How to Lower your Medical Bills

At one point or another, everyone will get a massive medical bill that will be a huge setback financially. It is very important to be prepared for any emergencies that may come your way. Medical bills can accumulate to such an extent that they get out of hand.

This should be an enormous motivation to invest in a medical aid, medical insurance or hospital plan to cover you financially when you need it most. For a monthly fee, you can rest easy in the event of a medical emergency, or if you become ill and need assistance. Your monthly fee will cover the hospital fees and the cost of medication, saving you from having to potentially fork out a lump sum, or get into bad medical debt.

However, in case you are not covered by a medical scheme, there are steps you can take to reduce your bills, or at least make them more manageable.

Plan ahead!

Mic.com says it’s impossible to anticipate your every medical emergency that may arise, but you can manage your finances to potentially cover large bills — medical or otherwise.

“Keep funds in the bank to cover expenses for at least three months,” says Jill Perlin, vice president of advanced markets and sales training, Prudential Financial.

However, there are times when even proper financial planning isn’t enough to cover healthcare costs. The arrival of a medical bill might seem like the final say in how much you’re required to pay, but as experts explained, there are ways to lower your medical bills, no matter the cost.

Government care is low cost

If you are uninsured, you should seek medical assistance at a government hospital. Government hospitals charge a fraction of the costs of private institutions and usually charge patients based on their monthly income.

In many cases, smaller procedures are free of charge, but be prepared to wait in queues.

Hospital financial assistance

Magnify Money says you may not know that many hospitals — non-profits in particular — have financial assistance programmes designed to help people pay for medical care they wouldn’t normally afford.