This post contains affiliate links and I may earn a commission if you make a purchase.
In today’s economy, many families are searching for ways to cut back on their expenses to save money. Unfortunately, one of the highest expenses for families in the United States is healthcare. With astronomically high prices, you may be wondering how you can save on health expenses without sacrificing quality care.
Fortunately, there are some fairly easy ways that you can save each month on your health expenses.
Shop Around for Health Insurance Policies
If you aren’t particularly happy with your current health insurance policy, it may be a sign to start shopping around for a new provider or policy. This may take some time and effort and definitely does not happen overnight, but you may be able to find a more affordable policy that better fits your budget.
When looking for a new health insurance policy, try to lower your premium while taking on a higher deductible. If you can afford a higher deductible, this could save you money in the long run, especially if you don’t have many trips to the doctor.
Opt for Generic Brands
When you choose generic brand medication, you can save up to 80% of the name brand price. That’s quite a lot of money if you’re getting medicine prescriptions filled each month.
Even when you’re purchasing over-the-counter medication such as pain relievers or allergy medicine, buy the generic brand. While it may be a few dollars difference, over the year, it can truly add up in your savings.
Open a Health Savings Account
One of the best ways to budget for health expenses is to open a health savings account. The money deposited into this account is tax-free and can only be used on medical expenses. So, if you’re looking for a way to put money aside strictly for your deductible and copays, a health savings account is your answer!
The growth of your funds from the interest is also tax-free. Therefore, you’ll get more out of your paycheck when you put the money in your health savings account.
Look for Alternative Treatments
In some cases, you may find that your doctor recommends that you have surgery to relieve the pain you’ve been experiencing. Surgery can be expensive and require a lot of recovery time and treatment.
Rather than following your doctor’s orders for surgery immediately, search for alternative treatments that require less downtime and could cost less. For example, ThriveMD offers stem cell treatments as an alternative to hip replacement surgery, which may be a better option for some people depending on their health and financial situation.
