June 6, 2023 • 14 mins
Host: Mindy McCulley, Extension Specialist for Instructional Support, Family and Consumer Sciences Extension, University of Kentucky
Guest: Dr. Nichole Huff, Extension Specialist for Family Finance and Resource Management
Season 5, Episode 39
Medical expenses are some of the most significant expenses some families have in their budgets. On this episode of Talking FACS, Dr. Nichole Huff share strategies for reducing the financial impact of medical expenses and tips for planning for future costs related to health care.
For more information about this topic and other MoneyWi$e topics, visit:
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:01):
Welcome to Talking FACS.
What you need to know about family food finance and fitness.
This nationally recognized award-winning podcast is hosted by the University of Kentucky Family and Consumer Sciences Extension Program.
Our educators share research knowledge with individuals,
families and communities to improve quality of life.
(00:25):
Hello and welcome to Talking FACS.
What you need to know about family food finance and fitness.
I am your host,
Mindy McCulley Extension Specialist for instructional support with Family and Consumer Sciences Extension at the University of Kentucky.
My guest today is Doctor Nicole Huff Extension Specialist for family finance and resource management.
(00:46):
Welcome Nicole.
Hi Mindy.
We are going to talk about medical bills and I know that a lot of people find that paying for their prescriptions or paying for their doctor visits or paying for other procedures that maybe they hadn't planned might be one of the most significant expenses that they find in their budget each year.
(01:11):
So we'll talk about some tips and strategies that you might have to help our listeners as they are confronted with these rising costs with relation to their medical bills.
So when you need to see a doctor or refill a prescription worries about money can cause people to put off getting that care that they need.
(01:35):
So what are some ways that people can lower their medical expenses?
Um Yes,
Mindy like the the cost of health care is,
is so expensive even with insurance and so um it can cause people to put off getting the health care they need or refilling a medication and we never want someone to,
(01:57):
you know,
choose between their finances and their health.
So just,
you know,
looking for ways to lower expenses is important.
And so let's,
uh,
let's start maybe with prescription expenses.
Uh,
um,
you know,
we,
we think about shopping around when we purchase,
you know,
maybe a refrigerator or a car,
um,
or even sometimes groceries,
(02:17):
but we should also shop around for our prescription costs because sometimes different pharmacies,
um,
may have different prices.
And so,
you know,
if you have a local pharmacy that you love,
don't fail to research others that could have your prescriptions at lower costs and it takes some time to,
(02:39):
to see if they have rebates offered or,
um,
savings plans or if your medication qualifies for discounts.
And so talking with your pharmacist,
but also looking at other pharmacies and shopping around,
especially if you have a,
a,
an expensive medication or consider,
um,
ordering in bulk or through the mail.
(03:00):
And so maybe your pharmacy or another pharmacy has a mail,
a program where you can,
um,
order your prescriptions to save money and then have them um,
refilled in bulk rates and so explore saving tips with your pharmacist is a good place to start.
Well.
And I know at my pharmacy,
uh there it's a posted notice that says unless we have notice from your doctor that we cannot,
(03:28):
we are going to fill your prescription with our generic brands.
So I'm guessing that that is a really great way to save money on prescription costs.
Yeah,
it is.
And,
and I think that some,
some people have,
they subscribe to the myth that generic medications are not the same and they're not the same quality,
but they are.
(03:49):
And they're a really good way to save money because the Food and drug administration,
they regulate both generic and name brand prescriptions and so they ensure they have the same active ingredients that are designed to treat the same conditions.
And so getting that generic medication may be a great way to save money.
(04:11):
Um,
but if there isn't a generic form for your prescription,
you know,
just ask your doctor talk to your doctor about affordable alternatives that can treat the condition.
And so don't forego the medication or again,
you know,
uh,
if it's putting you in a tight bond,
talk to your doctor because sometimes physicians or pharmacists can offer you samples or coupons or vouchers that,
(04:36):
um,
may be used for some of those medications when a generic brand is not available.
So those are kind of like the drugs that you see advertised that,
say,
find out how to get this drug for $5 a shot or whatever.
Right.
Absolutely.
