How to Pay Less for Your Medical Bills When You Are 55 or Older
As medical costs continue to rise, many people closing in on retirement age are wondering how to minimize the damage done by out-of-pocket expenses. Just seeing your doctor for a routine checkup can be pricey, and it can decimate your savings if expensive tests or treatments are required.
While it is always better to plan ahead, that is not always possible. If you are already 55, there are ways to lessen your medical bills, if you are willing to ask for help and spend some time researching options.
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Instructions
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Talk to a retirement specialist knowledgeable about health insurance and medical costs for older people. Many provide a free consultation so you can determine whether they are a good fit for your budget and retirement needs.
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Choose an insurance plan that limits out-of-pocket expenses, either in the form of a standard co-pay or a smaller percentage paid by the patient. This will require some research, as there are many different policies from which to choose.
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Open a Health Savings Account to lessen out-of-pocket, post-tax medical expenses. Similar in structure to an IRA, these plans allow pretax salary to be invested and withdrawn later for qualifying medical expenses.
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Ask your doctor or medical provider about their fees and whether you can pay in cash. As complicated as Medicare and health insurance billing has become, many providers find it cost-effective to lower a bill and accept cash from a patient directly.
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Negotiate with your doctor or medical provider for a lower bill. Explain your financial circumstances and what you are able to pay. In addition to setting up a payment plan, many providers will reduce their fees.
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Research whether you may qualify for Medicare. Some people younger than 65 can obtain the coverage, minimizing their out-of-pocket medical expenses.
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