Did you know that over $3 trillion is spent on healthcare costs every single year in the US? That’s a significant chunk of change. Even if you’re fortunate enough to avoid serious complications with your health, you’re still likely to incur some expenses over the course of the next 12 months. So what steps can you take to minimize them as much as possible?
Fortunately, help is at hand. While there is no magic wand that you can wave to suddenly make your medical bills disappear, there are certain strategies you can employ to make them more manageable and reduce your outgoings as much as possible. Here are our top tips for your how to finance your healthcare expenses in 2022 and beyond.
Perhaps the most obvious piece of advice on this list, health insurance might seem like an unnecessary expense for many households – but it can be a literal lifesaver if disaster does strike. Search the internet for the best plans tailored to your needs and assess whether you can afford to set aside a small sum towards it each month. If you can afford it, it’s a no-brainer.
Price check prescriptions
While most people conduct basic research when buying consumer products to ensure they’re getting the best price going, the same does not appear to apply to pharmaceuticals, since only a fraction of the population price check their prescriptions. Sites like GoodRx.com are a great way to quickly and easily determine whether or not the price you’re paying is a fair one.
Use pre-tax dollars
Were you aware that you can open a Health Savings Account (HSA) and put money into it without worrying about tax? What’s more, any funds used in that account on healthcare expenses are also free from tax, which could save you up to 30% compared to paying out of pocket. As such, it’s the number one way you can put a sizable dent in your medical bills.
Take out a loan
There are companies that specialize in offering credit for the express purpose of paying off healthcare costs. What’s more, these can be used to fund medical bills not only for you and your family but your pets, too. Take the time to find the best medical loans which satisfy your particular needs and consolidate any outstanding fees you owe into a single, manageable repayment.
Get a good night’s sleep
This last point might sound flippant to those with mounting debts and worsening health problems, but the importance of a solid night’s sleep to both your physical and mental health cannot be underestimated. If you’re having trouble getting your head down at night, follow these top tips for catching better Zs and you could witness a small but significant improvement in your well-being – which will undoubtedly have a knock-on effect on the amount you spend.
Funding your medical expenses can seem like an insurmountable obstacle to many people, but these handy hints can point you in the right direction to obtaining a clean bill of health for both your body and your bank balance.