How to Safely Budget Your Children’s Health Costs

Getting affordable health care is challenging enough for an individual. Those challenges are multiplied when you’re a parent with two or three children to support. You want a health plan that will cover your entire family and keep costs low. But, when you do the math, these goals seem more like science fiction than fact.

    Just like the doctor says, budgeting your children’s health care may require a change of lifestyle. A change that keeps your household financially stable and in perfect health. This article will provide you with some ideas on how to meet those demands.

Preventive Health Care

    The yearly check-up represents the basic way people can go through the motions to preserve their health. Unfortunately, that may not be enough anymore. Insurance deductibles and co-payments reduce the chances of patients receiving services to prevent chronic illnesses.

    Immunization shots and other preventative measure could be acquired for cheap through urgent care clinics. Retail clinics, such as CVS’ Minute Clinic, are resources for consultation, screenings, and treatment for unintentional injuries.   

Generic Drugs

    When your child requires medication for allergies and ear infections, you want them to have the best. The best drugs are the name brands, right? It turns out you can get the same great quality of medicine for less under generic labels.

    While doctors may proscribe your child a sample of a name brand drug, you could get locked in paying $4,500 per year. Generic brands are 25% lower, according to co-insurance rates, and contain the same active ingredients. Consult your pediatrician before switching to a generic brand.

Hill-Burton Free or Reduced Cost Plan

    Sometimes accidents happen, sicknesses won’t go away, and a retail clinics are ill equipped. You’ll need to take your child to a hospital for serious treatment, but you don’t want to worry about the cost.

    If your household is low-income, you can apply for a Hill-Burton Free or Reduced Cost Plan. Before or after admission, apply at the admissions desk of any Hill-Burton obliged hospital. If found eligible, the hospital will adjust your costs in their medical billing software.

Tax Incentives

    Based on your eligibility status for the Affordable Care Act, you may purchase a plan through the Marketplace. However, you will have to pay monthly premiums on this plan.

    The household income you entered may qualify you for a premium tax credit. Some or all of this credit can be applied to your monthly premium, effectively lowering your payment. Use it in moderation so you won’t have to reconcile costs when filing your tax returns.

Family Childcare

    Hiring childcare is an option when  your children may be too young for kindergarten or you’re work schedule is busy. But, what if you can’t budget for a babysitter?

    Ask a family member if they’re willing the care for your child. Choose a relative who you communicate well with and is physically able to care for a young child. Grandparents are often the ideal candidates. They’ve had enough experience from raising you and your partner.