dividing a higher-dose medication into two or more portions to achieve the desired dosage.
“I think the key here, though, is the doctor needs to write the correct instructions on the medication so there’s no medication error,” Dr. Bhuyan shares.
Utilize Pharmacy Discount Programs
Pharmacy discount programs are another valuable resource if you are looking to save money on medication costs. These programs offer discounts on prescription drugs at participating pharmacies.
Dr. Bhuyan suggests exploring pharmacy discount programs, such as those offered by Walmart or Walgreens, which can sometimes offer lower prices than traditional retail pharmacies.
Explore Mail-Order or Online Pharmacies
Mail-order or online pharmacies offer a convenient way to access prescription medications without the need to visit a physical pharmacy. Aside from being convenient and time-saving, these services are also beneficial if you require long-term medication or are seeking cost-effective options for your healthcare needs.
“There are tons of different pharmacies out there,” Dr. Bhuyan adds.
She recommends comparing the prices of traditional retail pharmacies with mail-order pharmacies and even online pharmacies. “In some instances, the coverage might actually be better for a mail-order pharmacy,” Dr. Bhuyan adds.
Plan for Preventive Care
Budgeting for preventative care is a crucial aspect of maintaining overall health and well-being. Allocating funds for regular check-ups, screenings, and vaccinations, will allow you to proactively manage your health and avoid more costly treatments for preventable conditions later on.
“It is important to catch conditions early…If we catch those conditions early, we can get people’s blood pressure and diabetes under control so, in the long run, they don’t have a higher risk of having things like heart attack or stroke,” Dr. Bhuyan adds.
Negotiate Medical Costs
Yes, you read that right. There are strategies available to potentially lower your out-of-pocket costs for services and treatments.
“…If somebody pays ahead of time for services or pays in cash, there are some instances where the organizations might give you a discount,” Dr. Bhuyan notes.
If you accumulate large medical expenses during hospital stays or treatments, consider getting on a hospital payment plan.
“Hospitals may offer payment plans or discounts for paying in full. Be proactive in discussing payment options,” Dr. Ramas adds. “This can significantly reduce your healthcare expenses,” Dr. Ramas adds.
If you need further assistance understanding the fair market value of medical services and negotiating costs with healthcare providers, visit fairhealthconsumer.org.
Review Itemized Bills
Reviewing itemized bills is a crucial step in managing healthcare costs that will allow you to ensure accuracy, identify potential errors or overcharges, and better understand the breakdown of your medical expenses.
“Always ask for an itemized list of your bills because you might be able to say ‘Hey why was I charged for this?’ Pay attention to those things because there are accounting errors that are done, there are changes that an organization might make,” Dr. Ramas suggests.
Utilize Resources
Navigating healthcare costs can be challenging, but assistance is available.
“Public health departments, case managers, and social workers can connect you with local resources to help manage healthcare costs,” Dr. Ramas shares.
Avoid Risky Cost-Saving Measures
In managing healthcare costs, it’s important to heed advice from healthcare professionals. Dr. Bhuyan cautions against potentially risky practices such as seeking medications abroad or rationing them to extend their use.
“Don’t go out of the country to get meds… don’t ration your medications because you’re trying to make them last longer take your medications as prescribed by your doctor and then avoid taking expired medications,” Dr. Bhuyan warns.
Seek Community Support
One reason loud budgeting has been a game-changer is because it allows people to see that they aren’t alone in navigating the challenges of budgeting. If you are feeling the pressure of budgeting your expenses, Dr. Ramas suggests finding a support system.
“Find a budgeting buddy or support group to share experiences and learn from others facing similar challenges,” Dr. Ramas advises.
Achieving financial well-being is a multifaceted journey that requires proactive planning, informed decision-making, and ongoing education. However, every step taken towards understanding and managing healthcare costs is a step towards greater financial stability and peace of mind.
“Budgeting for healthcare expenses is a proactive step toward financial well-being and can help you feel more confident and empowered in managing your health and finances,” Dr. Ramas concludes.