Tips for Fighting Medical Costs in the New Year

For many Americans with health insurance through their employer, the new year may be a time when their deductibles reset and healthcare costs become a burden if they don’t have a plan for how they’ll keep medical costs low until their deductible is met. Even if you don’t have a deductible to meet, you’ll benefit from finding new ways to lower the costs of your medical care this year. If you struggled with medical debt and high medical costs last year, you can even make it a New Year’s resolution to make your medical costs less expensive this year than they were last year as long as it’s possible for your situation.

File a Personal Injury Claim If You’re Eligible

According to NOLO, the Statute of Limitations to file a personal injury claim is three years as calculated from the date the incident occurred. However, this can vary depending on your state. For example, according to Ohio Laws and Administrative Rules, under Ohio Revised Code §2305.10 (A), people who intend to file a personal injury claim have two years from the date of their injury to bring that claim against the liable party.

If your medical fees are the result of a car accident, medical malpractice, or another person’s negligence of some kind (such as slips, trips, and falls), you may be able to file a personal injury claim against them to have their insurance company cover the costs of your medical fees.

Set Up a Payment Plan

Many of us don’t have the funds to pay for medical care that requires hefty upfront costs, like orthodontic care for our kids. Even if you expect your child to need orthodontics like the roughly 25% to 50% of children that do, you still might not know how to cover it. Since some medical providers offer payment plans, that may be your best bet if you can’t afford it all at once.

Even if you’re an adult, you still may benefit from orthodontic care like roughly 50% to 75% who could. As a result, you shouldn’t go without the necessary care. Ask about payment plan options before you decide against medical treatment because of the cost.

Document Everything in Writing

Accidents happen and you may end up in the medical center or emergency room for reasons you never expected. For example, over 300 kids are treated in U.S. emergency rooms each day for accidental poisoning. In the moment, it can be all too easy to miss things or to simply go with what medical professionals suggest. However, it’s important to make sure that you have everything documented in writing to reduce the risk of becoming a victim of medical negligence and unnecessary medical costs.

Balancing Everything reports that up to 21% of small business owners admit to not knowing enough about bookkeeping, and you’d be surprised by the potential errors that medical bookkeepers could make as well. Consider asking for an itemized list of everything you’re being asked to pay for when you receive your medical bill and bring any denied tests or dismissals to the attention of your local medical board.

Beyond setting up a payment plan, documenting potential negligence in writing, and filing a personal claim injury if you’re eligible, you can cut medical costs by making the most of your insurance coverage. Additionally, contributing as much as you can to a health savings account if you have one can make medical emergencies less financially devastating. Evaluating your insurance options may also help you save money on healthcare, medications, and related expenses.