Rising healthcare costs don’t have to derail your budget after 50

Paying for healthcare continues to get more expensive, making it one of the top concerns for many Americans. According to KFF Health’s recent poll, 32% of respondents said they were very worried, and 34% were somewhat worried about healthcare costs such as paying for health insurance, copays and prescriptions.

However, it’s important to know that many healthcare costs are negotiable, which can help you save money.

“Most people believe that the price is set in stone, but in healthcare, the price is often negotiable and inconsistent outside of insurance plans,” said Parth Bhavsar, M.D., board-certified family medicine physician and founder of TeleDirectMD, a virtual care service based in Lawrenceville. “If you are over 50, the way to save money in healthcare is to be proactive and not afraid to ask questions.”

Here are five steps you can take to help reduce your healthcare costs.

1. Save money at the pharmacy.

Prescription costs can add up quickly, particularly if you are taking more than one medication month after month.

First, ask your doctor if there is a generic alternative for your medications. This could provide immediate savings. You can also ask the pharmacist if a prescription savings card, such as a GoodRx card, will reduce the medication costs.

“In many cases, the cash price of the prescription, combined with the discount card, will be lower than the insurance price,” Bhavsar said. “This is especially true for blood pressure, cholesterol and diabetes medications that are common prescriptions.”

If you are taking maintenance medications, check to see if the cost is lower if you purchase them in bulk, such as for a three-month supply. If they are, make sure your prescription states you can purchase a three-month supply at one time, which may require your doctor to write a new prescription.

Check with a variety of pharmacies to see which one offers the lowest costs for your medications. Don’t overlook mail-order pharmacies, which often have competitive pricing.

2. Comparison shop for services.

If your physician wants you to have a scan or lab test, check with several providers to find the best possible price.

“The price of the same lab test in Atlanta will vary by the hundreds depending on the facility,” Bhavsar said. “Independent imaging centers and outpatient labs will be significantly cheaper than the same test in the hospital. It is perfectly acceptable to ask the price up front before scheduling the test.”

This applies even if your insurance will cover part of the cost. Ask the facility to quote your service with your insurance as well as with a cash price.

3. Ask your healthcare provider if there are discounts available.

Your doctor or other healthcare provider may have options to negotiate your bill, so be sure to ask.

“Many offices offer discounts for paying quickly or may waive some of your bill if asked, especially for self-pay or high-deductible charges,” Bhavsar said. “This is especially true for Georgians, as new laws have made it easier for people to access upfront cost information.”

4. Shop your insurance plans.

Insurance premiums, copays and benefits change year after year, so it’s imperative that you research those changes to your current plan before renewing.

Also, take time to shop other plans to ensure you get the best coverage for the lowest price.

“For those with Medicare, it’s vital to review your plans annually,” Bhavsar said. “Research done by the Kaiser Family Foundation found that many Medicare patients overpay for their insurance because they didn’t change their Medicare Part D or Medicare Advantage plans even though their medication needs changed. By reviewing your insurance, you can save money.”

5. Don’t skip out on preventive care.