Healthcare spending costs are unavoidable and a huge area of concern for many Americans. These costs have been continuously rising, leaving many patients with unpaid medical bills, debt, and forcing them to file for bankruptcy. These costs are especially stressful for older populations who may need medical assistance more often and are fixed budgets.
The following information was developed to help older Adults and seniors save on healthcare saving costs, protecting their physical and financial wellness into their golden years.
Healthcare Costs
There are several elements involved in estimating the amount of money to budget for healthcare costs. These costs vary greatly by insurance plan but involve several common factors.
Deductibles
Deductibles are the amount of money that the patient is required to spend out-of-pocket before the insurance company will pay for medical services. The amount of this deductible is unique to each insurance plan but can be thousands for some patients.
Copayments
Copayments, also known as copays, is the amount of money that the patient must pay out-of-pocket each time they seek medical services. These costs are generally lower for visits with a primary physician and increase for specialists.
Prescription Costs
Prescription costs vary greatly based on what is covered under the insurance company. This can be frustrating for many patients when budgeting because the costs vary greatly amongst similar drugs.
Explore Insurance Options
The first way to save money on healthcare costs is to reconsider your current health insurance plan. Generally, a plan with a higher premium has lower deductibles, and vise versa. The key to saving money is to find the plan that makes the most sense for your unique healthcare needs.
A plan with lower premiums often provides access to a smaller network of doctors, fewer procedures, and higher copays. It is often wise for older adults to invest in higher premiums with lower deductibles.
Create Smart Budgets
Find Prescription Discounts
There are several ways that patients can lessen the burden of the cost of their prescription medications.
Generic Drugs
Ask your family physician if there is a generic version of all of your current medications. Generic drugs provide the same medical benefits and are significantly less expensive than name brand medication.
Buy In Bulk
It is cheaper to get a 90-day supply of medication than on a monthly basis. This decision will also save you the time, money, and burden of going to pharmacy every month for refills.
Free Samples
Many doctors’ offices keep expensive medication samples in their offices to promote the medications. It is appropriate to ask your healthcare professional for these money saving samples.
Utilize Urgent Care Centers
The emergency room should be a last resort for medical care and utilized only for emergency situations. The ER is also time consuming, and copays are generally excessively high. There are many non-emergency healthcare needs that can be met at an Urgent Care Center at the same copay as a specialist visit.
Stop In Urgent Care Today
Stop by your local Urgent Care Center the next time that you are sick or suffering from another non-life-threatening medical issue. Urgent Care is open on your schedule and helps save time and money.
Contact Urgent Care today to learn more about diagnostic, preventative, and treatment services available.
