How to Reduce Healthcare Costs

Published October 10, 2019

older man with a walker being helped by a nurse

Rising healthcare costs are an unwelcome surprise for anyone. But many people are finding relief through simple strategies that help them better leverage all of their available financial resources.

Selling Your Life Insurance Policy to Reduce Healthcare Costs

Consider this story about a couple who sold their $100,000 life insurance policy to pay their increasing medical bills. The wife was diagnosed with Alzheimer’s and her husband was caring for her at home. He soon realized that he needed to hire someone to help with her home care, but didn’t know how he could afford it. He called Coventry Direct to explore the option of selling their life insurance policy for an immediate cash payment. Even though the policy had no cash value, he was able to sell the policy for $18,000. The money he received helped pay medical bills and provide the in-home care his wife needed.

Ways to Reduce Healthcare Costs

If you or a loved one is facing this challenge, one of these solutions may help you deal with rising health care costs:

Maximize your assets. Most people realize that a bank account or a home can be leveraged for their financial benefit, but many people overlook their life insurance policy. Life insurance is personal property, has value and can be sold to help with rising health care costs. Selling your life insurance policy, which is known as a life settlement, may result in an immediate cash payment. A company like Coventry Direct can help you determine whether a life settlement might allow you to sell your policy to help cover immediate needs or relieve the pressure of mounting medical debt.

Research procedure costs. When it comes to special medical procedures, ask the provider for a detailed explanation of charges ahead of time – and then compare those charges to what you might expect at other facilities to find the most affordable option.

Monitor prescription drug costs. It’s a good idea to ask your doctor and your pharmacist to periodically review your medications in order to determine if there are options for reducing expenses. Perhaps there is a new generic drug available that can achieve the same clinical result at a lower cost. Or maybe your improved health can allow you to reduce dosages or even eliminate certain prescriptions altogether.

Regardless of the underlying factor, the costs associated with medical care can add up very quickly.

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