Americans spend $3.5 trillion on health care expenses each year. A whopping 90% of that amount ($3.15 trillion) is to treat people with chronic and mental health conditions.(1) IC certainly falls into that category. Between lost wages for sick days and paying for tests, treatments, doctors visits, medication and more, IC can wreak havoc on budgets. But sometimes just a bit of legwork can mean IC patients get helpful treatments while also not completely breaking the bank.
1. Research your providers and their facilities.
Researching your healthcare providers and the facilities in which they practice is vital. Most insurance companies have both in-network and out-of-network doctors and facilities. Unsurprisingly, in-network doctors and facilities will cost you much less than their out-of-network counterparts.(2) If you haven’t seen a particular doctor in a while or have had a recent insurance change in any way, be sure to double-check the network. You don’t want to get caught paying out-of-network fees unexpectedly if you can help it.
2. Talk to your doctor.
Your doctor can be a great resource for helping you to manage the cost of your healthcare. Be honest with him about how much a treatment or procedure costs you and discuss whether it’s necessary or what your options might be. Most of the time doctors don’t know how much things are costing their patients since insurance and charges vary so greatly. He or she may be surprised to learn how much something costs for you and be able to help you find a more cost effective option.
Along with that, be sure to let your doctor know things like when you’ve met your out-of-pocket maximum spending for the year. Whenever that happens, any procedures or treatments you have should have minimal to no cost. So if you have surgery or another procedure that ends up requiring you to pay enough that you meet your out-of-pocket spending for the year, consider scheduling appointments with your urologist and primary care physician to see if there is a pricey test, procedure or treatment that might be effective for you.
3. Negotiate with your medical providers.
The billing office of your hospital or doctor’s office are sometimes willing to negotiate with you on your fees. Some providers will offer a discount if you pay your bill in full. Most large providers have programs you can use to apply for financial assistance in which part of your bill might be waived. (Be sure to check on whether you meet the qualifications for assistance; you might be pleasantly surprised.) Really, the worst that can happen is the provider says no to price negotiation.
And whether they negotiate or not, many providers will work with you to set up payment plans. Often such plans are interest free and usually don’t reflect on your credit score unless you stop paying on the account. Be sure to pay on time or some payment plans may become void. Also, payment plans often are in effect for only a year, so if the balance isn’t paid off by the end of the year, call the provider back and see if you can continue with your payment plan option. Most providers really do want to work with you.
4. Look closely at your medical bills.
Mistakes happen. You may be charged for a service you didn’t receive, double-charged for supplies during a procedure or charged because your doctor’s office billed your old insurance provider.(3) Especially if you’ve had a procedure or time spent in the hospital, ask for an itemized bill and check it for mistakes. Pay attention to things that are marked as out-of-network or not covered to see if that’s actually the case. Sometimes your insurance provider may actually be able to help you out with correcting mistakes as well. Keep making calls until you get answers.
5. Shop around for procedures.
If you are having a test or other outpatient procedure, ask your doctor about using an outpatient facility is possible instead of a hospital, because they are usually cheaper.(2) Even with insurance, a lower overall cost means a lower co-pay. Definitely check whether the facility is in-network as well. You can also call different medical facilities and get “quotes” about what a procedure costs then talk with your doctor to make the best decision for your budget and your health.
6. Understand costs ahead of time.
Obviously in an emergency situation, knowing the costs ahead of time isn’t possible. But, for any planned procedure, talk with the billing department for your doctor and ask for a cost estimate. If you are having surgery, including a hydrodistension for which you are put to sleep, be sure to ask for estimates of related fees for things like the facility and anesthesiologist. Confirm with your insurance company how much of the charge you’re responsible for. Make sure you get the billing code for the procedure from your doctor’s office before you call insurance so you get the most accurate quote.
Unexpectedly high medical bills are awful. If you know what’s coming, you can even work to make arrangements ahead of time for payment or save up in order to cover the co-pay.
7. Look for prescription options.
One of the biggest ways to save money on prescription costs is by using generic medications instead of name brand when possible.(4) If your doctor recommends a specific drug that is brandname, ask him or her about alternatives that are generic. If that’s not possible, check to see if he or she has samples you can try first. Also ask your doctor for any recommendations of over-the-counter medications or supplements that can help with your symptoms.(4)
Whatever prescription you end up with, shop around to find your best option. Some big pharmacies offer certain prescriptions for $4 a month without having to go through insurance.(4) Don’t forget to ask for discounts whenever you can. Some pharmacies offer a discount for AAA members. Most pharmacies also accept discount savings programs that can save you significantly on certain medications in place of your insurance.(5) And make sure to understand how your insurance covers prescriptions. Do it offer a mail-in pharmacy that can save you money? And are you required to use the mail-in service or a particular pharmacy in order for the medication to be covered? Most insurance companies offer a cost estimator for prescriptions on their website that can be helpful, but if not, call and ask so you can figure out which medications are covered best and where to best purchase them.
If the cost is just too great, check into patient assistance programs for brandname medications that are often offered by the drug maker.
8. Be familiar with your health insurance plan.
Health insurance companies aren’t enemy number one. Dealing with them can be frustrating sometimes, but they can also be helpful. If you’re looking for an in-network provider, facility or medication, check your health insurance company’s website or give them a call. Sometimes just a few minutes on the phone with a person can help you get the information you need and save you both hassle and money. You don’t want to incur unnecessary charges just because you didn’t know something.
You also should be familiar with how your co-pays work for provider visits. Do you have a deductible to meet before switching to a co-pay? Is there a greater charge for visits to specialist? Are you required to pay out of pocket first and then be reimbursed? Knowing these sorts of things will help you as you’re planning your budget.
9. Consider a savings account for health expenses.
Many employers who offer health insurance also offer some sort of savings account for health expenses, such as a Health Savings Account (HSA) for high deductible plans or a Flexible Spending Account (FSA).(6) Money for these accounts is usually deducted from your paycheck and is tax-exempt. In the end, it means you get more bang for your buck. Nowadays, many of these accounts give you a credit or debit card to pay for qualifying medical expenses.
10. Utilize wellness plan discounts.
Lots of employers offer wellness programs for their employees and sometimes their families. The programs are all a bit different, but most offer some sort of discount or other incentive for doing things like going for a physical (typically a free visit now), filling out a health risk assessment form or participating in a fitness program.(7)
References
- Centers for Disease Control and Prevention. Health and Economic Costs of Chronic Diseases. National Center for Chronic Disease Prevention and Health Promotion. Last reviewed March 23, 2020.
- Vorvick LJ, et. al. Eight Ways to Cut Your Health Care Costs. Medline Plus. Updated March 26, 2020.
- Williams G. How to Negotiate Your Medical Bills. U.S. News and World Report. Feb. 12, 2020.
- Adams K. 20 Ways to Save on Medical Bills. Investopedia. Updated Feb. 25, 2020.
- Higuera V. How to Save Money on Prescriptions. Healthline. April 15, 2020.
- Vorvick LJ, et. al. Savings Accounts for Health Care Costs. Medline Plus. Reviewed Aug. 3, 2018.
- LaPonsie M. Seven Ways to Keep Your Health Care Costs in Check. U.S. News and World Report. Oct. 16, 2015.
