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The Doctor Will See Your Wallet Now

Whether you need to save up for a medical condition you have, copays for regular expenses or medical emergencies, knowing the amount you may need can save you not only money but also save you stress when you get to the hospital or doctor’s office and don’t have the funds. 

Here's how to determine how much you need:

  • Know your deductible and copays: The first step in devising a budget is to look over your medical insurance to find out both your deductibles and copays. Consider saving your deductible if it’s higher than what you would typically spend in a savings account. If you generally spend your deductible, consider saving it in a Health Savings Account.
  • Save at least the amount of your primary care visits: If you have zero medical conditions, you still need to save for wellness visits such as annual checkups and dental cleanings. Looking through bank statements online is a great way to see what expenses you had in the last few months.
  • Consider any current conditions you have: If you have an existing condition, your monthly budget or annual medical savings should include prescriptions and regular doctor visits. 
  • Think about your entire family: Whether you or your spouse or partner are covered by the same insurance or not, make sure to discuss medical expenses if you’re sharing expenses. Remind them that you may have to make medical decisions and it’s always wise to have an account you can both access in case of medical emergencies.
  • Use an HSA if possible, but don't over deposit: If your company offers it, saving for your medical expenses in a Health Savings Account (HSA) allows you to save for medical expenses pre-tax. You may only want to deposit the money you will spend, such as copays on primary care, new eyeglasses and any prescriptions you fill regularly.

For more information on how to determine cost for medical expenses, access the full article click here. 

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Other useful links to learn more about the financial planning:

  1. https://www.healthcare.gov/glossary/total-cost-estimate/
  2. https://www.cms.gov/nosurprises/consumers/understanding-costs-in-advance
  3. https://smartasset.com/taxes/medical-expense-deduction