Painless Savings on Medical Costs

For many people medical expenses represent a significant portion of their annual expenses. While there are few truly cheap ways to get medical care, there are ways to save substantially without sacrificing good health.

Using generic prescriptions has become one way thrifty and wise shoppers reduce the cost of medicine. It works, and at no sacrifice of quality or safety. Shopping for drugs outside the U.S. (chiefly in Canada, but sometimes in Mexico) is both a legal and quality gray area, though. Proceed with caution.

One of the largest potential savings can be had by taking a careful look at any insurance, HMO (Health Maintenance Organization), or other medical payment plan. Costs have been rising steadily, but there are still ways to offset a significant portion of the total.

Consider, for example, whether the premiums you pay for eye care and dental care really pay for themselves. In the case of many plans and people, simply dropping that coverage will not result in any increase in actual expense.

True, you have to pay out of pocket when you use those services and getting your teeth cleaned 'for free' seems like a good deal. But compare what you might pay for an annual dental visit vs your total yearly premium. It might reveal that there is no such thing as a free lunch.

The same goes for eye wear. With the availability of trustworthy prescription eye wear online, it's simple to save a couple of hundred dollars ordering over the Internet. You just need to have one checkup within the past two years or so in order to get current measurements to fill in the web form. The more recent the checkup the better, naturally.

Shopping around for medical plans is another way to save big, especially for those who do not have most of the cost offset by an employer. Those without coverage at work - independent businessmen, freelancers, those employed part-time, and more - can still often find affordable insurance.

Several online companies offer plans for as low as about $145 per month often with a $100 per month rate for the first six months. The coverage is sometimes not as extensive as a full-blown HMO paid for by a large corporate employer. But, it can work well for those looking for an annual doctor visit, emergency coverage, or a safety net in case of a serious medical condition.

The only way to measure just how much it costs and how much you can save is to research the specific firms and plans online. But that modest investment of time can and does result in hundreds or even thousands of dollars of annual savings. The easiest way to chop down the premium is to accept a higher deductible. But that potential out-of-pocket expense can be offset if you calculate the difference in the monthly premium over time. Saving only $42 per month on the premium, for example, pays for an extra $500 in deductible.

The basic idea is to be flexible and do some homework. By doing so, you can save considerable cash every year without putting yourself at increased risk.