Ways You Can Cut Down Your Medical Expenses In 2017

Healthcare is a top personal and financial priority for most of us. In fact, health is one area where we should not compromise on spending, as good health is the overriding factor of life. Everything else is secondary. You can earn better, provide for your family better, be a better citizen, contribute to charitable causes, and so forth, only if your own health, and that of your family, is reasonably good.

Unfortunately, the skyrocketing cost of healthcare services, medical insurance premiums, and prescription drugs can be a real challenge. Medical care is not cheap anymore. One visit to a doctor can set you back by a good sum of money. The hospital fee alone is scary. Add to that the cost of medicines and follow-up visits, and you are in for a bit of a shock.

So, what can you do to cut down your medical expenses in the coming year? The good news is that there are some steps you can take to keep the costs down, and it is not too difficult to take those steps. Here is a list of things you can do to cut healthcare-related expenses:

• Increase your awareness level

Most Indians have a budget to factor in medical expenses and health emergencies, such as surgery or a hospitalization. But we often overlook smaller healthcare-related costs. We do not realize that we spend a considerable amount of money every month on over-the-counter medicines, particularly for chronic ailments such as diabetes, high blood pressure, allergies, and so forth. A recent study by the National Sample Survey Office says that Indians spend almost 70% of their out-of-pocket healthcare expenses on medicines alone. Being aware of our monthly medicinal requirement, and a clear idea of how much we spend on it is the first step in planning how to cut the overall expenses.

• Switch to generic prescription drugs whenever possible

Patented and branded medicines are costlier, but not necessarily more effective, than generic drugs. Generic drugs have much the same efficacy but cost much less. And in India, it is nearly always possible to find a generic substitute. India is one of the largest producers of generic drugs, making up almost 75% of the total pharmaceuticals market. If you take the trouble to look for a generic substitute or an alternative brand, it is quite possible to secure a saving of 50% to 70% on medicines. Do not be embarrassed about asking your doctor to prescribe a generic alternative. If the physician writes “allow generic substitution” on all prescriptions, the chemist will be able to provide you cheaper medicines nine times out of ten.

Moreover, cheaper substitutes manufactured by reputable companies are perfectly acceptable and will be as effective as their more expensive counterparts. So, get into the habit of searching online on e-pharmacy portals for cheaper alternatives. And familiarize yourself with active ingredients in medicines, so you will know how to hunt for substitutes. Learn to search for drugs containing salts that are from the same pharmacological class.