Confronting the Financial Burden of Healthcare: Practical Strategies from a Gerontologist’s Perspective

The Harsh Reality of Healthcare Costs: A Gerontologist’s View

As gerontologist and author Jacob Kendall of The Smart Patient, so clearly states, “If you have chronic illness, disability, or any other kind of complex, ongoing, lifelong medical needs, your healthcare in the US is likely prohibitively costly.” This honest assessment shines a light on a major reality for many individuals and families across the country. It is a truth that many people struggle to face, but it is essential that we acknowledge the complex financial challenges that often come with even the most basic types of medical care. We often spend a significant amount of time and money to avoid this reality, but we must be proactive in our planning to make sure that we are not being forced into difficult financial choices simply because of a health issue. It is time to create a clear plan and also to have all of the information you need to navigate the complexities of our modern healthcare system, so you can be more prepared for all types of future issues that may arise. You have the power to protect yourself, but it does require intentional planning and also the understanding that even with a solid financial plan, challenges may still arise.

Mr. Kendall further emphasizes that, “And it’s not simple enough to say that the costs are high. You’re at greater risk of having hits to your credit because you weren’t able to pay a medical bill in time and it was sent to a collections agency. It means you have to cede other necessities and leisures, simply from being unable to afford them. And of course there are the other kinds of costs – social, mental, emotional, etc. – which also intersect with the financial costs. None of this happens in a vacuum.” This quote serves as a reminder that there is a real and human impact to this problem, and that healthcare is not just a financial issue, but that it also has a direct impact on one’s overall quality of life, relationships, and long term well being. With a more proactive approach, we can reduce the burden on individuals and families and also create more opportunities for every person to have access to the quality of healthcare that they deserve.

Practical Steps to Manage Medical Bills and Reduce Debt

While healthcare costs are indeed a major challenge, you must remember that there are still many things that you can do to take control of your situation and to manage all of your medical bills. Here are some actionable strategies, informed by Mr. Kendall’s insights, that you should incorporate into your financial planning:

• Negotiate Payment Plans: “For each medical bill, contact the billing office to see what payment plans they offer,” says Mr. Kendall. He also adds, “Choose the one that is more appropriate for you, and be consistent with your mostly payments.” Most providers are often willing to work with you to create a plan that fits within your financial budget.
• Ask Collections Agencies About Payment Options: If your bills are sent to a collections agency, you still have options available to you. “If your bill happens to go to a collections agency, ask the same question,” Mr. Kendall suggests. “They too often offer payment plans,” and these plans may be even lower, or more flexible to work within your budget.
• Organize Your Medical Bills: “Keep a binder with all your bills,” Mr. Kendall recommends. “Separate by paid and unpaid, by year and month, and by any other factor that makes sense for you. Check it at the beginning or end of each month to make sure it’s up to date.” This is about creating a system that works for you, and that is also easy to manage.
• Review Your Explanation of Benefits (EOB): “Before you pay any bill, check the EOB (Explanation of Benefits) to make sure everything makes sense; if it doesn’t, call the insurance company to inquire about it.” Mr. Kendall states. It is essential to always be your own best advocate, and to never assume that all bills are correct. Insurance companies and medical providers will often make mistakes, and you have the power to correct them and also make sure you are never overpaying for the services you receive.

By being proactive about managing your medical expenses you are reducing your risk of spiraling into a large amount of debt, and also creating a pathway for financial security. Do not be passive in this situation. Always be willing to ask questions, and also to advocate for your rights as a consumer, and as a patient.

Proactive Communication With Healthcare Providers: A Key to Lower Costs

You must also learn to communicate with your medical providers about the potential costs of care, and to make sure you are always taking all necessary steps to control your expenses, rather than just relying on their specific recommendations. Here is how you can be more proactive in communicating with your doctors and other medical professionals:

• Discuss Necessity and Urgency: “Whenever a provider prescribes a medication, test, or procedure, discuss with them the following points: how necessary it is, how urgent it is, and whether there are any (lower-cost) alternatives,” as Mr. Kendall has suggested. It’s your right to ask questions and also to challenge their assumptions, and you should always be prepared to do so, and to advocate for the most cost effective options.
• Generic Options and Drug Prices: Always compare prices between over the counter versions, generic versions, insurance coverage of the medications you need, and also to use any coupons that may be available at your local pharmacy, or also through online resources.
• Utilize Patient Portals: Always use patient portals when possible to ask questions, and also to seek advice from your healthcare provider without having to have an in person and costly medical appointment.

By utilizing all of these tips, you will be in a better position to have control of your healthcare costs, and also to make informed decisions about your medical treatment. It is important to never be shy about advocating for yourself, and also to ensure that you have a full understanding of all available options and resources that are available to you. This also helps you to create a better relationship with your medical professionals and to be a true partner in your own healthcare journey.

Beyond the Basics: Community and Online Resources

You are not alone in facing the burden of medical expenses and there are also numerous resources that are often available to you both online and also in your local communities. Here’s how to connect with these essential resources:

• Social Media Support Groups: Join social media groups that will be a source of support for individuals who are experiencing similar health problems. In these communities you will have the opportunity to ask questions, and also to share resources and support for one another.
• Online Resources: Take the time to explore all online resources that are available that can help to provide information and advice, for your specific condition and also help you navigate the complexities of medical planning.
• Community Based Support Groups: Always make sure you are connected with local non-profit organizations, that are also supporting members of your community, and may offer resources, education, and also support for those dealing with challenging health and financial issues.

By utilizing all of these resources you will also be building a network of support that will not only provide you with a broader understanding of all available options, but will also help you to connect with others who share your common goals and objectives. This will not only empower you, it will also connect you with a support network that will help you navigate your healthcare journey with greater confidence and also with more understanding.

Wills.com: Empowering You to Secure Your Financial Future

At Wills.com, we are committed to supporting you in all aspects of your financial journey, and also to help you protect your family from the financial devastation that can often result from high medical expenses. While we are not able to provide specific medical or financial advice, we want to help you create a solid foundation that will include protection for your assets, your loved ones, and also your financial future. We are here to be your partner as you plan for a secure and also a predictable path forward.

Conclusion

Managing the financial burden of healthcare requires a proactive, informed, and also a strategic approach that includes all aspects of planning for your future and also for your long term well-being. By utilizing the tips and also the advice outlined in this guide, you will be empowered to take control of your healthcare expenses, and also to protect your family from the potential financial hardships that can result from medical debt. Wills.com is here to be your partner as you embark on this journey, and also to help you take the necessary steps to create a brighter and also more secure financial future. It is time to act now and to take control of all of the financial aspects of your health care so you can be fully protected from any future financial burden that may come your way.