Tips To Help You Reduce Your Out-Of-Pocket Healthcare Expenses

Cutting Out The Controllable Factors

You’re going to have expenses defining whatever healthcare option you choose, but you don’t have to pay the absolute highest amount if you’re properly strategic. Firstly, start out with personal physical health. You want to have proper physical activity and diet characterize your daily egress; this will facilitate a healthy flourish which reduces healthcare needs.

Now no one can avoid that which is incidental. Accidents happen. People make mistakes. Sometimes diseases ravish a community. You can’t prevent certain conditions through maintaining yourself.

However, you can reduce your likelihood of becoming infected. If you’ve got poor health, you’re more likely to get sick. Also, if you have vices, these additionally weaken your immune system. Smoking and drinking are enemies of good, stable health.

You need to know what options are available to help you most fully appreciate healthcare cost reduction. There are government assistance solutions, and you may have certain programs for which you have eligibility. Ask your doctor what you may or may not qualify for. They get paid primarily through insurance organizations, so it’s their prerogative to help you out in such a way. It won’t damage their paycheck to help you find a workaround.

Tech Innovations

Also, look into technology solutions. Things like telemedicine are quickly changing the whole industry. If you’re unfamiliar, telemedicine is basically a means by which the Internet of Things (IoT) can be used to expedite a physician’s examination or medical advice. Oftentimes no real medical work needs to be done, so through telemedicine, doctors can provide the same service at an increased convenience and often a reduced rate.

Consider government plans as well. Medicare and Medicaid may have provisions under which you are eligible for some reduction in your healthcare expenses. Especially if you work government positions, or you have some history in the armed services, you are likely to have programs for which you qualify in this regard. That said, not all government solutions work as intended.

Obamacare Considerations

If you find yourself asking, “Do I need to pay the Obamacare penalty for being uninsured?”, you may find the answer to your question somewhat complicated; according to Healthcare.com: “As the cost of insurance premiums and deductibles continue to go up, some people may choose to pay the tax penalty, which, in many cases, is cheaper than buying insurance.”

Your tax penalty is likely to be under $1,000, and you’re going to likely pay more than $333.33 a month for healthcare. You’ve got to have it at least three consecutive months in order to avoid the penalty. That, or you’ve got to have an income which is less than $24k annually. In either scenario, you’ll be exempted from the penalty.

However, if you make more than $24k in a year, and you don’t have insurance for three consecutive months, you’re likely to be charged the penalty. Still, paying as much may end up saving you in the long run if you don’t have any healthcare needs; it will all depend on your situation.

The Bigger Picture

The truth is, healthcare is more of a luxury than a right, though it’s been presented differently in the media in recent years. It’s good to have. It can save you. But even if you don’t have it through officialized channels, there are still options available to you. Also, you don’t strictly have to have it; and the tax penalty ends after 2019.  But if you are just turning 26 you’ll definitely benefit if you read this guide.

Your best bet, if you want to have the most comprehensive security, is to set aside a monthly budget for healthcare, and try to reduce its expense through secondary programs as much as possible. Keep in shape, ask your doctor what’s available, explore government options, and know your personal situation well enough to determine what you really need. These things can help you reduce your healthcare costs drastically.