With over the counter medications,
the same can be applied that you can use the generic version of the drug just as well as that name brand version and save significant amount of money as well.
(05:06):
Right.
Yeah,
you can,
again,
remember they are regulated and so you're not losing quality by going with generic,
but just like we talk about saving money at the grocery store by buying store brands,
um,
or loyalty cards.
Um,
you know,
using your loyalty card,
you can do the same thing with your prescription or with your over the counter medication.
(05:26):
Excuse me is look for those store brands that could save you money but know that they are regulated and so they're going to treat the same condition.
Um,
you know,
they,
they'll treat your headache the same that they may save you,
uh,
uh,
several dollars maybe have less pain in the wallet.
So,
yes.
Is there anything that we can do to keep our doctor visit costs down?
(05:51):
Yeah.
And,
and so doctors visits are again so people,
um,
may put off going to the doctor because of the expense.
And so one of the easiest ways to save money at the doctor's office is to be sure that you,
the do your preferred doctor is in your network and that you are choosing physicians that are in your network.
(06:12):
And so,
um you know,
review your health insurance policy to look.
Um So if you are,
you know,
have an annual renewal,
um you know,
be sure that you're choosing a doctor that is in your network so that you can reduce your copays.
Because when we see an out of network doctor,
it can really increase our copayments and our insurance companies negotiate with approved providers.
(06:39):
And so,
you know,
really behind the scenes,
they are negotiating a discounted rate on our behalf.
And so using their preferred providers will save you money.
And if your preferred provider is not in your network,
then maybe explore what um option if you have employer provided health care,
(07:02):
look for different options.
I know from me,
one of my,
one of my Children requires a specialist that is not in network.
And so,
um it was more cost effective for us to choose a different plan that allowed us to go out of network that expanded our network.
And so always look for your doctors by name,
(07:23):
you know,
make sure that when you are signing up that you know what,
you know who your providers are.
My doctor actually um has an app.
And so if we find ourselves needing care after hours,
we can actually go to his app and put in our symptoms and he will get back to us and say,
(07:44):
ok,
this is something that's gonna need a,
a visit tomorrow or this is something that I can call in a prescription for now and save you the visit tomorrow or you need to go to urgent care right now.
And so that is a great way I think uh to save money because if I don't have to go to that urgent care visit,
which is more expensive for me on my insurance plan than a regular doctor visit,
(08:09):
then you know,
that really does help to save me um some additional dollars.
So you might look to find out if your doctor also provides services like that.
Yeah,
that's a great tip,
Mindy like looking at how we can leverage technology to save us money to look at our choices.
And so using our our provider who is in network,
(08:31):
but using their recommendations for after hour care,
for example,
or tele help,
which is a is is something that some in the pandemic and post pandemic era that we're seeing um trend for.
Uh and always know I'll say know your plan because some tele help if you are charged an office visit or a copay and the same,
(08:55):
some doctors offices will charge for communication,
but many don't like what you just mentioned where you can run it by.
Do I hey,
do I need to come in?
Is this something that you can treat um that they can save you that step of a copay or an urgent care?
So that's an excellent tip.
Are there other ways that we can plan for larger expenses if we think that or know that we have something coming up in the future?
(09:21):
So if you are saving for,
for something larger or you know that you may um need out of pocket um medical expenses or you have an insurance premium or a higher deductible that you plan to meet um check with your,
your health care plan um or your employer to see if you can open a health savings account.
And so you can fund that with pre tax dollars.
(09:45):
Um You can have that automatically deposited through your employer.
There are high deductible health plans that meet um IRS requirements and so you can get more information on that in our money wise this month.
But when you put money into an HS A,
you can earn interest.
Um and then when you take that money out,
(10:06):
it's tax exempt.
And so it's a way to help you save money on safe or higher medical expenses,
but also to save money through tax exemptions.
Well,
and I know that it is often tempting to put off care if we think that it's gonna be expensive or that,
that it's going to stretch our budget beyond our ability to pay.
(10:29):
But sometimes when we do that,
we find that we spend more money in the end um because we have made the problem bigger than it needs to be So,
if there are ways that we can be proactive about saving money on medical expenses,
can you give us some ideas about what those might be?
