Adulting….paying bills…making plans…if it wasn’t for my pretty planners and mugs of coffee, adulting would be way less fun.
But fun or not, it has to be done! Am I right?
One of my least favorite things to do as an adult is deal with medical bills. And I know I’m not alone! What are your tips for getting through this grueling task with success – and saving money while doing it?
I found a few tips that I’m going to share, but I would love to hear from you too!
Here are 5 pieces of good advice that can help you pay your family medical bills and save as much money as possible on medical expenses:
1. Connect With A Good, Local Medical Provider
Building relationships with a top-tier but reasonably priced medical provider to begin with, such as Riverside Medical Group, is your first line of defense against overwhelming medical bills. Doctors who know you as a long-time, loyal client will often work with you and help you find ways to lower your bills.
2. Cover Your Family With Affordable Medical Insurance
You need to assess your family’s needs and risks and find the balance as to how much health insurance to buy. Relatively low-cost policies can cover “catastrophic care,” while you’ll have to pay much more to cover more ordinary doctor’s visits, prescription drugs, and the like.
Take careful note of deductibles, co-pays, and out of pocket expenses in general when choosing a policy. And it’s probably best to get separate dental insurance rather than risk driving up your premiums through numerous dental-related claims.
Finally, consider adding “hospital indemnity” coverage, which will pay for things like hospital admissions, ambulatory transport, ER visits, and many things regular insurance leaves out.
3. Handle Medical-based Tax Deductions Correctly
Sometimes, you can save a lot on medical expenses by simply filing your taxes the right way. If you give money to help with a family member’s medical bills, for example, pay the hospital or doctor’s bill directly rather than giving a check to the family member and having him/her pay it. The former counts as a deductible medical bill, the latter as a “gift.”
After a certain amount of money given as “gifts,” gift tax kicks in. Though, you can exclude still write off such gifts up to a certain threshold. Beyond that amount, you can’t.
And you can write off medical bills of dependants, if they exceed 10% of your adjusted gross income. But you have to make an itemized list to get the deduction.
4. Create An Online Crowdfund For Medical Emergencies
Go to Plumfund.com and create a special crowdfunding “project” and you might be surprised what happens. Extended family may chip in, friends, neighbors, and coworkers might do the same, and even generous strangers may drop in a donation. If it is a genuine medical emergency or a truly devastating expense, many will understand your need and contribute. Even if this doesn’t fund all of the medical expenses, it can defer the cost.
5. Get Help With Debt Management
Finally, if despite your best efforts at preparing for potential medical expenses, you do have to go into debt, learn how to find debt relief at online sites like Debt Academy. There are many strategies and insights you can glean from both experts and from people who have gone through situations very similar to yours.