Advice for How to Handle Medical Expenses

Medical expenses can be a nightmare for many individuals and families. With unpredictable health issues, the high cost of healthcare, and increasing insurance premiums, it can be overwhelming to deal with medical bills. 

If you are struggling to manage your medical expenses, don't worry - you are not alone. 

In this blog, we will explore some practical tips to help you manage your medical expenses in a systematic and effective way.

Review Your Health Insurance

The first step in managing your medical expenses is to understand your health insurance policy. Review your policy details to know what is covered and what is not. 

Most insurance policies, something like the medicare advantage insurance plan, come with a deductible, i.e., an amount that you need to pay before the insurance provider starts covering your healthcare expenses. 

Knowing your deductible, co-pay amount and out-of-pocket maximum can help you plan your expenses and avoid unexpected bills.

Ask Questions

Whenever you are seeking healthcare services, ask questions. Ask your provider about the cost of the procedure, available discounts, and payment plans. Also, check if alternative options are available that may be less expensive. 

If you are prescribed medication, ask if the generic alternative is as effective as the brand-name drug. Being proactive and asking questions can help you save a lot of money in the long run.

Negotiate With Healthcare Providers

It's not uncommon for healthcare providers to charge different amounts for the same service or procedure. So, if you receive an exorbitant bill, don't hesitate to ask for a discount. 

Negotiating with your provider can help you save a lot of money. Also, if you are facing financial difficulties, inform your provider and see if they can offer you payment plans or financial assistance.

Look Into Personal Loans

If you are struggling to pay off medical bills, consider taking out a personal loan. Many banks and financial institutions like credit unions offer things like secured personal loans specifically for healthcare expenses. 

These loans often have lower interest rates than credit cards and can give you more time to pay off the bills. However, make sure to compare different options and read all terms and conditions carefully before signing up for a loan.

Keep Track of Your Expenses

When it comes to managing your finances, staying organized is crucial, especially when it comes to medical expenses. By keeping track of your bills, insurance claims, and the cost of medication, you can not only identify any mistakes or discrepancies, but you can also ensure you're not being overcharged for any services. 

Additionally, maintaining detailed records of your medical expenses can be incredibly helpful when it comes to filing your taxes- as some medical expenses may be tax-deductible. Taking the time to keep track of these expenses may seem tedious at first, but it can ultimately save you time and money in the long run.

Look for Community Resources

It's no secret that healthcare expenses can be overwhelming, but what many people may not realize is that there are actually a variety of community resources available to help alleviate those costs. 

By doing a bit of research and reaching out to local non-profit organizations, religious institutions, or government agencies, you may be able to find financial assistance for medical expenses. 

Additionally, some states offer healthcare assistance programs or Medicaid that can help cover expenses if you meet certain eligibility criteria. Don't hesitate to look into these options if you're struggling to pay for medical bills – there may be help available that you weren't aware of.

Plan Ahead

When it comes to your health, it’s important to plan ahead. You can stay on top of your health by scheduling regular check-ups and physical exams and catching any potential problems early on. 

This can save you money in the long run by preventing expensive medical treatments that could have been avoided. Additionally, it’s a smart idea to create an emergency fund specifically earmarked for unexpected medical expenses. 

By having a financial cushion to fall back on, you can handle unexpected bills without the stress of going into debt. Take the necessary steps to plan ahead, and you’ll be well-prepared to protect your health and wallet.

Final Thoughts

Managing medical expenses can be challenging, but with some planning and effort, you can navigate your way through it. 

Understanding your health insurance policy, speaking with your healthcare providers, and looking for community resources can help you manage your expenses and avoid unnecessary bills. Also, planning ahead and creating an emergency fund can help you prepare for unexpected medical expenses. 

Remember, your health is your wealth, so don't compromise when it comes to taking care of yourself, but make sure you are taking a smart financial approach to it.

Recently Diagnosed? 4 Tips for Securing Income While Getting Treatment

Getting a diagnosis of any kind can be difficult. It can signify the need for major changes as well. People who have medical conditions are in many cases unable to maintain their existing jobs. 

If you want to be able to get a steady income during your treatment course, then there are several things that can aid you in a big way. Make a point to explore all of your potential income pathways.

Seek Regular Medical Assistance

It’s crucial for people who have been diagnosed with illnesses of any kinds to seek routine attention from medical professionals. If you have just gotten a diagnosis, then you want to be able to prove it. 

You want to be able to prove that you’re getting treatment for it as well. This may make your journey to getting income go a lot more smoothly. It may minimize setbacks of all kinds.

Speak with a Workers Compensation Attorney

Workers’ compensation is the name of a kind of insurance that can accommodate individuals who have lost out on their wages due to medical conditions and injuries. If you want to get compensation after receiving a diagnosis, then it may help you significantly to set up an appointment with a lawyer. 

Speaking with a workers’ compensation attorney may help you figure out how you can acquire the financial protection you deserve.