Yeah.
Well,
I think you,
you kind of nailed it there that sometimes the temptation to save money by not treating a problem or not fulfilling a prescription,
(10:57):
it can cause more trouble for us in the long run.
Um,
often it is much cheaper to prevent or treat an issue early on than uh paying for it after the fact.
And so really a proactive tip,
Mindy is to view your health as an asset to realize that it is part of the like financial capital.
(11:19):
Our health is part of our human capital and it is an asset that we need to invest in.
And so,
you know,
the more we can form healthy habits with diet and exercise,
um that can be preventative.
So,
preventative measures can go a long way to protect us physically,
but also financially.
(11:40):
And if you have a medical condition,
make sure you're following the guidelines,
uh that your doctor gives you about managing that lifestyle and taking that medication because we are all prone to error.
And we know sometimes we know the right thing to do,
but it's hard to implement it.
(12:02):
And so if your physician tells you to cut out sugar or cut out alcohol or cut out gluten or to exercise or to get your cholesterol down or to do XY or Z do it.
Um So make a,
make a point um to follow the guidelines so that you can really invest in your health as,
(12:25):
as an asset.
And so that's why it's really important to have annual checkups um to have well visits even if we're not sick because it,
it allows our doctors to have um benchmarks to see blood levels and,
and just notice if conditions change or worsen.
(12:45):
And so they can identify something early on and really um preventative measures,
proactive measures are uh,
I can save us financially as well.
Nicole,
I really appreciate the fact that you have taken the time to talk to our listeners about this topic because it's probably something that many of us have not really thought about.
(13:09):
We just deal with it.
And so having the opportunity to really process and think through why we need to pay for the important health care that we receive is valuable.
If you are just tuning in,
you are listening to Talking FACS and we are available wherever you get your favorite podcast.
(13:32):
Thank you for listening to Talking FACS.
We deliver programs focusing on nutrition,
health,
resource management,
family development and civic engagement.
If you enjoyed today's podcast,
have a question or a show topic,
idea.
Leave a like and a comment on Facebook at UK F CS Ext or send us an email at UK F CS ext at UK Y dot edu.
(13:59):
Visit us online at F CS dot UK Y dot edu to learn more about the University of Kentucky Family and Consumer Sciences Extension program or contact your local extension Agent for Family and Consumer Sciences.
We build strong families,
we build Kentucky.
It starts with us.
Welcome to Talking FACS.
What you need to know about family food finance and fitness.
This nationally recognized award-winning podcast is hosted by the University of Kentucky Family and Consumer Sciences Extension Program.
Our educators share research knowledge with individuals,
families and communities to improve quality of life.
(00:25):
Hello and welcome to Talking FACS.
What you need to know about family food finance and fitness.
I am your host,
Mindy McCulley Extension Specialist for instructional support with Family and Consumer Sciences Extension at the University of Kentucky.
My guest today is Doctor Nicole Huff Extension Specialist for family finance and resource management.
(00:46):
Welcome Nicole.
Hi Mindy.
We are going to talk about medical bills and I know that a lot of people find that paying for their prescriptions or paying for their doctor visits or paying for other procedures that maybe they hadn't planned might be one of the most significant expenses that they find in their budget each year.
(01:11):
So we'll talk about some tips and strategies that you might have to help our listeners as they are confronted with these rising costs with relation to their medical bills.
So when you need to see a doctor or refill a prescription worries about money can cause people to put off getting that care that they need.
(01:35):
So what are some ways that people can lower their medical expenses?
Um Yes,
Mindy like the the cost of health care is,
is so expensive even with insurance and so um it can cause people to put off getting the health care they need or refilling a medication and we never want someone to,
(01:57):
you know,
choose between their finances and their health.
So just,
you know,
looking for ways to lower expenses is important.
And so let's,
uh,
let's start maybe with prescription expenses.
Uh,
um,
you know,
we,
we think about shopping around when we purchase,
you know,
maybe a refrigerator or a car,
um,
or even sometimes groceries,
(02:17):
but we should also shop around for our prescription costs because sometimes different pharmacies,
um,
may have different prices.
