Post-bankruptcy debtors, or anyone looking to build or rebuild their finances, must look out for every penny. One important area for saving money is health care. Despite what you may think, health care doesn’t have to break the bank. There are a few ways you can lower your health care costs and save more money than you ever imagined.
Get State Assistance
Under the Affordable Care Act (ACA) more people qualify for state health care subsidies. Don’t assume that you earn too much money to get Medicaid, Medicare (for Seniors), or a partial subsidy of your insurance. Check with your state’s insurance subsidies by using www.HealthCare.gov.
Consider High Deductibles
If you’re young and relatively healthy, it’s not likely you will need to use your health insurance often. In this case, a high deductible insurance policy can save you thousands of dollars in premiums. But be careful, you want to make sure that you have enough coverage for checkups and basic emergencies such as a broken bone or infection, and you should have enough cash on hand to cover the deductible amount in full.
Save For Care
Use a Flexible Spending Account (FSA) to pay for your health care costs pre-tax. FSAs allow you to take pre-tax dollars and spend them on your health care expenses. These health care expenses can include anything from a pair of glasses to out-of-pocket costs related to dental care. But use caution, most FSA accounts require you to spend most of the money within a plan period or you could lose it. Be sure to check with the account provider on the amount you can roll over into the next plan period. But as long as you plan your expenses, there shouldn’t be any problem.
Pharmaceuticals are big business, that’s why the same medication made by different companies can have significantly different costs. It’s in your best interests to get a generic version of your medication if you’re paying for your prescription. The savings you experience will add up.
Keep more money in your pocket by taking action to lower you health care costs today.