Look into Organizations that Can Help You Temporarily

Going through medical treatment of any kind can be taxing. It can eat up so much energy. People who are in the midst of treatment understandably are unable to show up to work daily. 



That’s the reason that there are organizations that are often able to aid them. Research groups that may be able to provide you with financial assistance in your time of need.

Try out Crowdfunding

Getting workers’ compensation insurance is typically a process that requires some time. If you need income quickly, it may help you to test out the concept of crowdfunding. 

There are crowdfunding websites that can aid individuals who are going through medical treatment and who need to stay afloat for a while. It’s not uncommon for people who are going through taxing health concerns to turn to crowdfunding for medical bill coverage and beyond.

Getting a diagnosis can be emotionally draining. It can change your life dramatically, too. If you want to keep your life smooth and comfortable during treatment, then you need to focus on things that can keep your income flowing.

How to Make Affording Your Medicine Easier on Your Wallet

Prescription medication is expensive, and it gets more expensive every year. The good news is, there are a number of things you can do to make affording your medicine easier on your wallet. 

If you are getting overwhelmed by medical bills and prescriptions and don’t know what you should really be paying, make sure you get educated. Use these tips at the doctor’s office to help make bills more manageable and easier to understand.

Ask for Free Samples

If your doctor is prescribing you a one-time dose of medication such as an antibiotic or if they are starting you on a new medication, ask if you can get a free sample. Doctors often get samples from drug companies, especially ones that are new to the market.

If you are getting a medication for the first time, you might suggest a free sample as a way to "try it out" to make sure it works before committing to a prescription. Make sure you ask extensively about what side-effects you might experience and discuss any allergies you might have. 

Use Generic Drugs

Generic medicines are much cheaper than their brand-name counterparts, so you can save a lot of money by using them. For any drug you are being prescribed, ask your doctor to prescribe a generic if it is available. If a generic isn't available, ask if there is a similar generic drug you could use. 

Most pharmacies can help you navigate which drugs will be similar enough as well. Always ask questions and do your research. Your pharmacy will be able to help direct you to similar drugs and maybe even over the counter options that do similar things.

Buy in Bulk

Prescription medicine, like many other items, costs less if you buy more of it at once. If your health insurance company offers mail order or bulk purchases, you can save money by buying more than a one-month supply of maintenance drugs you take every month, such as asthma medicine you need refills of often. 

Ask your doctor to give you a prescription for three months, six months, or even a year at a time. If your insurer doesn't offer a mail order option or you don't have insurance, ask your pharmacy if it offers discounts for bulk purchases. There are many ways you can buy in bulk so shop around to find an option that works best for your lifestyle. 

Shop Around

You would think all medicines cost the same at every pharmacy, but that's not always the case. When you get a prescription, you should call around to different pharmacies to see if there is a price difference. 

If you wind up going to a different pharmacy, you might save even more money because they can give you discounts or rebates for switching a prescription to them.

You might also go to an alternative clinic like the ICE, Institute of Cardiovascular Excellence who do their own billing. Talk to them to see what kinds of billing options are available. 

You can often break up bills and find ways to finance with your clinic so you have a system that works best for you. Just asking can help you find ways to save in the long run. Don’t be afraid to ask and get tips for how to finance from others in your position. 

Prescription medication is not cheap, but it doesn't have to break the bank, either. By following these tips, you can ensure you don't pay more than you absolutely need to, which makes it easier to afford your medicines.

How to Find the Best Health Insurance Plan

Choosing the proper health insurance plan has become a huge decision for many families. There used to be limited types of service, but since then, we’ve been surrounded by numerous choices.

Finding the best plan for you and your family is enough to make you diagnose yourself and avoid hospital care at all costs. Today, you need to know all the options available to you, what each of the options offers you, and of course, whether you can afford it or not.

In this article, we will examine the factors you should consider when selecting the best health insurance plan for your family and the Medigap policy plans that many struggles with.

For starters, let’s search for and compare hospitals and urgent care in your area. This step can help give you a solid baseline for selecting your health insurance plan based on the difference in cost associated with not owning a plan.

Compare Available Plans Keep in mind that you have no one-size-fits-all health insurance coverage. To find the coverage you need and to avoid the costs of paying for what you don’t, there are several questions and factors you must consider before signing the dotted line.

You are responsible for thoroughly understanding the plan you selected and following its guidelines. Various plans are available, and it is sometimes hard to begin to understand each of them. 

To start, let’s take a look at a comparison tool that helps you search for and compare health insurance plans available to you and your family.

What to Consider When Selecting a Plan

1. Budget verse Need

a. Your Needs.

Finding the marriage between your budget and need can be a tough factor to weigh. The needs of an individual in their twenties are far different from those of a family of four. 

Again, these needs are vastly different for baby boomers entering retirement. Because the needs of your family will vary based on the age and health of each individual, you must identify the coverage you need and assess whether you can afford it.

b. Your Budget.

