Medical bills can become overwhelming when you’re trying to manage prescription costs and visits to the doctor’s office.
As your health becomes more complicated, tracking down the best costs and turning to payment plans become an essential part of the equation. And, fortunately, health-tech solutions are making this process easier, particularly when it comes to cost comparisons for major brand-name drugs.
Keep reading to learn how the latest health-tech innovations are helping your bottom line.
Comparison Shopping with Coupon Apps
You probably don’t want to spend your afternoons calling every pharmacy in town to see what their price is on your prescription. While you might have had to do this decades ago, today’s health tech enables a more efficient approach.
Just as you can turn to Expedia or Orbitz to compare prices on flights, you can use apps to compare costs across thousands of pharmacies. That way, you can determine the least expensive option quickly and even access digital coupons for further savings.
Maybe you use a drug to manage type 2 diabetes and weight loss, for instance. You can evaluate the Ozempic cost breakdown at lots of pharmacies in your area so you can find the one with the lowest price. Given that this drug can easily cost a few hundred dollars per month, finding coupons and better rates is critical.
For ongoing monthly prescriptions, these cost savings can be huge. And, best of all, you can use these apps from the convenience of your smartphone, no matter where you are.
Deferring Medical Bill Payments
Even with insurance, medical visits can be costly for your budget. That’s where “buy now, pay later” (BNPL) options for patients have become a game changer. When you buy furniture or gadgets, you often have the opportunity to spread out your payments over several weeks or months.
Now, thanks to the work of leading fintech companies, you can do the same with your out‑of‑pocket share of costs, and without paying interest. You’ll be able to keep your monthly spending habits in check so your cash flow doesn’t suffer.
Automated Contributions to Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)
FSAs and HSAs have become popular ways for people to stash away money each month to cover anything from routine medical visits to unexpected scans, like MRIs. But, generally, monthly contributions have been consistent amounts that don’t vary according to your financial needs at a given time.
Today’s upgraded versions of HSAs and FSAs can account for your other spending habits and automate contributions accordingly. And some even let you round up purchases to deposit the difference into one of your funds. Ultimately, when you’re ready to make a payment for a big bill, you’ll have funds ready to use.
Using Virtual Financial Assistance
Most people don’t have expertise in medical billing practices. As a result, understanding a bill and knowing how to respond with questions or payments can be tricky, even in the most user-friendly portals.
Some positive changes are making this process less daunting, however.
AI‑powered chatbots and human‑assisted services are stepping in as financial navigators to help patients determine next steps on healthcare websites. They can review insurance plans and suggest payment plans based on historical data. These navigators can flag problems like billing errors and recommend payment plans, like BNPL, that can reduce your monthly costs.
With some assistance along the way, healthcare billing can feel a little easier to manage. And you won’t have to wait on hold for someone to call you back with suggestions. AI-powered assistance can happen in real-time.
FInding the Right Financial Strategy
Balancing normal financial obligations with unexpected - or chronic - burdens like medical bills can feel like an uphill battle. But using the latest tech tools to help with anything from tackling digital prescriptions to deciphering medical billing statements can reduce the headaches. And with BNPL plans, you’ll be able to chip away at medical bills without derailing your monthly budgetary goals.
The long-term benefits are excellent, as well. When medical care can feel more accessible, patients will be more likely to make payments in a timely manner rather than deferring essential care. When you start to get frustrated about a medical care cost, remember to tap into technology to find a solution!
