Affording healthcare is difficult. Insurance pays for some of the cost. If you qualify, government-sponsored Medicare or Medicaid may pay all or part of the bill. Sometimes, your job or a family member’s health plan covering the one needing supplies may foot the bill. However, even with insurance, many medical supplies and other essentials are paid for out-of-pocket.
Medical costs add up and take a toll on a family’s savings. However, knowing which vendors sell for less, where to buy in bulk, and what may be used as a cheaper substitute helps make a dollar go further. In addition, caregivers can help one another by sharing that information.
Insurance - Government or Private
Affording healthcare without some form of insurance is almost impossible anymore. While all Americans should have access to medical care after the passage of the Affordable Care Act, the basic insurance provided by the Act provides minimal Coverage leaving the individual with the responsibility of significant medical bills or limited access to healthcare services.
Government-sponsored insurance (Medicare or Medicaid) has better coverage than the Act, while Third-Party payors (Employer-Provided Coverage) often pay the best. Each form of insurance has restrictions and limitations requiring compliance.
Many supplies and services needed in providing care are not covered by insurance. All expenses not covered by insurance are considered out-of-pocket costs. Patients with complex or long-term medical conditions may accrue thousands of out-of-pocket expenses. What are some issues associated with managing healthcare costs, and what can you do about them?