Day-to-day expenses can place a heavy financial burden on individuals, often causing financial strain and uncertainty. Amidst this complexity, a new trend called “loud budgeting” has emerged on TikTok. The trend gained viral attention at the beginning of the year with one video that has since garnered millions of views. In response to this trend, influencers and consumers are placing increased emphasis on planning purchases such as dining out and online shopping, and being vocal about their budgeting strategies. However, one major cost that often goes unaddressed is healthcare expenses, which remain a significant financial challenge for many Americans.
To delve into this topic, BlackDoctor.org spoke with family physicians Dr. Marie Ramas and Dr. Natasha Bhuyan who shared valuable insights on the importance of loud budgeting and practical tips for navigating healthcare expenses.
The Importance of Loud Budgeting
Loud budgeting, or keeping track of spending against an annual budget, is essential for individuals to understand their healthcare costs better. According to Dr. Bhuyan, healthcare can be tricky, complicated, and opaque for many people. Being transparent about healthcare spending and sharing tips on saving money can help you navigate the healthcare system more effectively.
“Loud budgeting is a way of utilizing social media for positive reinforcement and socializing a concept of financial responsibility,” Dr. Ramas adds. “Being transparent about budgeting can help individuals realize that they are not alone in facing financial challenges.”
To get started, Dr. Ramas and Dr. Bhuyan share 15 ways to budget for healthcare expenses:
Be Proactive
When it comes to budgeting for healthcare expenses, there is a common misconception among patients.
“One common challenge patients face when budgeting for healthcare costs is assuming that insurance will cover everything. However, healthcare costs can still lead to bankruptcy for many Americans,” Dr. Ramas notes.
To combat this, it helps to know your insurance plan and the free preventative services it covers under the Affordable Care Act, such as annual wellness visits, cancer screenings, and vaccinations.
“With the Affordable Care Act, nearly all of us who have insurance are entitled to certain free preventative services free of charge as long as we stay within our insurance network,” Dr. Bhuyan shares.
Ask Your Doctor About Cost-Saving Options
Labs and medications can significantly contribute to healthcare expenses. The good news is that in certain situations, you might be able to avoid them.
“Ask your family doctor if there’s any expensive labs that you can skip. Most people don’t actually routinely need a
