9 Costly Financial Mistakes at the Doctors Office

Managing a chronic health issue can lead to significant medical expenses. With healthcare costs soaring in recent years, many individuals face the daunting reality that expenses for visits, medications, and treatments could drain their finances or put them into debt.

Fortunately, there are strategies to reduce healthcare costs. Many individuals overlook valuable discounts. Below, discover some common pitfalls that may cause you to overspend at the doctor’s office.

1. Failing to compare prescription prices

The cost of medications can greatly differ between pharmacies. Sticking to one pharmacy without comparing prices may result in overspending on your prescriptions.

Utilizing tools like GoodRX allows you to check prices at various nearby pharmacies, ensuring you secure the best deal. For instance, if you were to fill a prescription for the antidepressant Lexapro at Walmart, you would pay $46.29, whereas at Costco it would only cost you $10.50.

2. Not inquiring about generic alternatives

Choosing brand-name medications when prescribed can lead to significant expenditures—often hundreds or even thousands of dollars. For example, a prescription for Crestor (used for high cholesterol) may set you back around $825 for a 90-day supply, while the generic equivalent, rosuvastatin, would only cost about $96 for the same duration.

When visiting your healthcare provider, always ask if a generic option is available to save money.

3. Overlooking discount prescription cards

If you lack insurance and require a prescription, be prepared for high costs. However, there’s a possibility that you won’t have to pay full price.

By enrolling in free discount programs, you can often access significantly lower prices. For example, signing up for FamilyWize can provide discounts of up to 90% on your medications. (See also: 7 Ways You Can Save Money On Prescription Medications)

4. Missing appointments

Many healthcare facilities are enforcing no-show policies, resulting in fees that can range from $20 to the full cost of a visit, potentially leading to hundreds of dollars in charges.

If you’re unable to attend an appointment, notify the office ASAP to cancel or reschedule. Doing so early can help you avoid incurring no-show fees.

5. Late payment of medical bills

Failing to pay your medical bills on time can result in accumulating late fees and interest, causing your debt to grow. Additionally, if your outstanding balance is sent to collections, it can negatively impact your credit score.

Always strive to make timely payments. If you’re at risk of falling behind, contact the medical office to discuss potential payment plans. Being proactive is more beneficial than ignoring the situation.

6. Using the emergency room for minor ailments

Utilizing the emergency room for non-emergency situations, such as minor injuries or illnesses like the flu, can lead to exorbitant costs. A report from the Health Care Cost Institute noted that the average cost for an emergency room visit is approximately $1,917—a stark figure for treating something as simple as the flu.

Often, urgent care facilities provide a more economical solution for minor issues, typically charging between $100 and $200. These centers can address various minor conditions, including fractures. (See also: Urgent Care or ER? How to Decide Where to Go)

7. Not negotiating medical fees

While it may not be possible to negotiate copays or coinsurance amounts set by your insurance provider, you can negotiate the costs of services and treatments that insurance won’t cover.

If a necessary procedure is denied by your insurance, inform the office administrator that you will be paying out-of-pocket and inquire about any available discounts for cash payments. Often, you may find that paying in cash could be significantly cheaper than using your insurance. (See also: 7 Ways to Negotiate Medical Bills)

8. Visiting out-of-network providers

Switching from your long-time doctor might seem challenging, yet if they operate outside of your insurance network, this could become an expensive error.

Depending on your insurance plan, fees accumulated from an out-of-network doctor may be partially or wholly unregulated. For instance, an HMO may not cover a visit at all, meaning you’ll be financially responsible for the full charge. Therefore, investing time into finding an in-network provider can save you substantial costs in the long run. (See also: How to Choose the Best Primary Care Physician)

9. Failing to retain copies of your test results

Whenever you undergo tests such as MRIs or blood panels, request copies of your results from your medical provider or laboratory. Keeping these records can be beneficial later on, allowing you to bypass additional expensive tests if another physician needs to review your health history.