Photograph Credit: Microsoft Images

With the rising cost of living, higher taxes, and cuts in the job market, most families are looking for ways to stretch their dollars.

With every little bit helping, spreading out payments gives you time to recover from those expenses.

Back in 2010 when Paul discovered that he had 100% blockage in his nasal cavity, we chose the immediate solution of out-patient surgery.

Having delivered our third child that year, I along with my daughter had maxed out our family deductible, so the surgery cost us 20% with our insurance paying 80%.

Payment Options

Even with the insurance paying the majority, we were still left with a $3,000 bill that was not originally in our medical budget. In working with the doctor’s office, we were not offered any additional discounts for paying in full. So, I asked if there were other options for payment.

The billing specialist immediately offered the following two solutions:

1. Full payment, or

2. Partial payment – with half due after surgery and the remainder due the next month

After she finished explaining these options, I waited. About 20 seconds later, she offered a payment plan whereby we pay $100 per month until the balance was satisfied.

When asked about any additional fees or interest cost, I was informed that as long as we made the full $100 payment within the month, then we would not incur any fees. Satisfied with this option, we agreed to $100 per month until the balance was paid in full.

Payment Plan Option

I found the payment plan best for our family for these reasons:

1. Allowed us to spread out the payment without draining our medical spending account in the middle of the year;

2. Gave us time to save for the final payments; and

3. Payment was taken over the phone with a receipt mailed for verification.

In 2011, we made our final payment which was close to a year past the original due date.

Paying the Bill

To pay this medical bill in full, we had to get creative. We did not have the money sitting around, so we used the following resources:

1. Used our medical spending account to make as many $100 payments as possible for 2010.

2. During the months we used the medical spending account, we shaved $20 to $30 dollars from our monthly  food budget.

3. Kept family nights at home with fun activities and date nights with a Netflix movie and popcorn.

4. Planned errands to limit making multiple trips saving on fuel costs.

5. Deposited any extra money into our savings account for these payments.

With a little creativity and much patience, we were able to make the full payment without dipping into our emergency fund. I treasure that emergency fund in that I do not like to touch it. For me, it is a safety net. If we still have resources and options available, then we don’t touch that account.

If you are looking at a medical procedure with large dollar signs, try to relax. Contact the billing supervisor and ask for a discount. If none is available, ask for your payment options. If no payment plan is offered, request one.

If it works for you, then use your resources to make payments without incurring any additional charges. In using time wisely, making that phone call will help you access your options for stretching your dollars. Happy savings!

Question: How do you save on medical expenses?