When making a monthly budget, most people do not put aside an amount for their medical expenses if there is no immediate need. There are also many who cannot afford to allocate a dedicated monthly amount for unforeseen medical expenses or opt to go without health insurance. However, paying medical bills is challenging, particularly if you do not have health insurance.
As a result, many people suffer from financial hardships due to medical expenses. While one way to go about it is to budget for medical expenses, there are also other ways to reduce medical debt or pay less if you don’t have health insurance. Here are a few suggestions to steer you in the right direction.
Find less expensive options
If you ask around for the fees charged by different hospitals or doctors, you may find a considerable difference in the rates. Similarly, the rates charged for urgent care services or different medical procedures also vary from one hospital to the next. A little research will help you find the least expensive services. So before you get sick, a preemptive attempt to find economical options may prove beneficial when you need medical assistance.
Request for a discount
If you do not ask for it, you may never find out! Some doctors or hospitals give you a discount for some medical procedures or services if you do not have health insurance. In some cases, discounts are offered if you pay in advance. This option is offered for certain medical tests or elective surgeries but may not be useful in the instance of an emergency.
Request for an interest-free payment plan
If you get a medical bill for a procedure or service that you cannot afford, you must first ensure that the prices charged to you are accurate and fair. Next, you can seek medical bill relief by requesting an interest-free payment plan that you can afford.
If the prices charged to you are higher than the norm, negotiate for a reduction and discuss a monthly installment payment plan that you can pay to the hospital over time in parts.
Similarly, if you happen to get emergency surgery, find out if it is a non-profit facility. If so, you can request an income-based discount. This practice is also prevalent in some for-profit organizations. When you go in equipped with the right information, you can negotiate your terms, and since many bills are usually directed to collections, medical practices, and hospitals accept monthly installment payment plans.
Set up an account for medical expenses
Consider setting aside a certain amount every month in an emergency or medical fund that you can use when required. Even if you can save $50 to $100 every month, it can give you a cushion in case of an emergency and will be better than not having any money at all. While there is no penalty for being uninsured, not having health insurance can land you in financial trouble if a medical expense comes out of nowhere. In such a case, the saved money may provide some relief.
Get a deduction on taxes
Certain medical procedures like eye or dental care are tax deductible. Similarly, you can also get rebates on hearing aids, dentures, hearing aids, or other devices. Therefore, you can claim a medical expenses deduction on your tax amount.
Get insurance
Finally, if you cannot go all out, consider getting basic health insurance within your means. It will give you some form of protection if you become seriously ill or are in need of emergency surgery. When opting for a package, consider the monthly premiums, the annual deductible, i.e., the amount you will need to pay until the insurance money starts coming in, and the percentage of the medical costs you will share with the health insurance company. Reviewing these three factors will help you decide if you are opting for the right insurance.
Final Thoughts
Medical expenses can be a huge burden that drains you financially and puts you under a lot of mental stress and anxiety. The problem may seem more intense if you do not have health insurance. However, it does not have to be this way, and there are options for you to consider if you are struggling with paying your medical bills.
Requesting discounts, getting an interest-free payment plan, and ensuring that you are being charged accurately and fairly are some of the ways through which you can pay less without health insurance. However, you must act proactively and gather the right information to determine ways to pay less for your medical expenses.
