Medical costs can quickly add up, and managing these costs is important in order to prevent financial problems, down the line. Thankfully, there are plenty of ways to keep healthcare costs down—below we’ll highlight things you can do to manage costs.
Preventive Care –– The importance of preventive care cannot be overstated. A healthy diet, regular exercise, and having an annual physical exam and regularly laboratory tests can all help keep you healthy and prevent the onset of non-communicable diseases like diabetes and cardiovascular disease. Exercise has myriad benefits, from improved bone density, to improved mood and sense of well-being.
Health Savings Account (HSA) — Health Savings Accounts allow you to put aside money for qualified health expenses, such as health insurance deductibles, copayments, and coinsurance amounts for healthcare services and procedures, as well as prescription drug costs. HSAs encourage people to save for future medical expenses, and, most importantly, the money you contribute is 100% tax deductible.
High Deductible Plan — One of the biggest healthcare expenses for most people is the cost of the premium itself for a health plan. Choosing a high deductible plan and coupling it with an HSA can help save you money on premium costs, and is ideal for those who don’t need to see a doctor regularly for a medical condition(s).
Look for Discounts on Prescription Drugs –– Some pharmacies offer discount prescription drug programs free, or for a monthly fee. If you have health insurance, study your prescription drug benefits carefully. If your doctor prescribes a drug your insurance plan won’t cover (because it’s non-formulary, for example), and your pharmacy asks you to pay full price, ask if there’s a generic version of the medicine, ask about a discount drug plan, and, if all else fails, search online for a discount mail-order pharmacy. More than likely you’ll be able to find a solution to bring prescription drug costs down.
These are just some of the ways you can help keep your healthcare costs under control. Again, prevention is key—by eating right, exercising, and taking safety precautions like always wearing a helmet while bicycling, you can help reduce your risk of health problems and accidents. Having health insurance—at the minimum, a catastrophic policy for emergencies—is important for ensuring health and well-being