Living Well
Save on Health Care Without Skimping on Health

By Mary Beth King, Medica

They’re calling it the worst financial crisis since the Great Depression, and you are probably feeling the pinch in one way or another. Perhaps you own stocks that have lost much of their value. Or maybe your retirement savings, which you thought would last for many years, are already beginning to dry up.

To help cope with these difficult times, most people are taking steps to reduce spending. Clipping coupons, buying at discount and waiting for sales may be wise ways to help you keep your head above the turbulent financial waters.

Unfortunately, though, many people are taking their cost-cutting measures too far. A recent survey by the Kaiser Family Foundation found that more than half of Americans have lowered their spending for medications, doctor visits or other health care products and services because of financial worries. Among those responding to the survey:

• 35 percent relied on home remedies or over-the-counter drugs instead of seeing their doctor
• 34 percent skipped dental care or a dental checkup
• 27 percent postponed getting needed health care
• 23 percent missed a recommended medical test or treatment
• 21 percent did not fill a prescription for medication
• 15 percent cut pills in half or skipped medication doses
• 7 percent had problems getting mental health care

Source: Henry J. Kaiser Foundation, “Kaiser Health Tracking Poll,” February 2009

These statistics are disturbing because individuals may be putting their health at risk by not following a doctor’s orders or by not seeking care when they need it. They may also be putting themselves at risk for higher costs later. Failing to fill a prescription may save money in the short term, but it could mean developing illnesses, symptoms or complications that will wind up costing much more to treat later.

What can you do?

Knowing you need care does not mean you can afford the out-of-pocket costs, but there are ways to trim your expenses without jeopardizing your well-being.

1. Know your benefits.  If you have health insurance, read your coverage document to figure out what benefits you are entitled to. For example, if your insurance policy covers most or all of the cost for qualified preventive care, then you should not have to go without routine vision and hearing tests, cancer screenings and a seasonal flu shot.

2. Tell your doctor about your financial concerns. Even people covered by health insurance may be stretched to make a copay for an office visit or prescription medication. Your doctor can help you prioritize your health care needs and may be able to suggest ways to cut costs.

3. Question your expenses. There is nothing wrong with asking your doctor questions like, “Do I really need to have this blood test every six months. Or would I be safe having it done once a year?” The doctor may have very good reasons for your having the test every six months, but you’ve lost nothing by asking.

4. Take advantage of all your opportunities. Many hospitals and some doctors’ practices have social workers who can help you identify resources in the community, such as free health clinics or programs that will pay your medication costs. In addition, many facilities have financial advisors who will work with you to make payment arrangements on terms that fit your budget.

5. Know your costs up front. Whenever possible, find out from your provider and your insurance company how much a procedure or examination will cost you. Doing so will help you prioritize your health care needs and plan for nonemergency surgeries and other expensive care services.

6. When you do spend, pay attention. Financial fraud and errors are probably more common than you think. When you receive a bill, read it carefully for accuracy. Call the provider or hospital for a full explanation of any costs that are wrong or look suspicious.

If you have medical coverage, notify your insurance company as well.

7. Save where you can do so smartly. Start with an inspection of your medicine cabinet. Generic medications usually cost a lot less than brand-name drugs, but they are just as safe and effective.

8. Think in terms of urgency. Emergency care is expensive, but there is no substitute in a situation that may result in loss of life, limb or ability. For less-urgent problems, however, there are less costly options. Try over-the-counter medications, a call to your doctor or a visit to the nearest urgent care center.

In these difficult economic times, the phrase “penny wise, pound foolish” is particularly meaningful. Saving is good. But saving wisely is better.