It is important to look at both what you need and what your bank account will afford you. For those operating under a low financial ceiling, it is important to pay close attention to where your health care dollars are going. 

You should consider the following questions: How often do you visit the doctor? How high of a monthly premium can you afford? Will you be able to meet your deductible in order to qualify for full coverage?

2. Identify the must-haves

It is relatively impossible to foresee a sudden illness or injury. However, some medical costs must be anticipated. For example, an obvious cost is maternity coverage if you’re starting a family. 

Not all policies offer maternity coverage. Therefore, it is important to understand and break down each policy option. 

If your family has a history of heart disease, selecting a plan that covers the cost of cardiac screening tests and cholesterol-lowering drugs may make sense.

3. Medicare Supplement verse Health Insurance

It is important to know what a Medigap policy is. A Medigap policy is health insurance that fills the gaps in your Original Medicare coverage by helping you pay for coinsurance, copayments, and deductibles for Medicare-covered services. 

Medigap policies will also cover benefits that Original Medicare does not cover. If you simply need to fill the “holes” in your current coverage plan, you should consider choosing a Medicare Supplement Plan. See the resource below if this applies to you:

4. Don’t Overbuy

Would you consider buying a luxury car with a monthly mortgage payment as big as your mortgage? There’s not much point in making a purchase that your budget simply cannot handle. 

If you’re young and healthy, you should consider choosing a policy with a high deductible. A deductible starting at $1000 will likely cost you less per month, allowing you to save money in the long run.

5. Health Care Reform and Affordable Care Act

There are many reforms and bills that are currently being discussed in the healthcare industry. These discussions can broaden the population that receives health care coverage through insurance and expand the number of healthcare providers consumers may choose from.

These reforms improve access to health care specialists, improve the quality of care, and help decrease the cost of health care for citizens. It is important to update yourself with the latest news as it will help your search in choosing the best insurance plan possible.

Verdict

When deciding what health insurance plan to buy, it is important to assess all the above factors. It can be a very stressful process, and it is important that you know exactly what you were paying in your old plan, what you actually need, and if it is worth your while to seek out a 

Medigap policy.

Depending on your age, health, family history, and size of your family, your decision will more than likely be different. 

The tools provided in this article and the factors outlined for you will help simplify your search for a health insurance plan and allow you to find and compare the best insurance policies that fit your needs.

4 Things, You Must Discuss With Your Agent About Critical Illness Insurance

Health insurance can help you reducing your financial strains by paying a huge or lump sum amount as a compensation of potential loss. This plan will benefit you in case of any disability or any specific illness. When it comes to critical illness, the health insurance is applicable, when surgery or disease meets the definition defined by the policy. 

One important thing about critical illness insurance is the waiting period. If one wants to avail critical illness policy, he should know that it has waiting period for certain types of surgery & diseases. For instance, if any surgery or critical disease covered under the policy is developed or diagnosed during the waiting period, you will get no benefit.

Today, we’ll talk about 6 important things, you must discuss with your agent before investing on critical illness insurance. 

One: Ask About Age and Amount’s Limit of Insurance?

One important thing is the financial coverage offered by the company. Each company has set its own age limit of an insured person and the amount of insurance. So, the benefits of critical illness insurance may vary from company to company. So, it is better to ask the broker about the best option they can offer. 

Two: Ask About Protection Covers, Durations and Return Policy?

Ask, whether the amount of coverage is fixed or will decrease by time. Also ask about the changes in premiums in future. Ask about a term policy; this policy can give you maximum protection for short period of time within your available budget. Ask, whether they offer return of premium option, if you don’t make any claim. 

Three: Ask About the Illnesses Covered, Limitations and Exclusions?

Make sure that the policy covers all serious medical conditions, like cancer, stroke, heart attack, kidney failure, blindness, coma, deafness, speech loss, paralysis etc. There are always restrictions on policy claims, so ask how many days, the condition should persist to make you eligible for claim. Ask about the exclusions, as, normally, the contracts are updated with exclusions, like cancer diagnosis. 

Four: Ask About Premium Amounts and Affordability?

Some of the questions that usually come in the mind of a person are what are the payment criteria? Will the premium become affordable in future or remain fixed? Is there any renewal procedure? When will the health insurance policy end? What is the claim procedure? Is there any limit of claim? What is the waiting period? If I make any claim, will my future coverage and premiums be affected by it?

Final Words:

Before buying critical illness insurance, you must consider all the above queries and don't forget to ask these questions from broker. These questions will definitely help you choosing the best health insurance plan, which is the best investment in financial planning.

Author’s Bio:

Lisa Smith has a journalism degree from NYU and is the leading writing for Kanetix.ca, an instant insurance quote marketplace. When it’s the right time for insurance, make sure to visit Kanetix.ca. You can connect with Lisa Smith on Google+.