Essential Healthcare Expenses to Keep in Your Budget During a Recession
If you're concerned about rising costs due to inflation and talk of a recession, it's crucial to prioritize these four healthcare expenses.
With inflation in the news, many of us feel the urge to tighten our budgets, but healthcare is one area where cutting back is not an option. We consulted experts to identify essential healthcare costs that should remain untouched, along with suggestions on how to manage health-related expenses.
KEEP UP WITH DENTAL VISITS
As dental care prices continue to climb, it's tempting to skip routine cleanings and checkups, but doing so can lead to bigger problems down the road. Regular visits help catch minor issues before they escalate into costly treatments.
Rather than eliminating dental care from your budget, think about enrolling in a dental savings plan. This isn't insurance; it's a network of dentists who offer discounted rates. Steve Seigel, co-founder of a dental savings platform, advises selecting a plan that includes a local dentist. He cautions, “Some national plans might look appealing but could lack quality providers in your area. Opt for a plan with no upfront fees to avoid paying for something you may not use.”
PRESCRIPTIONS ARE NON-NEGOTIABLE
If you're prescribed medication, it's essential to follow your doctor's advice and stay on those drugs. Skipping necessary prescriptions can have dire consequences for your health.
To save on prescriptions, Elizabeth Pennington, a financial advisor, recommends comparing prices through your pharmacy, apps like GoodRx, or online pharmacies such as Amazon Pharmacy.
Joining a prescription savings plan can also lead to significant savings. Some plans provide discount cards for free, which you can download instantly. Be sure to check if your preferred pharmacy accepts these plans.
DON'T MISS MEDICAL APPOINTMENTS
Whether it's time for your annual checkup or you have specific health concerns, don’t skip doctor visits just to save money. Annual exams are vital for identifying potential health issues early.
Pennington notes that most health insurance plans, including those on the marketplace, are mandated to cover certain preventive services at no cost. Investigate whether you qualify for subsidies through Healthcare.gov, which can help if you don’t have employer-sponsored insurance.
Consider various insurance options to find what fits your medical needs best. Sometimes, paying a higher premium for necessary coverage, like out-of-network mental health services, can be a smart move, even if it seems pricier initially.
Telemedicine has gained popularity since the pandemic, providing an affordable way to consult with a doctor without the higher costs of in-person visits.
DON'T FORGET YOUR EYES
Lastly, resist the urge to save by skipping eye exams. If you're between 20 and 39 without vision problems, you might only need checkups every five years. However, as you age or if you wear glasses or contacts, annual visits become more important.
Vision insurance or discount plans can help you save on eye care costs. It's wise to calculate whether these options work for your budget.
ADDITIONAL WAYS TO CUT HEALTHCARE COSTS
Pennington emphasizes the importance of budgeting for medical expenses and not neglecting preventive care. If you face unpaid medical bills, discuss payment plans or financial assistance options with your healthcare provider.
Keep track of all medical expenses, as costs exceeding 7.5% of your adjusted gross income can be itemized for tax deductions. This might help offset some medical expenses during tax season.
PRIORITIZING YOUR HEALTH, EVEN IN CHALLENGING TIMES
Even in tough financial situations, prioritizing your health is essential. Don't skip necessary medical care to save money. Explore various insurance plans and savings strategies, including telemedicine, to manage your healthcare costs effectively.