Managing health care costs with a low income may seem impossible, but there are a few ways to ease the burden. You can find the right health insurance, cut medication cuts, use tax deductions, and build a health care cost plan to make managing your health care more manageable.
In the following guide, Delaware Title Loans, Inc. will show you tips for managing health care costs with low income. We will also show you how you can use a title loan to pay for unexpected medical bills that you cannot afford out of pocket.
What Are Five Tips And Tricks For Managing Health Care Costs With Low Income?
If you have a job where you make less than 40K per year, you may wonder how you can manage health care costs. Paying for health insurance premiums, medication, dental and vision care, and doctor visits may seem expensive for those with a low-income job.
However, there are ways for you to reduce costs and manage health care expenses on a low-paying job. You can look at health care the same way you look at your daily expenses: how much am I spending, can I afford it, and are there any ways to reduce costs?
The following are some tips and tricks for managing health care costs with a low income:
1. Get Health Insurance You Can Afford
If you're young and in good health, you can choose a health plan that suits your needs. Take a moment to assess whether you're utilizing the benefits provided on the policy and review your past medical bills.
If you find that your out-of-pocket costs are piling up, it could be a sign that you're underinsured. On the other hand, if you're not using many (or any) of your plan's benefits, you might be over-insured. By making informed choices, you can take control of your healthcare costs.
2. Cut Medication Costs
You may need to pay for medication for pain relief, high blood pressure, and high cholesterol. While this can get expensive, these prices are not set in stone. You can pursue methods to reduce the cost of your medication to allow you to get the relief you need without breaking the bank.
The following are some ways to reduce medication costs:
- See if you can order your medication through the mail
- Take your medicines as directed to avoid health complications requiring expensive medical care
- Ask your healthcare provider to switch to generic medicines
- See if you can take less expensive medicines that treat the same condition
- Reduce dosage, if possible
- Compare medication prices from different pharmacies
- Wean off the medication you no longer need
3. Take Medical Expense Tax Deductions
If your medical expenses are considerable, you can take a tax deduction. To take advantage of this, your qualified unreimbursed medical expenses must be over 7.5% of your adjusted gross income, and you must submit itemized taxes.
Deductible medical expenses can include the following:
- Insulin and prescription drugs
- Inpatient hospital care
- Specialists, doctors, and mental health professionals
- Diagnostic tests
- Surgical costs
- Ambulatory expenses
4. Establishing A Medical Budget
People seeking savings establish a budget for their monthly income and expenses. You can do the same with medical costs to determine how much you are likely to spend on medication and how much you can set aside for medical emergencies.
You can create your medical budget by calculating medication costs, insurance premiums, and routine doctor visits. After establishing your budget, you can also start saving money in an emergency fund to have cash available if a financial emergency arises.
5. Taking Advantage Of Employer Health Care Plans
Most employers offer a Health Savings Account (HSA) or Flexible Spending Account (FSA). These accounts allow you to put pre-tax income money towards qualified medical expenses. Putting aside money like this allows you to save some money every paycheck that can go toward unexpected medical expenses, such as surgery, hospitalization, or medication costs.
Getting Emergency Cash For Medical Expenses From A Delaware Title Loan
Even the best-laid plans don't always come to fruition. You may face medical bills that you didn't expect, haven't planned for, and don't have the money saved to pay. That does not mean you're without options. In fact, there are many ways to get the money together, and one of those methods is with us at Delaware Title Loans, Inc.
We offer signature installment loans and title loans that you can use to bolster your low income and pay your medical bills. If you own a vehicle, a title loan may be the right option for you. There's no need to have a good credit score, and you won't have to spend hours rifling through paperwork to provide.
Instead, you only need the following things:
- Your vehicle for inspection
- The lien-free title to your vehicle
- Your state-issued driver’s license or identification card
What Is The Process For Getting A Delaware Title Loan?
At Delaware Title Loans, Inc., we make getting approved for a DE title loan fast and easy to help you get the emergency cash you need. We have qualified representatives who understand the stress of medical bills and can walk you through the stress-free process.
Follow the steps below to get a title loan:
- Complete the online form on this website
- Speak to a loan representative on the phone to verify your information
- Establish a time and place of your choosing for an in-person meeting
- Gather your required items and head to the in-person meeting
- The loan representative will assess your vehicle and documents to figure out how much you can qualify for
- Ask the loan representative questions about DE title loans
- Sign your title loan documents
- Receive between $300 and $15,000 the same or next business day
Get A Title Loan From Delaware Title Loans, Inc. Right Now!
Managing health care costs with a low income is vital to ensure you don't get caught in a sticky financial situation. Even if you plan your health care costs, unexpected medical bills can arise that you might not be able to pay without financial assistance.
If you think a title loan is right for you, submit your inquiry form to us at Delaware Title Loans, Inc. for a fast call back. We'll help you through the process so you can access cash as quickly as possible.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
