5 Simple Ways to Save Money on Healthcare—From Affordable Insurance to Prescription Hacks

It’s less than ideal when doctor visits and prescription bills start racking up. With so many different aspects encircling healthcare, ensuring you’re in tip-top shape can be expensive. To help lower your healthcare expenses, we turned to the experts. Keep reading for easy ways to save money on healthcare. 

Ways to save money on healthcare

If you frequently visit the doctor, fill prescriptions or want a decent insurance premium, you might be spending a lot on your health. Luckily, there are various ways you can save on healthcare from Medicare coverage to cutting prescription costs. 

Research insurance plans

Finding affordable coverage for you and your family’s needs is an important step to saving money. “Taking the time to do your research can really pay off,” says  Cindy George, MPH, Senior Personal Finance Editor at GoodRx. “One place to start is the Affordable Care Act (ACA) Marketplace because the application will determine if you qualify for Medicaid in your state or territory, then whether you qualify for help paying premiums on an ACA silver plan.”

George also suggests opting for a plan with a high deductible if you don’t anticipate needing much medical coverage. “While the term ‘high deductible’ may sound scary, the trade-off is that these plans have very low monthly premiums,” she says. “And you’re still eligible to receive preventive care, such as annual checkups, without any out-of-pocket costs and without meeting your deductible.”

Healthcare

Medicare To Require ‘Prior Authorization’ for Procedures: What It Means

The Centers for Medicare and Medicaid Services (CMS) recently announced the launch of a program that will require individuals on Medicare to obtain prior approval from the federal health insurance program before undergoing certain procedures. It’s expected to start in 2026 in six states and will help “patients and providers avoid unnecessary or inappropriate care […]

Save money with Medicare coverage

If you are over 65, Medicare is generally the least expensive option, says Nancy K. Klotz, MD, MBA, FACP, chief medical officer at Brighton Health Plan Solutions, LLC. It’s currently the Open Enrollment period for Medicare, which means from now until December 7, you can shop around for a new Medicare Advantage (aka “Part C”) health or prescription drug plan. And it’s worth comparing costs since premiums have dropped over the past three years. To compare plans, visit the Medicare website or get personal assistance by calling 877-839-2675.

Consider a Health Savings Account (HSA) or Flexible Spending Account (FSA)

Experts agree that setting up one of these accounts is an easy way to save money on healthcare, plus they’re tax-free.  HaVy Ngo-Hamilton, PharmD, a pharmacist at BuzzRx, says Flexible Spending Accounts (FSAs) can be used to cover out-of-pocket medical expenses, including but not limited to:

• Health insurance plan deductibles
• Copayments and coinsurance
• Diagnostic testing and lab workups
• Physical therapy and chiropractic services
• Enrollment fees for medical need-specific education classes
• Dental and vision exams and related expenses
• Cost of prescription medications (even if you are using a prescription discount card) and associated refills, as well as most over-the-counter medications

In addition to using HSA’s for medical expenses, you can also use them as retirement savings. According to Bankrate, “Once you reach age 65, money held in an HSA can be withdrawn and used for any reason, the only catch being that you’ll pay ordinary income taxes on withdrawals not used for qualified medical expenses.”

Life

Does an HSA Affect Your Taxes?

An HSA can be a powerful money-saving tool.

Easy ways to save on prescription costs

Deal of the Day

This Deep Conditioning Collagen Hair Mask for Has 4.9 Stars and Is 80% Off — Get It for $20! View Deal

Saving money on medications and prescriptions can be a big help. Dr. Klotz suggests asking your doctor to prescribe the generic version of your medication instead of the brand name. “Generic options are typically as effective as brand-name but cost much less money,” she says.

Another easy way to save on prescriptions is to use a medication discount card conveniently available for free as a physical card or on a mobile app. “While these are particularly helpful for people who do not have health insurance coverage, they can also be beneficial for people who have health insurance plans with high deductibles or inadequate coverage of necessary medication,” says Hamilton. “These apps can also compare prices at different pharmacies and help you find the best discount/most affordable price near you.”

Seek out supplemental health insurance

Besides your primary health insurance, it’s worth checking if your employer offers supplemental health insurance, like hospital indemnity insurance, explains Hamilton. “This type of coverage typically provides a cash payment to assist with expenses in the event of hospitalization or ICU (intensive care unit) admission,” says Hamilton. “While it does require a premium, the cost is usually significantly lower than your primary insurance.”