You would’ve heard the saying health is wealth. That is absolutely true. Without good health none of your wealth will give you any pleasure.
Maintaining your health can also destroy your wealth. Medical expenses are rising at a much faster rate. As you grow old there medical expenses will keep on rising and cause a serious dent in your savings.
Medical industry is also notorious for having an ecosystem which discourages affordable healthcare. Production costs for medicine and medical equipment are far lower than the cost the end consumer pays.
But here are few ways that you can use to save money on healthcare.
1. Check for Generic medicine.
As per government regulation doctors now have to provide names for generic alternative medicines.
Generic medicines have the same ingredient when compared to branded ones prescribed by your doctor. Which means they are as effective as the branded ones.
Advantage of generic medicine is they are considerably cheaper. Generic medicines do not have marketing cost, branding cost, and big sales team which is required to push medicines to the doctors, pharmacies.
Now we have government shops selling generic medicines in all cities and villages. This can save you up to 80% when compared to branded medicines.
2. Just asked for discounts
Medicines have high margins for pharmacies. You’ll be surprised to know that you can actually very easily bargain and get 15 to 20% discount on any branded medicines. If you are a regular customer the discounts can be higher. Don’t don’t be shy, just ask for discounts.
3. Check With your doctor for cheaper medicine or free samples
I have seen doctors at times prescribing medicines as per patients paying capacity. If a patient looks well off then pricier medicine will be prescribed.
Just like you can find cheaper generic medicines, you also have brands that will cost more or less.
If you find medicines to be expensive just ask your doctor to either prescribe the generic version or ones that cost less.
As long as the ingredients are the same, they will work the same. You can also ask if there are any samples that he can give away.
4. Buy in bulk for regular medicines.
If you have certain medical conditions which require taking medicines on a regular basis for example diabetes or hypertension. Check with your pharmacies and get a regular long-term supply. Buying in such bulk qualities will offer good discounts.
5. Check for online pharmacies that offer discounts.
Everything is going online including pharmacies. There are a bunch of good options available online these days. Websites like pharmeasy.com, 1MG.com and others offer good discounts on generic as well as branded medicines.
Delivery may take a day or two. If you can wait, you can compare and buy from an online pharmacy which offers you the most discount.
Also, Keep an eye on discount coupons that are available on these websites or you can search for discount coupons on the web as well.
6. Compare prices between pharmacy
Like I mentioned earlier medicines have very high margins for pharmacies. Check around in your locality for pharmacies which offers better prices.
Some bit of legwork will save you money in the long run.
7. Check if your health insurance covers the cost of medicine.
It is good to check with your health insurance provided on medical expenses covered. Some plans, especially those provided by employers can have benefits you do not know. For example, discounts on medicines, Doctors consulting charges.
Make sure you get the most of the health insurance benefits.
8. Change your doctor.
Just like any other profession not all doctors are the same and each one has their own style of working.
If you think your doctor is expensive and prescribes medicines which are expensive you might want to look for other alternatives. You can get a second opinion and seek treatment or medicines which are better value for your money.
In the end prevention is better than cure. Maintain a healthy diet and workout regularly. Strive for a healthy lifestyle because that will help you stay fit for a long time and reduce your medical expenses significantly.
