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Help Build Your Health Care Savings With Atlas Credit Co. 

Are you trying to figure out how to save for medical expenses? Let us help you with a quick and simple personal loan. At Atlas Credit, we have served our customers since 1968. We offer various long-term repayment options, which means more medical expense savings for you while making smaller payments to us. We will work with you to help you make sure you have a loan repayment plan that best suits your budget. 

We offer the best online personal loans ranging from $100 to $1,400. Even if you have bad credit or no credit, don't worry! At Atlas Credit, every customer is more than just a credit score. We regularly provide loans for people with less-than-perfect credit to help them get back on track. Our entire process is transparent, and our terms and fees will not change throughout the loan agreement. When you work with Atlas Credit, you get nothing less than superior customer service from start to finish.

To apply for a personal loan with us today, call us toll-free at 903-258-9965 or submit an online loan application

When managing the typical expenses required for daily living, most people have everything figured out. They have a plan for what days they pay their utilities, keep track of when rent is due, and never miss a car payment. However, many of us forget about something as crucial as all those other expenses — budgeting medical expenses. Learn why it is so vital to budget health care costs and create a budget that works best for you. 

Why Budgeting Health Care Should Be a Priority

It should not come as a surprise to learn that Americans spend a substantial amount on out-of-pocket health care costs each year. Between copays, high deductibles, and policy premiums, average monthly medical expenses continue rising. According to one study, U.S. health care spending rose nearly $1 trillion from 2009 to 2019 when adjusted for inflation. The long-term impact of the COVID-19 pandemic will likely affect health care costs even more in the years to come.

 While it may seem sufficient to go with the flow and pay as things come up, it is not the ideal way to prepare for medical expenses. With health care costs reliably increasing, it's essential to be well-prepared for checkups, prescriptions, medical emergencies, and more. 

In your budget, medical expenses should take the same priority as food, transportation, and rent. Instead of thinking of health care budgeting as a "nice-to-have" item, you should consider it a must-have. Unfortunately, many Americans skip going to the doctor because they believe they can't afford it. A 2020 nationwide study revealed that 32% of U.S. families had declined medical care due to cost. 

Health Care Budget Planning

When budgeting medical expenses, start by breaking them down into three primary categories. 

1. Fixed Premium

The fixed premium is the amount you pay every month to keep your health insurance instated, either through the federal Affordable Care Act or your employer-provided plan. If your employer deducts health expenses from your paycheck, it's wise to check with them to see what options are available.

2. Routine Expenses

The money you budget here will go toward things you generally expect. Consider maintenance prescriptions, copays for annual checkups, and any other predictable types of medical expenses. Though the price of these can fluctuate, looking at what you've paid in the past will give you a foundation to start with. You can always figure out how to add to it. 


unexpected expenses

3. Unexpected Expenses

Medical emergencies such as household accidents can happen without warning. Save money for unplanned emergency room trips or urgent medical procedures. 

When planning for these expenses, it can be challenging to figure out where to start. However, reviewing all your insurance receipts, bank, and credit card statements can be a wise place to begin. You can also contact your health care providers and insurance company for documentation of last year's expenses. Once you have gotten this information, add up any out-of-pocket costs over the past year and use that as your starting point for saving. 

You should also be sure to add some wiggle room for future costs. For instance, maybe your doctor has scheduled you for a screening or surgery you did not have to worry about last year. Or, perhaps you would like to start or expand your family. You can always learn more about how much your policy covers and what you might owe out of pocket by speaking with an insurance company representative about your plan. 

Emergency Funds

You never know when an accident may happen, and it could cost you a pretty penny. According to a Federal Reserve Board report, in 2018, one-fifth of adults had major, unexpected medical bills to pay, with the median expense between $1,000 and $4,999

These sobering statistics paint a clear picture of the importance of setting aside money for surprise medical expenses. 

Ideally, your emergency medical fund should be enough to cover all your living expenses for three to six months, in case you can't work. It is understandable if that number seems unrealistic to achieve all at once. A recommended starting point is to have at least $1,000 available. 

When you start your emergency medical fund, consider setting a target savings goal based on the maximum amount you would pay out of pocket after insurance. Save this amount regardless of whether you live alone or have a family to support. If you have a chronic illness requiring ongoing care, increase the total savings goal amount. 

Different insurance companies offer varying insurance plans, so read the fine print to understand what your specific plan covers. In some instances, if you've received emergency medical attention from an out-of-network provider, your insurer might not reimburse you. Consider this when you are budgeting for unexpected health expenses.

Different Health Savings Tools

What percentage of income should go to health insurance? Ideally, you should try to save between 5 to 20% of your income for health expenses. Saving for health expenses doesn't have to be overly complicated. Learn about some of the most popular ways to help you budget in this area.

health saving account


Health Savings Account

When planning your health care budget, a health savings account is an excellent way to start. Health savings accounts are FDIC-insured, which protects your nest egg if the bank fails. Not only that, but your savings will have the chance to grow with interest. It can be a challenge to save much money when you are already on such a tight budget from other priorities and expenses. However, a savings account will allow you to put away small amounts at a time and watch interest accumulate gradually. You can also receive contributions to your HSA through your employer and roll over funds from year to year. 

