Although healthcare can be very expensive in the United States, it is possible for consumers to cut the cost significantly. Seniors and low income consumers have additional options available to get affordable healthcare.
Use Generic Over Brand Name Drugs
In many cases, the generic brand is just as effective as the brand name version for both prescription and over the counter (OTC) drugs. Even when an identical generic is not available, ask the doctor to suggest another drug that has a generic version in order to save money. Consumers should always consult with their doctors before substituting any medications.
If a brand name prescription drug must be used and the patient has limited income, consider applying to the drug company's patient assistance program to get the drugs at a discount or for free. Needymeds has a list of brand name drugs with links to their patient assistance programs.
Cheaper Health Insurance Policies
Saving money on health insurance monthly premiums can be accomplished in several ways.
The first method is to join an employer that subsidizes some or all of the monthly health insurance premium costs. Due to skyrocketing costs of healthcare, the difference in cash salary between two employers can be made up if one employer's health insurance plan is a lot better than another.
Another way to save money on health insurance is to increase the deductible. High deductible health plans (HDHP) and health savings accounts (HSA) can be used to reduce monthly premium costs by up to 50%. These plans are most suitable for those in good health with infrequent need to access medical care. On the other hand, a consumer with expensive medical problems will spend more money out of pocket in the long run with a high deductible policy due the the large deductibles.
Medicare and Medicaid
There are many government programs that provide affordable healthcare or even free healthcare.
Medicare provides health insurance for seniors over 65 and those considered disabled by Social Security. The premiums and copays required by Medicare are usually very affordable.
Medicaid is a federally funded health insurance program for the poor that is administered by the states. Those interested in medicaid should contact their local social services agency to find out the name of the state medicaid program and apply. For example, California's medicaid program is called Medi-Cal.
The best way to minimize keep healthcare affordable is to get regular checkups and maintain a healthy lifestyle. It is much cheaper to take care of medical problems in their early stages instead of later on. In some cases, early treatment can save lives as well as money.
Resources:
medicare.gov
needymeds.org
fda.gov. "Greater Access to Generic Drugs."
