High Out-Of-Pocket Healthcare Costs and How to Avoid them

Out-of-pocket healthcare costs can take their toll on those who require ongoing medication as well as anyone needing emergency care. With costs continuing to rise across the board, finding a way to save money has become essential for millions of individuals across the country.

As costs rise, so do the number of individuals rejecting the treatments they may need in order to save themselves the headache of debt. What if there was a way to have the best of both worlds? Here’s how you can reduce your out-of-pocket healthcare costs.

Make A Plan

Healthcare is, unfortunately, expensive. A trip to the emergency room could cost you nearly half of your monthly rent, if not more. However, it is impossible to avoid these unexpected problems.

While you can’t plan on an emergency situation, you can make preparations for it. Open a new savings account and start an emergency fund. Ideally, you want to work up to a balance of at least $1000, but you can start by just depositing your pocket change.

Every nickel and dime matters when it comes to healthcare, so start small to help avoid a financial nightmare down the road. It’s a peace of mind you literally can’t afford to do without.

Know Your Options

Understanding the ins and outs of healthcare might seem like it takes a college degree, but there are a few simpler aspects that are important to understand when it comes to saving money. If your employer doesn’t already provide coverage, then here’s what you need to do.

Those who have been laid off or are in college can rely on COBRA, the Consolidated Omnibus Budget Reconciliation Act. This will allow you to stay on your employer’s or parent’s health insurance for a period of time until you move forward in life.

If you don’t fall into either of those two categories, then you’ll need to find something that covers each of the Medicare Parts A, B, C, and D. Each part is essential in providing the coverage you need, for instance:

• Part A covers hospital visits
• Part B covers medical expenses
• Part C allows you to take advantage of Medicare private health plans
• Part D covers prescriptions

By including all parts in your coverage, you create a financial safety net for any healthcare needs. Talk with your doctor about which plans are right for you, and ask friends or family about how their coverage works for them.

Cash Discounts

This may or may not be a possibility for you, but did you know that paying services in cash comes with a discount at certain providers? Hundreds of medical facilities offer this option, and it can save you a killing in premium charges. These are best saved for small, inexpensive visits and medical needs.

Use Your Skills

Do you happen to have work experience or a degree in the medical sector? Physician jobs and more come with excellent healthcare benefits for a day’s hard work. Don’t be afraid to put yourself out there and apply for any part of the healthcare field that you might be a good fit for.

Saving Cash

Paying for healthcare isn’t always easy, but there are steps you can take to avoid a financial headache. Start a savings fund for medical emergencies, look into your healthcare options from part A to D, and look for a position that comes with excellent coverage as a benefit.