Money Saving Tips for Elderly: Tricks to Lower Down Medical Expenses

For most elderly people, medical needs become part of their day-to-day life. Let’s face it. As we get old, there are many kinds of ailments we will encounter. That is why medical attention is highly important. However, the big challenge when you reach this age is having budget for the medical needs. Since seniors no longer work to earn a living, they mainly rely on pension or extra income (if they have). Lucky you if you are not on a tight budget during this time.

What if your pension is not enough to cover your medical needs? Many seniors experience this situation, wherein they do not have ample money to buy prescribed drugs and pay for medical test. What should they do?

Buy Generic Medicines

Look for pharmacies selling generic drugs. As compared to the branded medicines, generics are a lot cheaper. However, there is nothing to worry with regards to the quality (considering the perception that low-cost means low quality). Just like the branded ones, generic drugs are made with similar quality, dosage form, performance, intended use, etc. Therefore, one can get the needed treatment without spending huge money on medicines with brand-name.

Why generics are cheaper?

Generic manufacturers do not spend millions of dollars for drug patent. They do follow every phases in making a drug; but, they do not shell out money for its name. In contrast, manufacturers of branded medicines invest hundreds of millions of dollars for the drug’s name. That is why, these medicines have higher prices compared to generics. Seniors who want to save on medicine cost can highly benefit from generics.

Here are few samples of generic drugs:

• Acebutolol for hypertension and arrhythmias (corresponding brand name: Sectral)
• Cefaclor for bacterial infections, such as pneumonia, lung, skin, urinary tract infection (corresponding brand name: Ceclor)
• Glyburide for type 2 diabetes (corresponding brand name: Diabeta)

Watch out for Free Medical Services

Sometimes, local government agencies conduct medical services totally free. These services may vary depending on what is highly needed in that particular area or what the government want to promote. For instance, they offer free cancer screening to women as a way to promote awareness on this kind of disease. Furthermore, there are also non-government organizations and institutions that carry out free medical missions. Seniors should watch out for medical services applicable to them.

Some services offered include:

• Diabetes Screening
• Hearing Consultation
• Dental Care
• Vision Consultation
• Other Primary Care Services for Seniors

Being able to get any of these free services can greatly reduce medical-related expenses. Just imagine if you will visit a clinic to have a diabetes screening, you are going to pay for the consultation fee and to spend for the prescribed drugs. Consultation fee may differ from clinic to clinic. However, if you get a free screening, the money intended for the consultation can be used for your other needs. Now that’s a saving for you. Aside from free services and medicines, some organizations might also offer free medical devices including hearing aid and alert device, like those from Medical Guardian. Therefore, you should always keep an eye on these free services.

 

Tags: deduct medical expenses, medical deductions, medical expenses insurance, reduce medical expenses, save on medical

Category: Health, Saving Money