Patients’ financial stress is a major concern that can seriously hamper one’s recovery process.
The stress of not being able to pay your medical bills, prescribed medications and the cost of your illness’s treatment itself has a significant negative impact on your health.
The rise of financial stress impacts the lives of many of us. This is not surprising, knowing the current tough economic conditions prevailing in various countries.
With our changing lifestyles and today’s environmental challenges, health problems are another growing concern for many of us.
Red Associated and Cognizant conducted a study in 2016 on people living in the U.S. and UK. According to the study, 36% of the people considered their biggest source of stress to be financial stress, followed by 18% who considered health concerns to be their second biggest source of stress. What if you face both of these concerns at the same time?
Many countries do not have a universal health care system; this itself burdens patients with high, stress-inducing medical bills. In some countries that lack a government healthcare system, patients die at hospital doors because they can’t afford to pay the cost of admission.
These strategies can help you to take control of your medical expenses without feeling financially stressed:
Create the right mindset
Before you can start planning to overcome or avoid financial stress, you need to create the right mindset by truly understanding the importance and benefits of taking care of your health and having good health insurance coverage.
Just thinking that you do not have enough money can induce all-consuming stress. Create a clear financial projection to get a realistic picture of your finances that will help you understand the real challenges.
Evaluate your medical expenses
Research the cost of treatment, doctor’s consultations, and other options; the same treatment can likely be provided by different doctors and hospitals at a lower cost.
Prepare a list of what is and isn’t covered by your health insurance to arrive at the estimated cost of your treatment.
Reduce spending
Prioritize your needs during your treatment period and see where you can reduce spending so that you are able to cover your medical expenses without feeling burdened.
Minimal changes in your lifestyle can help you realize savings. Instead of eating out regularly, start preparing your food at home. This way you can also ensure that you’re eating healthy, which will help you recover faster while saving you money.
Compare costs
Another way to reduce your expenses is by identifying alternative, cheaper sources of services. For example, if your treatment requires that you remain active and exercise regularly, walk in nature or use YouTube workout videos by expert trainers on YouTube instead of hiring a trainer or paying for a gym membership.
Purchase health insurance
Whether you are purchasing a new policy or are already insured, be sure to check the policy and its terms in detail to make sure you will be getting the proper coverage. If your current coverage does not provide adequate coverage, be sure to upgrade your insurance plan to avoid the accumulation of debts and unpaid bills.
In most countries, national health insurance (NHI) does not fully cover the cost of your treatment. So, even if you have NHI, purchase a policy that will cover the rest of your medical expenses.
Ask for contributions
If you’re still short, consider asking those you care about for contributions and donations. Many people have the habit of helping others and some may well be willing to help you cover your medical bills.
Borrow money
Should you decide to borrow money from a bank or individual, read the agreement carefully and make sure that you are able to cover the installments.
Financial stress combined with health problems may have you feeling as though the financial stress caused by your medical condition is unsolvable. Rather than giving into these negative feelings, create a realistic overview of your medical expenses and use the tips shared in this article to create a solid financial plan.
Does one of your loved ones struggle to cover the cost of their medical treatment? Then please share this article with them.
