You are now leaving our website and entering a third-party website over which we have no control.
Don't let health affect your wealth: how to save on healthcare costs
Key takeaways
-
Research healthcare costs up front and budget strategically by timing procedures and comparing provider prices based on your insurance coverage
-
Review insurance plans annually, choose appropriate deductible levels, use in-network providers, and take advantage of free preventive services
-
Save money through generic medications, mail-order prescriptions, telehealth services, and FSA benefits when possible
Health care is an important part of our daily lives, but the costs can add up. These costs typically include health insurance premiums, co-payments, out-of-pocket expenses like medications, and over-the-counter remedies. So how can you take care of your health without breaking the bank? Here's some tips:
Know costs before you go
A little research can save you a lot of money. Before visiting a doctor's office, getting tests done, or having surgery, you can find out the cost from providers in your area based on your health insurance coverage. And some insurance companies offer online tools like calculators to estimate out-of-pocket expenses.
Be strategic with your healthcare budget
Certain healthcare costs are routine from year to year, so you can build those expenses into your budget Look at your expenses from last year, talk to your doctor about any planned tests or procedures, and see if there's a possibility of shifting a nonessential procedure to the next year. This can help you avoid maxing out your benefits and save money.
Save on prescriptions and medications
Consider using the mail-order option for routine medications and find out if there are generic forms of your medications available, – both options can often lead to savings. A Flexible Spending Account (FSA) may also be a good option. Remember, if you still have money available in your FSA at the end of the year, think of ways that you can use that money before the end of the calendar year. You can’t roll it over into the next year.
Make a payment plan
Out-of-pocket healthcare costs may seem overwhelming at times, but you may be able to work with your doctor or hospital to establish a reasonable payment plan for any high-cost procedures.
Stay healthy, save money
One of the best ways to save on health care is to stay healthy. One way to do this is to take advantage of any wellness incentives offered by your employer or insurance provider.
Save time and money with telehealth services
Preventive services can help you avoid a great deal of trouble by promoting good health. The financial savings are secondary but also could be significant.
Vaccinations could help you avoid the flu, tetanus, shingles, and other illnesses. Mammograms screenings for breast cancer and other screenings for blood pressure, cholesterol, and a host of other things can also save you money in the long run. Some healthcare plans are required to provide certain preventive services at no cost to you.
Review your health insurance annually
Checking your health insurance each year could alert you to a variety of ways to maximize the benefits and minimize costs. Here are some health insurance savings tips, depending on your situation:
-
You're young and healthy. If you're in relatively good health, you could opt for a plan with higher deductibles. A high-deductible health plan (HDHP) could help you save because they tend to have lower premiums. They also may enable you to enroll in a Health Savings Account, which can reduce your tax burden
-
You have chronic health issues. If you anticipate having procedures done in the coming year, you might opt for a plan with low deductibles. Even though these tend to have higher premiums, you could still come out ahead because you will hit your deductible sooner and won’t have to pay as much money out of pocket
Take advantage of preventive services
Preventive services can help you avoid a great deal of trouble by promoting good health. The financial savings are secondary but also could be significant.
Vaccinations could help you avoid the flu, tetanus, shingles, and other illnesses. Mammograms screenings for breast cancer and other screenings for blood pressure, cholesterol, and a host of other things can also save you money in the long run. Some healthcare plans are required to provide certain preventive services at no cost to you.
Research discount programs
You might also be able to save money by using pharmacy discount programs like GoodRX, BuzzRX, Optum Perks, Amazon Pharmacy, and SingleCare. Each one has its various rules and requirements, but the potential savings could make it worth your while to investigate.
If you have health insurance but no dental or vision plan, you might benefit from dental and vision discount programs. They may not offer the savings provided by dental and vision insurance plans, but they could still save you money on a variety of services.
Always use in-network providers
Insurance companies create a network of health care providers who agree to accept lower fees for services while gaining access to the insurers’ customers. If you receive services from providers who are outside that network, you are very likely to pay more. How much more will depend on the terms of your insurance agreement.
Before signing up for health insurance, check the list of in-network providers. You may want to make sure your primary care physician is in-network. If you have a condition that requires specialized care, you may want to make sure the insurers’ network includes specialists in that area.
Also, if you need things like lab work, imaging services, or surgery, you could save money by checking to see whether the services are offered in-network. Don’t assume that your in-network provider will always refer you to other in-network providers.
Related Articles
When it comes to self-care, financial self-care is often overlooked. Learn why this form of self-care is incredibly important for your future—and how to practice it.
Saving money each month doesn't have to be a chore. Find 4 easy tips in the TD Bank Blog to help you cut back your expenses and start seeing your savings balance grow.
Learn how to save on everyday living expenses like groceries, bills, gas and more with these money-saving tips from TD Bank.