5 Ways to Save Money on Health-Related Spending

Good quality healthcare can be one of the most significant expenses you’ll face in life. While good health is essential, it can be hard to predict the costs over time. Still, there are a few steps you can take to save money and prepare yourself to be in solid financial shape for the future.

Prevent Dental Problems

There is a direct link between your oral health and your overall health. Preventative dentistry is all about maintaining your oral health and preventing major issues. Some of the most common dental problems, like gum disease and cavities, start with minor symptoms that you might miss on your own. It’s generally recommended to see a dentist twice a year for a cleaning and checkup. You can make these dental visits more affordable by using a dental payment plan. Options like Cherry or Care Credit allow you to be paid for the cost of the procedure upfront so you can align the cost of the service with the rest of your finances.

Save on Medications

Medications can be expensive, and if you have a medical condition that requires regular medications, the cost can add up quickly. Luckily, there are several ways to save money on medicines. Consider switching to a generic medicine instead of the name brand. While generic medications tend to be cheaper, they don’t work for everyone, so make sure to talk to your doctor first. The pharmacy you have your prescription filled at can also make a difference. The one closest to where you live might not give you the best deal if it’s not the one preferred by your health insurance plan. If there isn’t a convenient pharmacy preferred by your plan, you can also look to online pharmacies. The prescription can be sent directly to your home and is often less expensive than getting it filled in person.

Learn About Your Healthcare Options

Taking the time to learn about the health plans available to you may not sound like the most interesting way to spend your time. But understanding each plan is an important step to make the most of your health dollars Take some time to sit down and learn about what each plan covers, the premium, out-of-pocket maximums, and any deductibles. You likely won’t find a single plan that meets all your needs, so you’ll need to assess what’s most important to you. Lower deductibles mean you won’t have to spend as much on medical bills, but you will be paying higher premiums. There is no one-size-fits-all approach, so think about how you have used healthcare in the past. For example, someone with a chronic condition may need more robust coverage than someone who is relatively healthy.

Be Proactive

It can be tempting to ignore medical issues because addressing them can be stressful and takes time you may not have. But if you go to the doctor several months or years from now, your medical concern can worsen, leading to a more expensive and invasive treatment. Preventative care can mitigate potential issues before they become concerns. From cancer screenings to annual wellness visits, being proactive about your health can help doctors find potential issues before they become major problems. This will help you avoid the costs associated with long-term medical issues. Be proactive in taking advantage of any benefits your employer offers too. Your company may offer more than just health insurance. Some employers also cover access to telehealth services, gym memberships, or mental health services. Many of these additional benefits tend to have a lower utilization rate because they are not as well-known.

Plan Ahead for Known Medical Costs

It is impossible to know when you will have a health scare or medical emergency, but you can still plan ahead for some medical costs. For example, some medical procedures aren’t time-sensitive, so you can schedule them for a time that works best for you. You can also plan ahead for expenses related to adding a child to your family. Having a long-term mindset will serve you well when you’re figuring out how you can save money. Setting aside some money in a savings account, HSA, or FSA account can help you cover potential upcoming health needs.