If you have chosen to do without health insurance or you can’t afford it, you have to come up with a reliable way to pay for your medical bills. Of course, there are consequences of going without medical coverage, but you may be able to overcome this.
Whether you are going for planned or unplanned medical procedures, there is no doubt that you will spend a fortune. Reasons people lack health insurance include:
- Rising costs of healthcare
- Lack of a steady source of income
- Economic downturn
- Public program cutbacks
- Erosion of employer-based insurance
The fact that you are paying 100% of the costs means that you have to come up with a proactive solution. You also need to evaluate your situation to determine the solutions that suit you. Here are a few options.
1. Create a Savings Account for Medical Expenses
Do not wait until when you are hospitalized to start looking for money to pay for the bills. By creating a savings account to pay for these expenses, you cushion yourself from the difficulty of finding money at the last minute. As long as you are regularly depositing and not withdrawing to buy other items, you may be able to save up quite a bit. You never know when an accident illness will strike, and so, you should keep saving even when you’re healthy.
2. Pay in Advance to Enjoy Reduced Rates
You can get lower charges on medical bills if you pay in advance. Some hospitals will allow you to deposit money with them so that whenever you need health care services, you can check-in and you will be attended to. Paying in advance makes the doctors know that you are trustworthy. It could also make them allow you to get services even when you do not have ready cash.
3. Set up an Immediate Payment Plan
When you or your loved ones get medical services, you should call the doctor and offer to pay immediately if possible or at least set up a payment plan. Paying in installments will allow you to budget for this expense on a monthly basis and keep the creditors off your back. If you can pay in cash, it will be even better because it means that the doctors will have access to the funds immediately.
4. Find Ways to Save on Medication
The cost of medication varies depending on the types that you use. If you talk to a reliable doctor, they will help you to get more affordable options. This can significantly reduce the cost of health care. For example, some drugs have generic versions that retail for less than half of the original price. However, you need to make sure that you do not compromise the quality of drugs. Remember that your health and well-being depends on what you use to manage your condition. Learn more here about Annual Open Enrollment which is a health sharing plan where members help each other by sharing in the cost associated with eligible medical expenses.
5. Compare Different Doctors and Hospitals
Various hospitals and doctors will have different amounts they charge for the same services. Your aim should be to find a doctor that treats you without asking for too much in return. However, you should not focus so much on cost that you discount the quality of healthcare. Finding a balance between the two will provide the best solution.
Even in an unexpected situation, covering your medical expenses is all about effective planning and preparedness, even if the bills were the result of a last-minute emergency. Being in a situation like a traffic accident will be a lot easier if you aren’t afraid to go to the hospital because you’re afraid to get the bill afterward.
If you’ve been in an accident and you’re struggling to pay the bills, you may want to reach out to a car accident or motorcycle accident attorney to learn more about your options. There may be other ways to cover your bills if they are the result of an accident and you weren’t at fault, such as an insurance settlement or a court award.