Wondering how to start managing your medical bills efficiently? We understand the struggle…
Between surprise bills, co-pays, and out-of-pocket costs, it’s easy to feel overwhelmed. But with a little organization and the right tools, you can make it a whole lot easier to stay on top of your healthcare expenses.
Use the Right Tools
Sometimes simple and straightforward are the way to go. One way to manage the process is by using tools designed specifically for tracking medical expenses. A manual expense tracker logbook is available for less than $10 online. And If you take it a step further by following best practices, like those outlined in Stanford Health Care’s guide to organizing medical bills, or following this template recipe for organizing hospital, physician and other medical bills, you can create a system that keeps everything in order.
Additionally, financing options like CareCredit can help cover unexpected medical costs by allowing you to pay for healthcare expenses over time interest-free, reducing the immediate financial burden and making budgeting more manageable.
Keep Good Records (Your Future Self Will Thank You)
If you’ve ever had to scramble to find an old medical bill or prescription receipt, you know how frustrating it can be. For a basic solution, begin by creating a manila folder of medical costs for each person in the family and store the doctor and hospital invoices and evidence of payments. Looking for a more advanced method? Keeping a simple log, whether it’s a notebook, a spreadsheet, or an app, can help you track every doctor visit, prescription, and payment. Plus, detailed records can come in handy for insurance claims, reimbursements, and even tax deductions.
Plan Ahead for Peace of Mind
Medical expenses aren’t always predictable, but tracking them over time can help you see patterns and plan ahead. Knowing how much you typically spend on healthcare each year can help you budget more effectively, set aside emergency funds, and reduce financial stress in the long run.
Additionally, understanding how much you typically spend on healthcare each year isn’t just helpful for budgeting, it can also guide you in choosing the right insurance plan. If you find yourself racking up medical bills regularly, a higher premium plan with a lower deductible might actually save you money in the long run. But if doctor visits are few and far between, a high-deductible plan with lower monthly premiums could be the smarter move.
At Assurance Family Partners, we know that managing medical expenses is just one piece of the financial puzzle. If you need help organizing your finances or figuring out the best way to stay on top of your bills, we’re here to help.
Have questions or need support? Let’s talk. A little planning today can save a lot of stress down the road.
Jeremy Zizmor is the founder of Assurance Family Partners, a company whose mission is to assist and empower individuals and families who need help managing their personal day-to-day finances. He is responsible for running all facets of the business.
