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How to Manage Medical Expenses Better

    Managing medical bills is a crucial task in advancing age. However, by following an organized approach you can surely handle your medical expenses more effectively.

    Is medical cost hampering your monthly budget? If so, do not panic. There are ample ways to manage healthcare expenses better. Below are some tips to control your medical expenditure.
     

    1. Online Doctor Consultation Can Save Your Time and Money

    Online doctor consultation service is gaining huge popularity. This service not only saves time but also cuts down charges remarkably.  You also have an opportunity to evaluate a doctor’s fees and services, which is not possible when consulting a traditional local doctor.
     
    However, remember that the online medical consultation fee differs from one website to another. So, make sure you choose the best that suits your needs and budget.
     

    2. Use Your Medical Insurance Policies 

    If you are enrolled in a health insurance policy, make use of it. Most health insurance policies come with cashless benefits. This feature doesn’t require you to spend money from your own pocket. The insurance company will take care of the treatment and the medical bills as per the policy. This is particularly beneficial when dealing with critical illness and other chronic diseases.
    However, do take the time to read and understand your insurance benefits. If you have any concerns, contact the insurance company’s customer service center – to get your queries answered.  You may discover your insurance plan covers some amazing services that can save your pocket.
     

    3. Buy Medicines from Stores That Offer Discounts

    Look for local medical stores that offer discounts and benefits. Driven by increased competition, most pharmacy chains, and retail chemists are now offering various discounts to customers. 
     
    You can also opt for online pharmacy and enjoy the convenience of shopping at the comfort of your home. Online pharmacy portals usually offer better deals than your local medical store, as they do not have to bear the extra burden like rental charges etc. In fact some online portals are also offering special discounts and cashbacks for seniors and recurring customers through flexi-rewards and loyalty bonus programs.
     

    4. Look for Substitutes or Alternate Brands

    You can easily save 30% - 50% on medicines by choosing generic medicine substitutes or alternate brands.  A lot of reputable pharmaceutical companies are manufacturing affordable substitutes for several medicinal brands. So, ask your doctor if you specifically need the expensive set or if the cheaper alternative would also work. If okay, request your doctor to include the phrase "Allow Substitute" on your prescription letter. It will help you deduct the unwanted cost easily.
     

    5. Verify Charges

    Medical bills are often confusing. Therefore, always request an itemized bill from your medical store and see if the bill contains any errors. Don’t pay what you don’t understand.
     

    6. Avoid Using Credit Cards

    Avoid paying your medical bills via credit cards. A lot of people aren’t able to pay off their balance monthly and end up with extra interest charges. This ultimately hampers monthly expense.
     

    7. Get a Second Opinion

    At times, wrong treatment and inappropriate care result in higher medical costs. Thus, before undergoing any expensive tests or treatments, try consulting another doctor for a fresh perspective on your condition.
     

    8. Tax Returns

    Out-of-pocket medical expenses, like those that are not reimbursed by insurance like dental and vision care, can sometimes be claimed with tax returns. So, get in touch with any of your family members who can get the medical amount adjusted with his/her gross income salary depending on the policy.
     

    9. Talk to a Financial Advisor

    For on heavy medical bills, talk to your financial advisor. A professional advisor will discuss your current retirement strategy and help you have enough savings to cover unexpected health expenses in your old age.
     
    One must always remember that medical care gets extremely costly as we age. Hence, one should secure themselves with adequate finance and health insurance. Moreover, do not forget that healthy living is the key to curb major healthcare expenses.  And, while we cannot reverse or prevent aging, we can shape ourselves for a finer quality of life in old age.
     
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