It’s no secret that healthcare costs have skyrocketed in recent years. Between rising insurance premiums and a lack of pricing regulation for everything from lab work to prescriptions, medical costs have soared. Fortunately, there are some ways to cut medical costs before they send you into debt.
1. Use Generics
If your doctor prescribes you a brand-name drug, ask whether it would be okay to use a generic substitute. Generics can be significantly less expensive, and often there’s no difference in the product itself.
2. Stick With In-Network Providers
Your insurer has deals with certain providers that will give you the best price and guarantee that the treatment will be covered. Going out of your network almost always means that you’ll have to pay higher prices. Out-of-network providers charged patients on average 300% more than the Medicare rate for many procedures, according to an analysis by America’s Health Insurance Plans, a trade association representing the insurance industry.
3. Opt To Pay With a Personal Loan
You don’t want to not pay your medical bills or even pay them late. And you also don’t want to rack up high-interest credit card debt by using a card to pay for your medical needs. If you think those are your only options, think again, because a personal loan could be a smarter move if you can secure a reasonable interest rate.
By using a personal loan, such as one from PenFed, you can save on the finance charges as it offers annual percentage rates as low as 6.49%1. This way, you won’t be paying a high interest rate on a credit card or late fees on your medical bills.
¹Annual percentage rate (APR) effective July 10, 2020, and subject to change.
4. Ask For 90-Day Prescriptions
Breaking down the monthly cost, you’ll likely pay less for a prescription for a 90-day supply of medicine than you would for a 30-day supply. Plus, you’ll only have to pay your copay once instead of three times.
5. Get Moving
In addition to causing poor health, an inactive lifestyle can have a dramatic impact on your medical bills. Sedentary adults pay $1,437 more per year in healthcare costs than adults who are physically active, according to the 2016 State of Obesity report.