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Happy New Year everyone!
January first marks the day when everything resets….including your health insurance deductible! :(
Healthcare costs are climbing for everyone. And being an informed healthcare shopper is one of life’s most infuriating experiences. Just try asking your cardiologist how much that test is going to cost. They’ll look at you like you have three heads.
But we have some tricks that can really help you save money on day to day medical expenses. Read on!
1. Weigh the pros and cons of dental insurance
Dental insurance is sometimes a ripoff. You might be better off paying out of pocket, searching for coupons and new patient promotions, and using an HSA for emergencies
For example, we searched on EHealthInsurance and found that the cheapest dental plan from Nationwide was $20/mo + a $6 application fee (it might be cheaper if you get it through your employer). That’s $246 a year.
And what do you get with this insurance plan?
There is no coverage on this plan for:
2. Use your FSA or HSA for healthcare expenses
3. Ask your Pharmacist to compare use of a “discount card” with your insurance
The discount offered by the discount card might be even bigger than the discount offered by your insurance!
For example, you can download the EasyDrug card here: http://www.easydrugcard.com/ It seems too good to be true but it really does get you a discount on most drugs!
You do not need insurance to use a discount card.
If you have insurance, you can't combine it with the discount card.
4. Ask your Pharmacist if there are any generic alternatives to your drug
Generic drugs are usually 80-85% cheaper than brand name drugs and they have the same active ingredients.
Your pharmacist may automatically place you onto the generic drug. They also might not. It’s worth asking if the drug you are on is the generic version.
5. Ask your doctor if there are any similar drugs that are cheaper
Say that you are on the medication Adderall.
Adderall is very similar to Ritalin but what you may not know is that Adderall is much more expensive than Ritalin.
Speak with your doctor about whether you can switch your medication from Adderall to Ritalin to reduce out of pocket costs.
6. Shop around for prescriptions
7. Go to Walmart and Target for prescriptions - they have $4 generics!
8. Consider an online pharmacy – they can sometimes get you a deal on drugs!
Never buy drugs from a website without a prescription
For safety and security of your health and financial information, look for pharmacies with a blue and red Verified Internet Pharmacy Practices Site (VIPPS) seal from the NABP
9. Check Out BLINK HEALTH For your Prescriptions
Blink is an awesome new website where you can search for your medication, pay online, and pick up at a local pharmacy including Walgreens, CVS, and others
10. Use a cashback credit card on major procedures
A large procedure is a great way to hit a sign up bonus on a credit card! If you’re getting a $10,000 surgery and paying $5,000 out of pocket, consider using a credit card like the Chase Sapphire Reserve card for that purchase. You’ll get a huge sign up bonus which can be worth over $1000! Pretty sweet deal to make $1000 back off of your surgery.
11. Negotiate for a discount if you pay up front
This works best for big procedures. For example, some orthodontists may be willing to give you 10% off of your braces if you pay up front. Similarly, surgeons may offer you a discount. Always ask – all they can say is no!