ORLANDO, Fla. (Ivanhoe Newswire) — According to the centers for Medicare and Medicaid services, Americans spent three-trillion-dollars on health care in 2014. And that number is expected to rise each year. Health costs can break the bank for some families. We’ve got five tips to help you save.
The pills, the procedures, the doctor visits… Health care expenses add up!
So how can you save? Our first tip: check your bill carefully. According to the Medical Billing Advocates of America, up to 80-percent of medical bills contain errors. Their miscalculation could be money back in your pocket.
Next, ask your doc to help you out. One survey showed about 61-percent of people who asked their physician for a discount actually got one.
Also, if you use brand name prescription drugs, check the pharmaceutical company’s web site for coupons and deals. Some offer big savings.
Tip number four, if dental insurance is too pricey, try joining a discount club. You’ll pay a small membership fee; usually $200 a year or less and receive up to a 60-percent discount on services.
Our last tip; pay in cash. Most doctors and hospitals lose thousands on credit card fees and unpaid bills each year. Many will offer a 10-percent discount or more if you pay up front.
Another great way to save is taking advantage of a flexible spending account or FSA if your employer offers it. FSA’s allow you to put aside pre-taxed dollars that you can use toward medical expenses throughout the year. This lowers your taxable income, which reduces the amount of taxes you owe. But you do have to use all the money you put in the account by the end of the year.
Contributors to this news report include: Julie Marks, Producer; Roque Correa, Videographer and Editor; Gabriella Battistiol, News Assistant.
