Have you ever been admitted to a hospital and had your eyes bulge out of their socket after seeing the expensive medical bill?
There is a saying that when we are young, we work too hard and trade our time and health for money. Then, when we are old, we trade our money to hopefully gain back some health.
This is especially true because there are so many people who work hard to save money but the interest earned is barely enough to cover the inflation of medical costs.
As more and more people realise just how expensive hospitalisation is, here are other helpful tips on how to cut down on medical expenses.
1. Sign up for insurance with hospitalisation and surgical benefits
There are two types of medical insurance coverage. The first one covers 36 types of critical illnesses, while the second one covers hospitalisation and surgery.
This video will explain the differences and how you can plan to get yourself medically insured.
Personal health should be the top priority. You can’t go to work if you have a high fever, and even if you do, you won’t be that productive.
2. Prepare previous test reports and decline unnecessary add-ons
To lower the cost of your medical bills, be sure to keep your updated health test results with you.
As the hospital staff will refer to the results that you have at hand, you could potentially save money and time by not undergoing another round of tests.
However, bear in mind that not all previous results are helpful when you want to cut costs. Some tests need to be taken again to provide progress updates on your current health situation.
Another thing to remember is that when you have a hospital room, you can always decline offers to have a television set, a fridge, or any additional appliances that might add to your costs.
3. Consult a practitioner rather than a specialist
We cannot predict when we are going to get sick. The best thing we can do is to take good care of ourselves.
But, when you’re struck down by an illness and really need to go to a hospital for treatment, consult a general practitioner first instead of a specialist.
This is because general practitioners are more affordable, and going to a specialist would cost nearly double the amount.
But you should always go to a general practitioner whom you trust. Otherwise, you might end up paying even more anyway.
4. Always request for an itemised billing statement
If you would like to invest in your health, you have to take note of every single thing you are paying for at the hospital.
Ask the hospital to provide you with detailed information on your medical bill, from something as small as cotton balls down to the drug that was administered.
5. Ask for a discount
You may be asked to show proof of your salary so the hospital can estimate if your income is suitable for a discount or not.
If you have a fairly low income, the hospital could grant you a discount or provide you with an installment plan.
If the hospital cannot provide you with a discount, you can always ask for the approximate amount you need to pay for the entire duration of the treatment.
This is usually done by customers who have a tight budget, as they can set aside money beforehand since they already know how much it all would cost.
6. Get help from your employer
Your company can help you shoulder hospitalisation bills, especially if your injury or accident is work-related.
Some companies provide free annual checkups and other tests like physical tests, reproductive tests and drug tests. Some of them also offer extended medical services for your children or your partners.
So, be sure to ask your manager or HR officer about your company’s medical coverage and plans.
As health is very important, be wise and resourceful enough to save on medical bills and ensure a healthy and happy life.
This article first appeared in kclau.com.
KC Lau’s first book Top Money Tips for Malaysians has sold thousands of copies. He launched the first online personal finance course specifically designed for Malaysians, entitled the Money Automation System. He also co-founded many other online financial courses including the Bursa Method, Property Method, Founder Method and REIT Method.