And so,
you know,
if you have a local pharmacy that you love,
don't fail to research others that could have your prescriptions at lower costs and it takes some time to,
(02:39):
to see if they have rebates offered or,
um,
savings plans or if your medication qualifies for discounts.
And so talking with your pharmacist,
but also looking at other pharmacies and shopping around,
especially if you have a,
a,
an expensive medication or consider,
um,
ordering in bulk or through the mail.
(03:00):
And so maybe your pharmacy or another pharmacy has a mail,
a program where you can,
um,
order your prescriptions to save money and then have them um,
refilled in bulk rates and so explore saving tips with your pharmacist is a good place to start.
Well.
And I know at my pharmacy,
uh there it's a posted notice that says unless we have notice from your doctor that we cannot,
(03:28):
we are going to fill your prescription with our generic brands.
So I'm guessing that that is a really great way to save money on prescription costs.
Yeah,
it is.
And,
and I think that some,
some people have,
they subscribe to the myth that generic medications are not the same and they're not the same quality,
but they are.
(03:49):
And they're a really good way to save money because the Food and drug administration,
they regulate both generic and name brand prescriptions and so they ensure they have the same active ingredients that are designed to treat the same conditions.
And so getting that generic medication may be a great way to save money.
(04:11):
Um,
but if there isn't a generic form for your prescription,
you know,
just ask your doctor talk to your doctor about affordable alternatives that can treat the condition.
And so don't forego the medication or again,
you know,
uh,
if it's putting you in a tight bond,
talk to your doctor because sometimes physicians or pharmacists can offer you samples or coupons or vouchers that,
(04:36):
um,
may be used for some of those medications when a generic brand is not available.
So those are kind of like the drugs that you see advertised that,
say,
find out how to get this drug for $5 a shot or whatever.
Right.
Absolutely.
With over the counter medications,
the same can be applied that you can use the generic version of the drug just as well as that name brand version and save significant amount of money as well.
(05:06):
Right.
Yeah,
you can,
again,
remember they are regulated and so you're not losing quality by going with generic,
but just like we talk about saving money at the grocery store by buying store brands,
um,
or loyalty cards.
Um,
you know,
using your loyalty card,
you can do the same thing with your prescription or with your over the counter medication.
(05:26):
Excuse me is look for those store brands that could save you money but know that they are regulated and so they're going to treat the same condition.
Um,
you know,
they,
they'll treat your headache the same that they may save you,
uh,
uh,
several dollars maybe have less pain in the wallet.
So,
yes.
Is there anything that we can do to keep our doctor visit costs down?
(05:51):
Yeah.
And,
and so doctors visits are again so people,
um,
may put off going to the doctor because of the expense.
And so one of the easiest ways to save money at the doctor's office is to be sure that you,
the do your preferred doctor is in your network and that you are choosing physicians that are in your network.
(06:12):
And so,
um you know,
review your health insurance policy to look.
Um So if you are,
you know,
have an annual renewal,
um you know,
be sure that you're choosing a doctor that is in your network so that you can reduce your copays.
Because when we see an out of network doctor,
it can really increase our copayments and our insurance companies negotiate with approved providers.
(06:39):
And so,
you know,
really behind the scenes,
they are negotiating a discounted rate on our behalf.
And so using their preferred providers will save you money.
And if your preferred provider is not in your network,
then maybe explore what um option if you have employer provided health care,
(07:02):
look for different options.
I know from me,
one of my,
one of my Children requires a specialist that is not in network.
And so,
um it was more cost effective for us to choose a different plan that allowed us to go out of network that expanded our network.
And so always look for your doctors by name,
(07:23):
you know,
make sure that when you are signing up that you know what,
you know who your providers are.
My doctor actually um has an app.
And so if we find ourselves needing care after hours,
we can actually go to his app and put in our symptoms and he will get back to us and say,
(07:44):
ok,
this is something that's gonna need a,
a visit tomorrow or this is something that I can call in a prescription for now and save you the visit tomorrow or you need to go to urgent care right now.
And so that is a great way I think uh to save money because if I don't have to go to that urgent care visit,
which is more expensive for me on my insurance plan than a regular doctor visit,
(08:09):
then you know,
that really does help to save me um some additional dollars.