Flexible Spending Account

Flexible spending accounts are probably the most convenient way to place money into savings for health needs. When you choose to save with a flexible spending account, you can opt to withhold a specific amount of money from each paycheck and deposit it directly into your qualifying account. Either you or your employer can make contributions. However, the law prohibits employer contributions from exceeding a maximum amount. FSAs also have a downfall in that the amounts saved do not roll over at the end of each year. 

Health Reimbursement Arrangement

This savings method differs from the previous two because your employer controls the account, and you cannot add money yourself. You are only allowed to spend the money on predetermined medical expenses. One of this plan's benefits is that you can roll over any existing savings to the following year. However, if you leave the company, the funds do not go with you. 

Tips to Save on Health Care

Tips to Save on Health Care


Health care costs continue to rise. Fortunately, there are a lot of ways to help you save on health care expenses. Discover some helpful tips to help you maximize your health care savings. 

Choose the Right Plan for You

Since every health plan is different, choosing the best coverage for yourself and your family may seem overwhelming. While higher-premium health plans cost more each month, they also tend to provide more extensive coverage. If you have medical needs that require continuous care, a higher premium could prove beneficial. 

However, if you do not need such an extensive health care plan, choosing one with a higher deductible and a lower premium could help you save money in the long run. Also, be sure to consider factors such as prescription drug coverage and whether you need vision, dental or mental health coverage.

Seek Medical Attention From In-Network Providers

As mentioned earlier, medical attention can cost a lot more out of pocket if the providers are out of network. One of the easiest ways to save expenses from this issue is to exclusively choose in-network providers. Since those professionals have a contract with the insurance company, it will typically result in lower charges for your medical needs. 

Take Advantage of Your Benefits

If your insurance company provides medical benefits, be sure to use them. Your insurer likely offers full coverage for preventive health measures such as mammograms, vaccines, and wellness visits. Pregnancy also generally warrants full coverage. If you are unsure what benefits you're eligible for without incurring additional out-of-pocket expenses, consult with a health plan advocate. A medical case manager can also help you find the best uses of your benefits, especially if you have a chronic condition. 

Cut Prescription Costs

A great way to save on health care is to be proactive in getting the lowest price for prescription medications. Ask your health care provider for the generic form of the prescription drug instead of the name brand. In most instances, the generic brands cost less, but are chemically identical. You can also ask if there is a cheaper alternative to the medication they are prescribing. Additionally, remember to always take your prescription medications as directed to prevent any further health issues. 

Inquire About Outpatient Facilities

If your doctor recommends a specific treatment or surgery, it can never hurt to ask if you can have it done at an outpatient facility. Outpatient clinics tend to cost less than having the same procedure done in the hospital. Your insurance provider may be willing to cover more costs associated with an outpatient procedure.

Learn Your Health Plan

Learn how to save money on health insurance by familiarizing yourself with your health plan. Every health plan has three primary components you should understand and pay close attention to. Get comfortable with how each of the following influences your health care costs.

 

  • Deductibles: These are the amount of money you must pay out of pocket before your benefits can begin. Well-child visits, annual physicals, and other preventive care may incur no extra costs if you choose an in-network provider. Additional medical needs will be your financial responsibility until you pay the required deductible. 
  • Network providers: Staying with in-network providers will allow you to save money, as your insurance plan will pay more of the medical expenses. A network consists of doctors, pharmacies, clinics, and hospitals that have agreed to work with your insurance company to offer discounted rates.
  • Copays/coinsurance: These terms refer to how much you must pay to visit a doctor or have a procedure done, regardless of whether you have paid your deductible. However, if you stay in-network, preventive care measures remain at no cost to you. 

Help Build Your Health Care Savings With Atlas Credit


Help Build Your Health Care Savings With Atlas Credit Co. 

Are you trying to figure out how to save for medical expenses? Let us help you with a quick and simple personal loan. At Atlas Credit, we have served our customers since 1968. We offer various long-term repayment options, which means more medical expense savings for you while making smaller payments to us. We will work with you to help you make sure you have a loan repayment plan that best suits your budget. 

We offer the best online personal loans ranging from $100 to $1,400. Even if you have bad credit or no credit, don't worry! At Atlas Credit, every customer is more than just a credit score. We regularly provide loans for people with less-than-perfect credit to help them get back on track. Our entire process is transparent, and our terms and fees will not change throughout the loan agreement. When you work with Atlas Credit, you get nothing less than superior customer service from start to finish.

To apply for a personal loan with us today, call us toll-free at 903-258-9965 or submit an online loan application


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