Spending on healthcare is easily one of the biggest items on the monthly budget for everyone, especially as we grow older. Whether in the developed world or the developing world, we find ourselves spending more and more on staying healthy, or on keeping our loved ones healthy. As life expectancy increases, this situation will continue to exacerbate. Sadly, the government has not been taking this issue seriously enough, with budgetary allocation to healthcare steadily decreasing over the years, from 4.3% of GDP in 2007 to 4.05% in 2017. In absolute terms, India’s government spending on healthcare is half of the USA’s, despite the latter having one-third of our population and not even being a socialist republic.
This has meant that, even though free medical services are available through government hospitals, most Indians continue to rely on private healthcare, and as more and more hospitals become corporate in nature, the costs continue to spiral upwards.
So what can we do, at an individual level, to try and reduce the costs of healthcare for ourselves and our near and dear ones? We explore five things that will definitely help:
Get Medical Insurance
This cannot be emphasized enough. A lot of people do not purchase medical insurance because it is not ‘moneyback’, as a lot of Life Insurance policies tend to be. This is a big mistake. Medical insurance protects you while you are living, and that is no less important than the Life Insurance which looks after your loved ones after you are gone. Do you research and get a good Insurance policy that covers as wide a spectrum of diseases and accidents as possible, and has a large network of hospitals included in its coverage. Educate yourself on what is covered and what is not covered in the policy so that you do not have a nasty surprise later.
Inform hospitals if not paying through insurance
Sometimes, despite your best intentions, you may find that you (or someone close to you) are admitted to a hospital for a condition that is not covered by insurance, or your cover may simply have lapsed. In such a case, inform the hospital’s billing department as soon as possible that you will not be covered by insurance. This is because most hospitals have a different rate for services rendered where the recovery is expected to be made from an Insurance Company as compared to where the patient is being directly charged. But if you do not mention this upfront, there is every possibility that the bill will be prepared basis the higher rates.
Inform and request a discount if paying in cash
In case you are able and willing to settle your medical bills promptly and in cash, there is every possibility that the doctor / hospital will consider a discount for the same. While this is not useful or recommended for the small fees for minor ailments, in case of larger procedures costing Rs 25,000/- or more, you can often get some discount by offering to settle the bill quickly and upfront. Like mentioned in Point 2 above, if you are not going through Insurance, many doctors will gladly lower their bills just because it saves them a lot of hassle later.
Always take an itemized bill and check it properly
When admitted to a hospital, we are subjected to a number of tests and services, disposable materials are used, food is often given, and so on and so forth. At the time of discharge, all these services and items are charged to us. Before accepting discharge, always insist on an itemized bill and cross check whether the items and services have really been provided. Sometimes you might be charged for things or materials that have not been used at all. Often the result of cynical overcharging, it can even be a genuine mistake, where a your patient-code has been used for someone else. It always pays to be vigilant!
Opt for generic alternatives to branded medicines
One of the better things about living in India is the easy availability of generic medicine. These are medicines with identical composition to branded medicines but are available at a much lower rate. Doctors typically prescribe medicines based on the brand name. However, unless it is a very recent, cutting-edge treatment, the chances are that a generic or cheaper version of the same drug will be available. It is possible to save significantly on medicine costs by being informed about the availability of the same. Look for stores in your locality specializing in generic drugs or do some research. Generics can cost as little as 10% of the price of a branded drug for essentially the same chemical composition!
Finally, your health is the most precious thing you have, and compromising on it is the worst thing you can do. However, there is nothing wrong with saving some money while looking after yourself. We hope these tips help in doing exactly that!
