This post is not directly related to anything orthopedics. But anything
related to my practice or medicine in general, I said I will discuss from time to time.
And since personal finance has been one of my interests also, I found a perfect
way to combine health or medicine, and financial management in one post.
Now
to illustrate my point, one of the highest expenses you can have in your
lifetime is health expenses. Health expenses can really drain your finances,
and it seems like health costs always go up, no matter what you do, who’s in
charge, or what laws are passed. Just like costs of basic goods, health costs
increase with inflation. In order to
save money on health expenses, there are
a few things we can do:
1.
Keep
and stay healthy.
This
is probably the most important thing. You have more health expenses if you
can’t lose your fat, or eat too much. Exercise,
eat a balanced diet, and try to take time for relaxation and stress relief. You
will need fewer doctor’s visits and will have fewer illnesses. And, while
nothing can protect you completely, good health habits in general can lead to
better disease management and protection, and less of a need for using health
care services.
Even
doctors get sick. Even cardiologists
suffer heart attacks. Even orthopedic
surgeons can suffer from fractures. No one is immune from all diseases,
especially as you grow old.
2.
Keep
an emergency fund for health expenses
You
will never know when emergencies will occur.
And if such scenario happens (knock on wood), how do you plan to pay for
your hospital bills? By cash, by credit
card, by selling your house, or by selling your kidneys? In fact, as an orthopedic surgeon dealing with
accidents or injuries and fractures almost daily, I see patients who are hard-pressed
to find money for their medical and surgical care, even those with medical
insurance. It is heart-breaking to see
patients crying in front of me because they can’t afford the treatment proposed.
Do we want to be like them?
Bear
in mind that emergency fund is money you can readily get without having to
liquidate your long-term investments.
Some recommend a 6-month worth of monthly expenses as your emergency
fund. This can be placed in savings,
time deposit accounts or even money market funds, where you can readily
liquidate them.
Some
believe that their credit cards are a form of emergency fund. Sure, you can use them especially when
required down payment by the hospital.
But make sure you pay the whole bill at the end of the billing period as
credit cards have the highest interest rate known to man (next to the “Bumbay’s” 5-6).
3.
Contribute
to Philhealth
Philhealth is our government’s medical
insurance. It will not pay for
everything on your hospital bills. But a 20-30% reduction on your medical bills
is not bad, for only a P100 or P200 monthly contribution. So unless you’re a
beggar roaming in the streets, you can afford to contribute to Philhealth. If
you are employed, this is automatically deducted from your salary. But if you are self-employed, you need to pay
personally. Be sure your payment is up
to date.
4.
Get
a health insurance
Any coverage is better than no coverage. There are
different health insurances available, but some are quite expensive. Health Maintenance Organizations (HMOs) and
life insurances provide some health benefits, depending on the type. They are
appropriate in some situations, but not in some. Just remember to understand
your coverage carefully. Many patients have incurred large medical bills, only to find
that a large portion of the bill is not covered by insurance, due to exclusions
and limits. The actual coverage under health insurance can be quite complicated
to understand, so be sure to read your policy and clarify things with your
agent.
Also,
if you already have a health insurance, check if you are paying for something
you don’t really need. You might be
surprised that you have coverage for maternity benefits when you are already
menopausal! Cut your benefits and you
may be paying a smaller premium.
5.
Buy
generic
No study have really proven the superiority of branded
medicines to generic ones. But if you’re
really doubtful of generic medicines, discuss with your trusted physician.
6.
Use
your discount cards
The senior citizen cards are the most useful
discount cards that can be used here in our country. If you’re a senior
citizen, make sure you get one and bring them everytime you purchase your
medicines. And don’t forget to bring
your doctor’s prescription and booklet as pharmacies usually require these
before they give you the discount. I once saw an elderly patient who got so
stressed at a pharmacy counter because she forgot her prescription pad and the
pharmacist didn’t want to give her the SC discount. She was arguing
relentlessly I thought she would collapse.
Don’t be like her.
7.
Ask
your doctors if their fees are negotiable
This may be
awkward, but it never hurts to ask. I
may be speaking only for myself, but as a doctor, I find giving patients discount
for PF is a good way to build relationships.
Some patients really can’t afford, so there’s really nothing we can do
about it. Many of us will be happy to be
paid today at reduced fees rather than wait 90-180 days for the insurance
company to pay us with nearly the same “negotiated” rate.
8.
Ask
help from hospital’s social service
This is not applicable to everybody,
because those who are qualified are the ones who can’t really afford. The
qualifications are stiff, but you can at least try. Even the big hospitals are required to offer a
service or charity program. You can also try to get help from PCSO or the
Philippine Charity Sweepstakes Office.
Take Home Message
We will all get sick during our lifetime.
And it is imperative that we should have a plan on how to pay and
subsequently decrease our health expenses, or we can go bankrupt with even with
just one major disease or accident. This
will ultimately help us attain financial success in life.
Can you think of other ways to decrease your health expenses?
No comments:
Post a Comment