Shrink your medical bills
June 23rd, 2010 | 
Author: Shrink your medical bills
Are your medical bills increasing every year? When it comes to getting a health facility for ourselves or our family, we always look for the best facility available and the economics are also to take care off because health facilities are getting expensive due to the increase in complexity of diseases. Here are some plans to cut short your medical bills and still getting the best health facility.
Health Savings Account: A high deductible health insurance policy is economically feasible. By increasing the deductible by a thousand dollars or more you can considerably reduce premiums. Instead of saving that extra money and spending it because all the medical expenses you will pay will be tax free whereas the amount you will spend for non medical reasons will not be tax free so getting a larger health savings account can earn you tax savings as well as you can get the medical coverage to larger extent also, hence savings as well as no worries about medical coverage.
Retirement Fund buildup: Health saving accounts are building money all the time, the money that you are not spending on medical expenses stays in the account. The money is sitting in your account and you are also accuring interest over your money. And if you have luckily a good health and you did not spent that money, you will get a good retirement fund later on.
Save Taxes: Health Savings account can also exempt you from taxes over the money which is sitting in you health account, although there is a limit on the amount you can put in your health account, but make sure that you are putting in max allowable amount in the account.
Medical tourism: It is a perfect way to get best medical care in a surprisingly affordable way over the globe. E.g. India has a large array of medical facilities by experts in different disciplines of medical science and the health facilities are relatively cheaper. India is leading in selling healthcare expertise over the world like allopathy, ayurveda,yoga and meditation etc.
World has become a global village where there are diverse ways to achieve different objectives, like we can adopt above mentioned ways to take care of our health in a efficient way.
Posted in Budgeting
I’ve heard of a lot of Canadians in the past going to America for major operations. The competition in the medical industry does make things more expensive, but it also ensures better quality. Alternative medicine is picking up as well.
Thanks for the info on how to shrink my medical bills. I don’t want too much change here. Happy the way we are.
Medical tourism is very hot. I have connections in the Third World and often wondered what it would take to start a business providing medical tourism services.
I bet it could be very lucrative !!
I would love to save on my monthly medical insurance for my daughter. I pay $400 a month for a toddler! I thought about raising our deductible but then if something were to happen I wouldn’t be able to come up with thousands of dollars to pay that large chunk. I figure be poor month by month but be safe rather than wait it out with a big savings and need surgery or something and then end up in a ton of debt.
Great, I really agree & support all initiatives & ideas for great health & nutrition for all. Thanks for your wonderful post.