Save on medical bills – Healthcare is a serious item on the budget of most American households. Medical bills and prescription drugs are costly nationwide, which is why over 40 million people in this country don’t have health insurance. That means that one third of Americans either don’t get preventative care, pay out of pocket, postpone medical care or simply don’t get treated. Another 38 million have inadequate health insurance. But there are ways to save on medical bills so you can keep your family safe, just continue reading this blog from the accountants in Miami Beach.
Claiming Your Medical Bills on Your Taxes
The accountants from Miami Beach know the IRS offers some help in regards to medical bills. Some of the expenses are partly tax deductible. But you need to what qualifies as a medical bill and how to claim it. For 2017 and 2018, the IRS allows medical expenses to be deducted if they exceed 7.5% of your adjusted gross income. That’s your taxable income minus any adjustments like IRA contributions or student loan interest. But by January 2019, all taxpayers can deduct only the amount of the total unreimbursed allowable medical care expenses that exceed 10% of their adjusted gross income.
Preventative care, treatment, surgeries, dental and vision, visits to psychologists and psychiatrists all qualify as a medical expense. You can also save on medical bills by claiming hearing aids, contacts, prescriptions medication and the like. The accountants in Miami Beach remind you to also deduct the traveling expenses you racked up in order to get medical care such as bus fare, mileage, parking fees and the like.
Choose the Right Care Provider
Another way to save on your medical bills, try to use in-network care providers. If you have a PPO health insurance plan, also known as preferred provider option, your medical insurance will pay for most of your treatment (about 70% to 80%). You’ll only be left with a co-pay which depends on your plan. Choosing a doctor or hospital that’s not part of your in-network providers will translate to costlier medical bills.
If you don’t have health insurance and have to fully pay for your medical bill or a procedure out of pocket, do a bit of research before choosing your treatment plan. Research the cost of various service providers online on sites such as Healthgrades to become more informed. Look up hospitals, doctors, insurance companies and more to see how you can get the most value for your hard earned money. While passive research is great, the accountants in Miami Beach suggest you also get active and call the doctor’s office or hospital you’re most interested in.
Save on Prescription Drugs, Save on Medical Bills
Try generic prescription drugs instead of the brand name ones advertised on your TV. Or get on the pharmacy discount drug program of your local Walmart, Costco, Publix or Walgreens. Nearly 4 out 0f 10 Americans relied on this program to save on medical bills according to 2017 report. Costco for example discounts up to 80% on all prescription drugs if not covered by insurance. Publix offers 9 common generics for free, over 12 others for only $7.50 for a three-month supply. Walgreens has $5, $10 and $15 prices for 90-day supply.
The accountants in Miami Beach remind you that you can also order prescription drugs by mail, typically for a larger supply of meds, at a discounted price.