Effective Strategies to Cut Healthcare Costs Amid Rising Expenses

Effective Strategies to Cut Healthcare Costs Amid Rising Expenses
Cover Image Source: Dollar Bills and Surgical Masks | Pexels | Karolina Grabowska

The United States of America has one of the highest costs of healthcare in the world. The average healthcare spending reached a whopping $13,493 per person, which is $4.5 trillion, in 2022. There are several factors contributing to the constant rise in healthcare spending that is also adding to the unsustainable national debt. The most notable among them is the aging population. While that's beyond our control, there are ways in which we can fight back against rising medication costs. Here are a few strategies to help you save money on your medical bills, via Motley Fool.

Pills | Pexels | Pixabay
Pills | Pexels | Pixabay

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Pharmaceutical companies run many patient assistance programs that provide discounted or even free medication to people who cannot afford to buy generic pills. Check out this database, to see if any of the medications that you take qualify for one of these programs. Note that, there are certain eligibility criteria in place. You may need to provide proof of income as well as other documents. 



 

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If you ever take a close look at your medical expenses, you may realise that a major chunk of it is reserved for recurring costs of medication. Some medications do not have a generic version available in the market, and if you can switch over to generics that will help you save a lot of money. If your medication costs are gradually rising, then it's best you reach out to your doctor and ask them if there are alternative drugs that might work for your ailment. With the advancement in the medical world, there's a high chance that you may be able to find an alternative to the drug that you are currently prescribed. This can be a bit tricky, for example, there's a generic form of mupirocin ointment sold as a cream and then there's the antibiotic which is only available under the brand name Bactroban.

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Your insurance claim can get rejected if your medical information is not correct on the file. In these cases, most of the time, the bill is generated and you end up paying the entire amount. So if you ever see high costs out of nowhere on your prescription costs then it's best that you check the information used in your pharmacy. 



 

While sometimes, the only way to treat your ailment is through proper diagnosis, there are times when questioning expensive tests like a CT scan or an MRI is important. You can always ask your doctor why the tests are necessary and how they will make a difference in your treatment. The number of imaging tests in the United States has increased substantially in the last few years and almost a third of them are unnecessary, as per a newsletter by Harvard Health. 

It's important to note that the bottomline is that healthcare can be expensive. So, not needing healthcare is perhaps the best way to save that money. Investing time and energy in your well-being is bound to get you good returns. According to a research paper, 97% of Americans are currently failing to meet the ideal 'healthy lifestyle' criteria resulting in the country paying four times as much for pharmaceutical drugs as compared to citizens of other developed countries.

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