask about making monthly payment arrangements. Medical providers are often happy to schedule payment arrangements because they won’t have to deal with a debt collection agency to settle what’s owed. You may also want to ask if you are eligible for a sliding fee scale based on income. This can significantly reduce the total amount you owe.

Enroll In A Health Savings Account

Many employers offer health savings accounts to their employees. If you’re eligible for one, you can enroll in a high-deductible and tax-favored account that helps pay any uncovered dental, medical, pharmacy, and vision costs. With this type of account, you can save up to $6,750 towards medical expenses each year.

Build An Emergency Fund

Having an emergency fund in place goes a long way in keeping you out of medical debt. The sooner you create one, the better off you’ll be. Make a plan to set aside a certain percentage of your income each week into this fund. Don’t allow yourself to dip into it unless you are paying a medical expense. You may also want to consider opening up a Health Savings Account that will also provide you with tax deduction benefits.

You can avoid getting into medical debt by using the above nine ways to help you. It’s important that you take a proactive stance and address any potential medical problems before they occur. Medical debt doesn’t have to be devastating. Make a plan today to protect your family’s future from the ravishing debt of rising healthcare costs.