Have you ever needed an urgent medical procedure but had no idea how much the bill would be? What was the average cost of a procedure like that? Though it may not seem important right now, out-of-pocket medical costs will significantly impact your finances in the future. With that in mind, this article will guide you on minimizing those costs while still having access to quality care when you need it most.
Make Sure You Get a Second Opinion
Nothing stops you from getting a second opinion; if you’re unsure of the diagnosis or the recommended treatment, get a second opinion. It is highly recommended.
While many people will avoid seeking a second opinion when it is beneficial, it is familiar and can change your treatment choices for various conditions.
In particular, if you are suffering from a heart condition or cancer, you may be advised to get a second opinion before undergoing complicated testing, procedures, or surgery. A second opinion may help you make a more informed decision and minimize out-of-pocket medical expenses.
Ensure your second doctor has the same level or higher experience as your first doctor. If possible, try to go to a specialty hospital. These institutions and providers have the advantage of leading-edge technology and a team of specialists that can review your case.
Next, ensure your current physician knows you’re seeking a second opinion and ask for your records. Physicians must provide patients with medical records, but you may have to pay for them.
Get a Physical Exam Every Year
While you may not need a yearly physical exam, having one is good. According to WebMD, annual physicals can also help identify problems before they become costly.
It’s an excellent time to assess your overall health, check for emerging diseases, and get vaccinations. You can use the time to get a flu shot or check your blood pressure.
You can also have immunizations to protect you from diseases. Vaccines are vital because they protect you from diseases such as COVID-19, chicken pox, and measles. Furthermore, preventive care can help detect and treat problems early.
Health insurance plans typically cover annual physicals. While the exam is usually covered in complete, specific tests such as lab tests may be self-paid.
Find out If You’re Eligible for Government Help
Finding out whether you’re eligible for government help to minimize your out-of-pocket medical costs is a good start. Sometimes, you can get free government help to pay your health insurance premiums or cost-sharing subsidies.
In addition, you might qualify for a premium tax credit that will lower your monthly health insurance bill. If you’re struggling to pay for health care, you may qualify for free or discounted care through a government program.
These programs are based on income and determine eligibility based on those factors. However, other states provide additional variations on this theme. You can find out if you’re eligible by calling the billing office of the hospital you plan to use.
Contact the hospital’s billing office to determine whether you’re eligible for government assistance. Depending on your income, you may be able to receive an advance premium tax credit or a cost-sharing reduction. If you’re a veteran, you may be able to receive assistance if you’re an eligible dependent.
To qualify, you must meet specific income requirements and household information. This way, you can determine whether you qualify for cost-sharing reductions, which lower your monthly health insurance bill.
Shop Around
Do your research to find affordable health insurance. Find out what each plan covers and what they do not.
Check with your local community health center or hospital emergency room if you think something is wrong with your health or that of someone else in your family or household. They may be able to provide free care at certain hours of the day, even if they don’t accept Medicare or Medicaid patients.
If possible, use the services offered by community health centers and hospitals during their open hours—they’re often able to offer services at no charge.
Be Proactive
There are no guarantees when it comes to medical bills. Things happen that you cannot anticipate, like a random visit for a potentially life-threatening illness, and costs can increase every year. Remember to be proactive now and do what you can to minimize the impact of any future out-of-pocket medical costs.
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