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Nov 01

How To Plan And Reduce Hospital Bills And Medical Expenses?

Reading Time: 2 mins

With rising inflation, medical bills are constantly surging, and they are expected to increase even more in the coming years. Moreover, the medical inflation rate of India stands at 14%, which is the highest among all Asian countries. 

The increasing healthcare cost has made several individuals sceptical of availing quality medical attention. However, there are a few ways through which you can reduce your hospital bills. Find about them below:

Compare Costs

Before undergoing a medical process, consider finding out about its actual cost. Before making a decision, you can refer to your friends or experts to know how much a procedure costs. For a convenient research process, you can use the internet and post your questions on an interactive website.

Go for Generic Medicines

You can find two types of medicines at a pharmacy – generic and combination. Generic medicines are non-branded medications which a pharmaceutical company can manufacture without a license. An example of a generic drug is Paracetamol. Combination medicines have one or more drugs which feature patents by the manufacturer, making them a costlier option.

Ask for Discount

You can always ask for a discount at a hospital, diagnostic centre or pharmacy. In some situations, you may land up with better pricing. However, while doing so, remember to be courteous and back away if the manager does not allow discounts. You should not pressurise the pharmacy for a lowered pricing.

Go for An Affordable Diagnostic Centre

Different diagnostic centres tend to have different pricing charts for the tests. This works similar to hospital pricing charts. Thus, before going to a diagnostic centre, consider knowing their charges. If you find an affordable option somewhere else, you can get your tests done there at a reduced cost. However, don’t let the cost factor affect you so much that you make a bad decision, as many diagnostic centres provide incorrect and even false reports by charging less money.

Know The Government’s Pricing

If you are too worried about the pricing, you can go to the Central Government’s website and look for the pricing of more than 1700 tests. Note that these rates are extremely low. You might have to pay more if you choose a private lab or hospital. However, this list can help you keep a reference point and explain the benefits of hospital cash insurance.

Purchase A Health Insurance Plan

This is the most crucial thing to consider if you want quality healthcare services without worrying about the cost. A health insurance plan will cover your treatment cost and save you from financial trouble. Additionally, you can also purchase a few add-on covers on top of your insurance policy to maximise health coverage. In this regard, you can compare different health insurance plans by different providers online. This will let you find the plan that works best for your situation.

Having said that, the best way to save on medical bills is by staying healthy. Incorporate healthy living practices throughout your everyday routine to achieve better physical and financial health. Pocket insurance plans are need-based insurance products that extend adequate coverage for different financial requirements of life. One can conveniently avail it from reputed insurers and meet hefty expenses.

DisclaimerMoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.


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