How to Manage Your High Medical Expenses
Medical expenses can be a huge burden on many people. They take away from your income stream, which, at best, means that you have to shift your priorities towards pay those debts. At worst, your medical expenses, depending on how high they are, can cause major financial hardship.
But, there is good news. You can tackle your medical expenses, even if they seem insurmountable. It will take some work, but it can be done with less time and effort than you may think. All you need to do is to think about what you want to accomplish and come up with a plan that will work for you in order to achieve your goals.
Create a Plan for Tackling Your Medical Expenses
The secret to getting on top of your medical expenses is developing a comprehensive plan that will be aggressive in getting your expenses down for good. The first step is to be honest with how much you can afford to pay every month and go from there. And while you’re planning, understand that you don’t have to go it alone. In order to get your medical expenses where you want them to be, it’s important that you have a support system that can help you.
In light of that, one of the best things to keep in mind is that communication is key. If you have have open communication with your healthcare provider, you’ll be surprised at how much easier it is to handle your expenses. Most practices and hospitals can even set up affordable payment plans that can help you balance your medical expenses with your other monthly expenses. But, you’ll never know what your options are unless you have open, honest dialogue. When you are communicative, you can work closely with your healthcare provider and their practice to make sure that everyone is on the same page in terms of what you can and can’t afford.
With everyone on the same page, you can create a repayment plan that will work in the short and long term. While you’re making that plan, it’s important to make sure your repayment plan also involves an unexpected ally – the internet.
Cut Medical Costs Wherever You Can
As you are developing your plan, one thing to keep in mind is to cut down on medical costs wherever you can and the internet can be a huge resource for that. For instance, if you have a standing medical prescription, you don’t necessarily need to keep paying full price for it from the pharmacy. If you want to save a few bucks, you can turn to an online platform, like The Rx Advocates, to find you discounts on the prescriptions you need. That way, you can find the exact medications you need to take, but for less. And that doesn’t even stop at prescriptions. Medical equipment, assistance, and even repayment help can be found right at your fingertips. All it takes is a little time and research.
You have so many options available to you when it comes to managing your medical expenses. Like we said, even though you can tackle your medical expenses on your own, you don’t have to. You can rely on outside help to develop the best plan so you can tackle your medical expenses for good. And as you see your balance start to decrease, you’ll know your plan is working and you are actually achieving your goals.
Andrew is a corporate finance consultant living in Los Angeles, specializing in distressed and bankrupt consulting. He helps clients review business plans and the general market and decide what steps to take next. He has a masters in finance.
Andrew enjoys running and biking in the San Gabriel mountains, cheering for the San Francisco Giants and eating (but trying not to gain weight).