15 Ways to Make Your Healthcare Costs More Affordable

Healthcare is a major expense for workers and retirees alike. If you're tired of it eating up a huge chunk of your income, here are a few ways to make it cost less.

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You may be inclined to choose lower-cost health insurance to save money on your premium costs. But a lower-cost plan could come with a high deductible and copays that outweigh that savings and then some. And if your plan doesn't offer great coverage from the start, you could get stuck with many out-of-pocket costs. Paying a bit more for coverage could therefore actually end up being a money saver.

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There are certain steps you may need to take for your insurer to cover your services. Make sure to obtain the right referrals and pre-authorizations before seeking care so you don't get stuck with costly bills.

ALSO READ: 5 Things to Know About Health Insurance If You're Planning for a Baby

You may get poor coverage for seeing providers that are out of network. Or, your insurance company may not pick up the tab for out-of-network care at all. Sticking to in-network providers could help keep your costs down.

If there are medications you take regularly, it pays to see if there are savings to be reaped by buying them in bulk. Often, it'll cost less for a 90-day supply than for three individual 30-day supplies.

Generic medications are often an appropriate substitute for brand-name drugs -- only at a fraction of the cost. It pays to talk to your doctor and see if you can switch over to generics to enjoy some savings.

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It's not uncommon for medical bills to contain mistakes. Before you pay those bills, read them thoroughly and ask questions if something seems off. Similarly, if you've received a bill because your insurer wouldn't pay for a given service that it's covered in the past, dig around. It may be that the wrong billing code was used, causing your insurance company to reject a claim that should've been paid.

ALSO READ: New Rule Could Save Consumers From Surprise Medical Bills

If you do get stuck with a large medical bill, try talking your provider down. You never know when a medical office might be willing to negotiate, allowing you to fork over less money.

Emergency room copays can be expensive. If you have a health issue that can't wait but also isn't life-threatening, like an injured ankle that may be broken, it could pay to head to your closest urgent care facility over the hospital.

Insurance companies commonly offer free services, like a no-cost well visit or physical every year. Read up on the free services you're entitled to so you'll know to speak up if you end up getting charged. You should also know that lab testing for COVID-19 is something that should be free, regardless of what insurance you have. And as of mid-January, insurance companies are required to pay for rapid tests to some extent, too.

ALSO READ: Will Demand for Rapid COVID-19 Tests Help Abbott Laboratories Beat the Market in 2022?

Letting health problems escalate could result in higher costs for you. If you have a nagging issue, don't ignore it. A simple doctor visit could spare you from a more expensive hospital stay in some cases.

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Medicare eligibility begins at age 65, but you can enroll up to three months before the month of your 65th birthday. It pays to sign up in a timely fashion. If you wait too long, you could get stuck with a surcharge for your Part B premiums.

As a Medicare enrollee, you can choose your own Part D drug plan or Medicare Advantage plan. It's important to review your plan options carefully to secure the best coverage at the most affordable price point.

Each year during fall open enrollment, Medicare enrollees get a chance to make changes to their coverage. It pays to review your existing plan to see if it's changing, and to compare your current plan to others with more competitive prices.

ALSO READ: 5 Things to Know About Medicare Open Enrollment

If you're employed and are offered a flexible spending account at work, it pays to contribute. The money you put in will result in a tax break, which can save you money by shielding some of your income from the IRS.

If you're enrolled in a high-deductible health insurance plan, you may be eligible to participate in a health savings account (HSA). Like with a flexible spending account, funding an HSA will result in an immediate tax break. You'll also get the option to invest HSA funds you aren't using and enjoy tax-free growth on that money. And since HSA funds never expire, you get a ton of flexibility with your balance.

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Medical bills can be unavoidable. And sometimes, they can be hefty even when you have a decent insurance policy. These moves could help you lower your healthcare spending -- and reserve more of your income for other purposes.

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