In a perfect world, your health and wellbeing would be two things you wouldn’t have to worry about, not because you’re lazy, but because they wouldn’t cost a penny. Unfortunately, the amount of money you can afford to spend on healthcare services impacts your mind and body.

If resources are tight, which they are bound to be during a global health pandemic, it can feel suffocating. All you want is peace of mind that you’ll receive treatment if there’s a problem. You’ll be glad to hear that you can do it if you craft a realistic and affordable budget.

Here are the four steps you need to consider.

Add Up Your Expenses

When you go to the grocery store, you’ll tally the amount in your head or write it down on a piece of paper. Why? It’s because you have a strict budget that you want to stick to, as it helps you avoid overpaying at the counter. The same applies to your mental and physical health, whether it’s a doctor, dentist, or anybody else. Go through one to two years of medical bills and calculate the final number as that is how much you’ll require (give or take) in a worst-case scenario.

Shop Around

If your eyes bulge when you realize how much you spend on healthcare, you shouldn’t fret. While the number is big, it’s not as if you have to stay with your current providers. Paying for health and wellbeing is the same as forking out for energy bills - you must shop around! An affordable dentist or doctor is available as long as you search in the correct places. For example, you can research which facilities provide the best Medicare offers. Or, you can ask friends and family if they have recommendations as they might see a professional who has low rates.

Save Another 10%

Hopefully, the 10% that you save on top of your existing expenses will sit in your bank and accrue interest. However, there’s a chance that an unforeseen fee could pop up out of nowhere and put you in a tricky position. When it does, you must have an exit strategy to afford to pay and avoid adding to your debt levels. 10% is around the average that financial experts believe you should put away in case of emergencies since it’s a significant sum. Of course, if your earning power is lower, there’s nothing wrong with 5%.

Speak With Your Employer

You’d love a health savings account as they come with several benefits, but you aren’t eligible. Please don’t give up because there are loopholes, such as getting your employer to cover the cost of your healthcare expenses. Lots of companies do it, yet you must be switched on enough to ask for the perks that impact your life. A pay rise is always positive; however, you’d save more money if your medical insurance was paid for through your job. If you’re unsure how to broach the topic, you can learn more here.

Then, you’ll have an even bigger healthcare budget.

Lifestyle

4 Steps To Create A Healthcare Budget You Can Afford

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