5 New Ways to Save on Medical Bills

chemistWith medical care being one of the leading causes of bankruptcy, it’s no wonder that most people are concerned about how much they spend at the doctor’s. The most important thing is to try to stick to your budget and to avoid overspending. Currently, about 20% of families struggle to pay their medical bills, with this figure expected to gradually rise during the first half of 2013. Currently, most citizens over 55 years of age do not have travel insurance yet they are most likely to be hit with a bill worth thousands of pounds if they fall ill while travelling.

An advantage is that you will not be required to pay any value added tax (VAT) for any medical services received, but this makes a very small difference, considering the current medical costs. For more information on what taxes you might have to pay as far as Medicare is concerned, call the VAT phone number with your postcode and VAT registration number for assistance. So, how can you save on medical bills?

First and foremost, get insured. Most people who end up with catastrophic health bills are those who didn’t take time to apply for health insurance. Medical insurance doesn’t come cheap but you can cut your costs by getting the High Deductible Health Plan (HDHP) which has more affordable premiums than a regular health insurance plan. With the HDHP, you can have several thousand pounds deducted from your bill if you were to have a major injury or illness. It may not help much for regular check-ups, but it will definitely protect you from a huge medical debt in case of an emergency.

Secondly, you could also save on medical bills by first researching on the cost of any medical procedure you want to go in for. If you are already insured, you should know that going to an out-of-network doctor will cost you more than seeing an in-network doctor would, so be sure to check for such extra costs. If you are going in for surgery, some hospitals may charge you separately for a radiologist, or anaesthesiologist, check before you commit yourself.

A third way of avoiding excessive payment is by only paying for what you owe. Look through your bill carefully once you receive it to make sure you are not being charged extra for billing errors or unnecessary drugs. If the cost of drugs is too high, ask if you can receive medicines that have the same results but come at a lower cost. If you encounter any issues when trying to correct your medical bill, contact the Patient Advocate Foundation for any further assistance.

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The fourth way to save on your medical bill is by negotiating before you make any payments. Talk to your doctor or pharmacist if you don’t have any money. Most of them should be able to either reduce your bill or help you come up with a payment plan that should help pay off your debt. If you have insurance, do not wait until your bills are overdue; try to ensure everything is paid for before your bills are taken to the bill collectors.

The fifth way of saving on your medical bills is by keeping an emergency medical fund that you can use in case of any medical emergency. Most financial institutions now offer a Health Savings Account (HSA) that is tax deductible and can only be used for medical expenses. Saving money for medical emergencies is always a good idea, whether you have a savings plan or not.