How to Survive Staggering Medical Cost

Rising medical cost is one of the major problems that you will be facing in life, especially in retirement. Chances are, you’ll be paying more for medical services, but you’ll be getting less. But you don’t have to suffer that fate. Here are some ways how you can survive and save on medical costs.

medical costs

Generic prescriptions

Generic medications are versions of medicines which have the same active ingredients just like their name-brand counterparts. To save on medication costs, you can discuss generic options with your doctor before you start a new medication. You can also check if your medications have equivalent over the counter option that is cheaper than your current.

Maximize your Medicare coverage

Once you turn 65, you will be eligible to be a Medicare beneficiary. Medicare coverage can cover up to 80% of your Medicare-approved medical bill which is already helpful in handling your medical expenses.  On the other hand, there might be situations that the remaining 20% that you will be paying out-of-pocket is burdensome. Take time to do some math and consider getting a Medicare Supplement plan. Medicare supplement plans, such as Plan G, provides comprehensive coverage if you someone who need medical services often. Maximizing your Medicare can greatly help you in handling or managing medical costs.

Check for Pharmacy deals and discounts

Some pharmacies offer coupons or discounts on certain medications and membership clubs that offer discounts.

There are also pharmacies, especially the huge ones who were able to buy generic medications in bulk enabling them to sell that medication at lower prices. Feel free to ask.

Visit health fairs

Health conventions or health fairs often have health screenings that are offered for little to no cost. Also, health fairs provide information that can have a positive impact on your health. It pays to try out attending this kind of events more often to learn more things how you can manage your health effectively.

Compare prices

Shop around for prices. Just like what you do in buying your groceries, you can also shop around for medical services. Feel free to compare prices of certain medical services that you need from various medical facilities. Some facilities offer diagnostic procedures and laboratory tests at lower prices than the one you usually go to.

Use health Apps

Some apps or software offer health management and tracking. Others help people find ways to save on prescription.
GoodRx for one can help you find coupons and cheapest nearby pharmacy for your medications.

Closet organizations

If you need some medical equipment, you can check for organizations that let users borrow medical equipment such as wheelchairs, crutches or walkers at little to no cost. You can save on medical equipment if you get your needs via organizations that operate community loan closets.

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