So you might look to find out if your doctor also provides services like that.
Yeah,
that's a great tip,
Mindy like looking at how we can leverage technology to save us money to look at our choices.
And so using our our provider who is in network,
(08:31):
but using their recommendations for after hour care,
for example,
or tele help,
which is a is is something that some in the pandemic and post pandemic era that we're seeing um trend for.
Uh and always know I'll say know your plan because some tele help if you are charged an office visit or a copay and the same,
(08:55):
some doctors offices will charge for communication,
but many don't like what you just mentioned where you can run it by.
Do I hey,
do I need to come in?
Is this something that you can treat um that they can save you that step of a copay or an urgent care?
So that's an excellent tip.
Are there other ways that we can plan for larger expenses if we think that or know that we have something coming up in the future?
(09:21):
So if you are saving for,
for something larger or you know that you may um need out of pocket um medical expenses or you have an insurance premium or a higher deductible that you plan to meet um check with your,
your health care plan um or your employer to see if you can open a health savings account.
And so you can fund that with pre tax dollars.
(09:45):
Um You can have that automatically deposited through your employer.
There are high deductible health plans that meet um IRS requirements and so you can get more information on that in our money wise this month.
But when you put money into an HS A,
you can earn interest.
Um and then when you take that money out,
(10:06):
it's tax exempt.
And so it's a way to help you save money on safe or higher medical expenses,
but also to save money through tax exemptions.
Well,
and I know that it is often tempting to put off care if we think that it's gonna be expensive or that,
that it's going to stretch our budget beyond our ability to pay.
(10:29):
But sometimes when we do that,
we find that we spend more money in the end um because we have made the problem bigger than it needs to be So,
if there are ways that we can be proactive about saving money on medical expenses,
can you give us some ideas about what those might be?
Yeah.
Well,
I think you,
you kind of nailed it there that sometimes the temptation to save money by not treating a problem or not fulfilling a prescription,
(10:57):
it can cause more trouble for us in the long run.
Um,
often it is much cheaper to prevent or treat an issue early on than uh paying for it after the fact.
And so really a proactive tip,
Mindy is to view your health as an asset to realize that it is part of the like financial capital.
(11:19):
Our health is part of our human capital and it is an asset that we need to invest in.
And so,
you know,
the more we can form healthy habits with diet and exercise,
um that can be preventative.
So,
preventative measures can go a long way to protect us physically,
but also financially.
(11:40):
And if you have a medical condition,
make sure you're following the guidelines,
uh that your doctor gives you about managing that lifestyle and taking that medication because we are all prone to error.
And we know sometimes we know the right thing to do,
but it's hard to implement it.
(12:02):
And so if your physician tells you to cut out sugar or cut out alcohol or cut out gluten or to exercise or to get your cholesterol down or to do XY or Z do it.
Um So make a,
make a point um to follow the guidelines so that you can really invest in your health as,
(12:25):
as an asset.
And so that's why it's really important to have annual checkups um to have well visits even if we're not sick because it,
it allows our doctors to have um benchmarks to see blood levels and,
and just notice if conditions change or worsen.
(12:45):
And so they can identify something early on and really um preventative measures,
proactive measures are uh,
I can save us financially as well.
Nicole,
I really appreciate the fact that you have taken the time to talk to our listeners about this topic because it's probably something that many of us have not really thought about.
(13:09):
We just deal with it.
And so having the opportunity to really process and think through why we need to pay for the important health care that we receive is valuable.
If you are just tuning in,
you are listening to Talking FACS and we are available wherever you get your favorite podcast.
(13:32):
Thank you for listening to Talking FACS.
We deliver programs focusing on nutrition,
health,
resource management,
family development and civic engagement.
If you enjoyed today's podcast,
have a question or a show topic,
idea.
Leave a like and a comment on Facebook at UK F CS Ext or send us an email at UK F CS ext at UK Y dot edu.
(13:59):
Visit us online at F CS dot UK Y dot edu to learn more about the University of Kentucky Family and Consumer Sciences Extension program or contact your local extension Agent for Family and Consumer Sciences.
We build strong families,
we build Kentucky.
It starts with us.
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