Now that Halloween is over, it seems that all of the stores are in full-on-holiday mode! With the hustle and bustle of the holidays comes the pinching of every penny to pay for all of the holiday gifts, traveling, cards, and decorations.
According to this infographic, the average American family spends about $750 a year on Christmas. How much does your family spend each year? How will you pay for that?
Here are 4 ways to cut down on healthcare expenses, and help fund your holiday!
1. Don’t Pay Twice for Healthcare
Healthcare costs are becoming a bigger percentage of your family’s budget as healthcare prices skyrocket! It can be difficult enough to pay once for healthcare, so we don’t ever want you to pay twice! Sadly, people pay twice for healthcare more often than you would think.
Some of the most common mistakes you could make are:
- Paying your deductible twice
- Paying two copays when you could have only paid once. (Seeing 2 doctors instead of one for one episode of care.)
- Writing a check when you have an HRA.
2. Choose a Fair Priced Provider
Healthcare prices for the same procedure in the same city can range by up to 500%! You wouldn’t pay $75 for a loaf of $5 bread, so why pay more for a healthcare procedure. Here are some tips to get a fair price on your next healthcare procedure:
- Before you receive care, call your provider and ask for a price.
- As a general rule, hospitals are always going to be more expensive.
- Always use an in-network provider. If you choose an out-of-network provider, your costs will be even higher.
- If you’re a HooPayz member, be sure to use our Find Fair Healthcare Prices tool before you have a procedure.
3. Save Money on Prescriptions
Whenever a doctor prescribes a medication, don’t be shy; ask for a generic or a less expensive option. Then, once you have the prescription, shop around! You may not know this, but the price of a prescription varies by pharmacy. You may be able to save money by choosing a 90-day supply through mail order. Or, your drug may be part of a $4 program. Sometimes things like prenatal vitamins may even be free through your pharmacy.
Don’t hesitate to do a little searching for the best price; it could really help you save, especially if you’re on multiple prescriptions.
4. Check Your Medical Bill for Errors
This is probably going to shock you, but did you know 50-80% of all medical bills have errors? This is going to get even worse next year when the medical billing codes switch from ICD-9 to ICD-10. This just means we’re in for more errors and miscoded bills that will result in more costs for you!
The most common mistakes to look for are:
- The correct name and address on the bill. Is this really your bill or does it belong to somebody else with a similar name? Yes, this really happens.
- Duplicate entries for the same procedure code.
- Are the dates of service correct on your EOB and bill?
- Does it look like decimal points are in the right place?
Save Money Today
We hope you can use these 4 tips to save money on your healthcare expenses.
Do you have ideas? How have you saved money on your healthcare expenses this year?