Despite over 90% of the U.S. population having some form of health insurance coverage, medical debt continues to be a problem. This medical debt leads people to cut spending on food, clothing, spending savings, or taking on additional debt to cover overall expenses. According to KFF polling, 41% of adults have healthcare-related debt.

People in worse health and those living with a disability
are more likely to report medical debt.

Medical bills can be a source of financial stress and anxiety, especially when they pile up. There are some things you can do to prevent or ease the financial burden of medical bills. Read on for 8 tips to save money on medical expenses.

1. Take care of your health – Sometimes easier said than done but the first step in reducing your medical expenses is to do what you can to stay healthy. That means eating right, maintaining a healthy weight, getting regular exercise, and avoiding smoking. Taking care of your body will help you avoid tests and treatment for chronic conditions such as diabetes and heart disease.
2. Shop around – Just like you shop for car or home insurance, do some comparison shopping for medical insurance. Treatment prices vary from one provider to another so your doctor orders a test, you can contact several providers for prices to see where you can get the best deal combined with the level of care.
3. Choose in-network providers – You may have the choice to see providers who are in-network or out-of-network. You pay less to see in-network providers because they have a contract with your health plan. This means they charge lower rates.
4. Urgent vs. emergency care – Plan for emergencies because there is a difference in price for urgent care versus emergency care. Typically, you will save money visiting an urgent care facility or your primary care provider versus going to emergency care.
5. Use a Health Savings Account (HSA) – Health Savings Accounts (HSAs) were created to help individuals save for future medical and retiree health care expenses on a tax-free basis. Members Trust offers these accounts to our members to support their financial well-being. You must be covered by a high deductible healthcare plan to be eligible for the Health Savings account.
6. Save on prescriptions – There are several ways to save money on prescriptions.
   1. Use generic drugs if possible.
   2. Ask your doctor for less expensive alternatives.
   3. Take all medications as directed. Skipping pills to save money may lead to additional health problems.
   4. Use the MTFCU CLEVER RX Prescription Savings Card. This is not a prescription insurance card but a discount card to help you save up to 80% on prescription drugs at virtually all major pharmacies! Click here to download the Clever RX app to your mobile device.
7. Look for errors on bills – Just because you received a bill doesn’t mean it’s right. Medical bills can and do contain errors so review your bill carefully and ask your provider to correct any errors. Hang on to your receipts because you may be able to provide documentation that contradicts the bill.
8. Negotiate with providers – if you have mounting medical debt, reach out to the billing office at each provider to see if they are willing to reduce the amount you owe.