5 Ways to Impact Your Healthcare Expenses
February 17, 2014Although the Affordable Care Act may not have immediately impacted your healthcare expenses, the insurance landscape is still uncertain and providers may eventually increase rates for coverage. Even if your expenses are already low, it’s still a good idea to try and decrease what you pay for healthcare in order to offset any potential price hikes that may be around the corner. Here’s a look at five ways to keep your medical costs low this year.
1. Eat a Better Diet
Don’t feel guilty about loving red meat. You don’t have to cut it out entirely, just scale it back a bit. Try introducing some poultry or seafood into your diet and supplement it with fresh vegetables and fruits. When possible, check out farmers markets or locally grown produce at your grocery store. Often these fruits and veggies are cheaper and fresher than items that have been transported from a distant mega-farm. Swap out red meat with fresh foods and you can reduce expenses and improve your health by lowering your risk of heart disease and diabetes.
2. Begin an Exercise Regimen
A decent dose of exercise can reduce your healthcare expenses just as much as eating right can. When you improve your immune system by working out, you allow your body to better ward off illnesses and strengthen your cardiovascular system. Just make sure if you join a fitness center that you do so in a budget-friendly fashion. Get a Gold’s Gym membership and you can save big over more luxurious facilities. Better yet, purchase some dumbbells from Craigslist or Play It Again Sports if there’s a location in your area – remember, a home gym has no membership fee.
3. Consider a High-Deductible Health Plan
When researching your health insurance options, be sure to look into high-deductible health plans. If your health is relatively sound, you can save a lot on monthly premiums. A shrewd way to complement this strategy is to open a health savings account. These allow you to contribute funds pre-tax and possibly choose where they are invested. You can withdraw your money tax-free as long as it’s used for qualifying medical expenses. Any amount left in the account rolls over into the next year. Individuals can contribute up to $3,300 in 2014 and families can contribute up to $6,550.
4. Raise Monthly or Yearly Deductibles
In addition to getting a high-deductible health plan, you can raise your deductibles if you don’t anticipate frequent doctor visits or regularly needing to fill prescriptions. By doing this, however, you can expect to pay more out-of-pocket if you need a trip to the emergency room. When going with a higher deductible, set aside adequate funds to cover those out-of-pocket expenses.
5. Eliminate Unhealthy Habits
We all know that drinking and smoking are bad for you. If you’re doing too much of either, commit to cutting back or quitting entirely. Don’t forget about other unhealthy habits that may be part of your life, too – like sitting. Doing so for long periods of time is bad for you because it increases your chances of obesity and other diseases. If your job chains you to a desk and chair all day long, switch things up a bit. Make sure you’re getting up and walking around a few times per hour. Also, if you find yourself with eye strain from looking at a computer screen for the majority of your day – use the “20-20-20 rule.” Every 20 minutes, focus on an object that’s at least 20 feet away from your desk for 20 seconds.
Final Thoughts
According to Fidelity, the average 65-year-old couple can plan on paying $220,000 in healthcare expenses during retirement. That’s an astonishing number. It’s important to do what you can now to improve your health so your golden years won’t turn to brass. Conserving money on healthcare in the short-term is important, but in the long-term you can save a bundle by living a healthier overall lifestyle.
What ways can you think of to reduce healthcare expenses?