Those managing a chronic health condition are all too familiar with the soaring costs of healthcare. In recent years, medical expenses have risen dramatically, posing a significant threat to people’s finances as visits to doctors, medications, and medical procedures can lead to serious financial burdens or even debt.
Fortunately, there are methods to reduce healthcare expenses. Nevertheless, many individuals overlook some significant savings opportunities. Below are some common financial pitfalls that may occur during medical visits.
1. Failing to compare prescription prices
The cost of medications can differ greatly depending on the pharmacy you choose. Sticking to a single pharmacy without exploring others may lead you to overpay for your prescriptions.
Platforms like GoodRX can assist you in examining prices at various local pharmacies simultaneously, ensuring you find the best deal. For instance, a prescription for the antidepressant Lexapro would cost approximately $46.29 at Walmart, while the same prescription would only be $10.50 at Costco.
2. Not requesting generic options
Opting for brand-name medications can lead to expenses soaring into the hundreds or even thousands. For example, purchasing Crestor for high cholesterol can run you about $825 for a 90-day supply, as per Drugs.com. In contrast, the generic form, rosuvastatin, is available for a mere $96 for the same quantity.
When discussing new medications with your physician, remember to inquire about the availability of more economical generic alternatives.
3. Skipping discount prescription cards
Without insurance, filling a prescription can result in a substantial bill. However, there is potential to reduce those costs significantly.
By enrolling in cost-saving programs, you can acquire your medications at considerably lower prices. Programs such as FamilyWize can offer discounts of up to 90% on prescription costs. (See also: 7 Methods to Reduce Prescription Medication Expenses)
4. Missing appointments
Many healthcare providers have begun implementing no-show fees for patients who fail to show for scheduled appointments. These charges can begin at $20 and may escalate to the cost of an entire visit, which could amount to several hundred dollars.
If you find yourself unable to attend an appointment, proactively reach out to the office to cancel or reschedule. Providing notice early can help you avoid incurring these fees.
5. Ignoring timely bill payments
Delaying payments to your healthcare provider not only results in late fees and interest but can cause your total bill to increase dramatically over time. Moreover, if your account is handed over to a collection agency, it may also negatively affect your credit score.
Ensure you make all payments promptly. If you believe you may miss a deadline, contact your provider to discuss potential payment plan options. Being open about your financial situation is preferable to letting it spiral out of control.
6. Using the emergency room for minor ailments
Opting for the emergency room for trivial issues such as mild injuries or common colds can lead to exorbitant fees. According to a 2016 report from the Health Care Cost Institute, an emergency room visit costs an average of $1,917—a steep price for treating the flu.
Visiting an urgent care center is often a more affordable alternative, typically costing between $100 and $200 out of pocket. These facilities can address many minor injuries and illnesses, including fractures. (See also: Urgent Care vs. ER: How to Make the Right Choice)
7. Not negotiating medical costs
While copays and coinsurance amounts are non-negotiable due to insurance regulations, discussions regarding the costs of services and treatments not covered by insurance are permissible.
If your insurance provider denies coverage for a necessary procedure, inform the office manager that you will be paying out of pocket, and inquire about any discounts available for patients paying in cash. You might find an attractive price that significantly undercuts the cost with insurance. (See also: 7 Strategies for Negotiating Medical Bills)
8. Visiting out-of-network providers
Continuing with the same physician can feel comfortable, but if they are out of your insurance network, this could lead to expensive consequences.
Depending on your insurance plan, you may only receive partial coverage for services rendered by an out-of-network provider, or in the case of an HMO, you might receive no coverage at all. Identifying an in-network physician may save you considerable expenses and frustration in the long run. (See also: Tips for Selecting the Ideal Primary Care Physician)
9. Neglecting to keep copies of your test results
When undergoing tests like MRIs, CT scans, or blood tests, be sure to ask for a copy of the results. Retaining these documents can be beneficial for future visits if another physician requires the same tests. Having recent results can also prevent you from incurring additional costs for repeat testing.
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