Wed. Aug 21st, 2019

SmartMoney Podcast: "My prescription prices are destroying my finances. What can I do? & # 39;

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Welcome to the NerdWallet SmartMoney podcast, the place we reply your questions on actual cash – in 15 minutes or much less.

This week's query was requested by Paloma Ok. She says, "I pay $ 1,000 a month for my insulin, and that nibbles my finances. What recommendation would you give to those that handle the prices of continual illness? "

Our recommendation:

For prime prescribing prices, see in case your insurer can scale back your prices. Name your insurer to see if he can cowl your medical bills additional by way of what's referred to as a "type exemption". To do that, it’s possible you’ll must name your physician by writing a letter to your insurer stating your absolute want for the drug.

Think about creating medical accounts to handle your prices and save tax. You’ve two essential choices right here: Well being Financial savings Accounts (HSA), accessible by way of excessive deductible insurance policy, or Versatile Spending Accounts (FSAs), supplied by some employers. Each might help you handle your medical bills and scale back your taxes.

To know your medical prices, try this Insulin Inexpensive Challenge Worksheet.

Store on your prescription medicines. Sources like GoodRx might help you evaluate and discover the most effective worth on your medication.

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Extra on NerdWallet's medical payments

6 choices to pay your medical payments

How one can know if an HSA precisely matches the indications of the physician

Price of low-cost prescriptions: how to save cash in pharmacies

How one can deal with medical payments in your credit score file

You’ve a query of cash? Textual content or name us at 901-730-6373. Or you may e mail us at podcast@nerdwallet.com.

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