Saving money on health care costs for your teenager starts with budgeting for them. There is no denying that health care costs in the United States are astronomical even when you have health insurance. There are ways you can stay focused on saving money and ensure that your teen gets high-quality health care, so follow these tips to stay on track with your budget while saving money.
You Should Have a Health Savings Account
One of the biggest complaints about health insurance in America is the cost of deductibles. Deductibles are what you pay out of pocket before the health insurance starts paying. One of the ways to mitigate the cost of a high deductible plan is to set up a health insurance savings (HSA) account.
An HSA is a savings account that you can use to cover medical costs for you, your partner, or your dependent. The beauty of these types of accounts is that they are tax-deductible, and you can use them for covering medical expenses tax-free.
An HSA can be a win-win option. You can reduce your tax liability, which, of course, should be a part of your saving money plan, and it provides easy access to the cash you need to cover health care expenses. These accounts roll over year after year, so whatever you do not use this year will be there next year. You can carry these types of accounts all the way through your retirement long after your teen has flown the nest.
Prevention Is Key
Saving money on health care costs for your teen and your entire family starts with prevention. Good nutrition, good health habits, annual checkups, and a focus on healthy living can help to keep costs down. Preventive care is often covered by health insurance. Even if you do not have health insurance, it is always best to pay out of pocket for a checkup and preventive care than it is to have to pay for a cure.
Ask For a Break
Most people do not realize that medical costs are in fact negotiable. You can ask for a discount at the doctor’s office, and you should. Saving money on health care sometimes comes down to asking for savings.
For example, let’s say your teen has some acne problems, about 85% of teens do. As a matter of fact, over 50 million people in the U.S. suffer from acne. When you make a dermatologist appointment for your teen, ask if they are running any specials for new patients. Ask about discounts.
It may sound strange to ask a medical provider for a discount, but keep in mind, a medical provider is likely a small business owner that needs patients as much as you need the care. Remember, nothing ventured is nothing gained. Ask about saving money for their service, especially if you have high upfront costs.
Ask About Payment Plans
According to a recent study, about 50-75% of Americans could benefit from seeing an orthodontist. Braces are expensive, but you can make them more affordable by asking about a payment plan. The same is true with other health care services. Making a monthly payment that fits into your budget can help to keep your savings safe. Sometimes saving money on your teen’s healthcare costs requires an innovative approach.
You can save money on health care costs for your teen with some planning and taking a new approach to finding ways to save. What will you do with the money that you save? Maybe buy a nice piece of jewelry for yourself or your teens? The online jewelry market is booming and estimated to rise to the $7.6 billion mark. Wouldn’t it be nice to invest in a nice gift instead of forking over all that cash to medical costs? Follow these tips and you will start saving money on health care costs and be able to redistribute some of the wealth to the things that bring you joy.
