Manage the costs of a chronic condition

For millennials with chronic medical conditions – or those raising kids with chronic conditions – health care can be an enormous monthly expense.

About 44% of older millennials born between 1981 and 1988 have at least one chronic health condition, including migraines, major depression and asthma, according to a 2021 survey of over 4,000 adults conducted by The Harris Poll on behalf of CNBC Make It. And many millennials are also caring for children with complicated medical needs.

Expenses can include doctor’s visits, tests and prescription drugs, plus indirect costs that may result from missing work.

But there are ways to keep health care costs lower. Here are some strategies to try.

Ask questions

If you have a chronic condition, be an active participant in your care. “Too many people go to the doctor and the doctor says, ‘We’re ordering this test; we’re doing this medicine,’ and they don’t inquire as to why,” says Carolyn Mcclanahan, a certified financial planner and physician in Jacksonville, Florida. “When you need bloodwork, ask the doctor, ‘How is this bloodwork going to change what we do for me?’ ”

If the answer is essentially, “We’re just checking,” Mcclanahan says, ask your doctor whether you can safely skip that test because you’re trying to control costs.

Compare medication costs

Your prescription medication may cost significantly less at another pharmacy. For example, a recent search for sumatriptan, a common migraine medication, showed prices ranging from about $7 to $36 at various pharmacies in Austin, Texas.

“People should always shop their prescription costs,” Mcclanahan says.

She suggests checking sites like goodrx.com, which offers coupons on prescriptions and shows nearby prices, or costplusdrugs.com, which sells drugs at a low cost. And ask your insurer whether there are preferred pharmacies on your plan.

If a medication is expensive, check with the manufacturer for discount programs or coupons.

And if your insurer declines to cover a medication you need, appeal the decision.

“Appeals are a pain and time-consuming, but they do work,” says Leslie Beck, a certified financial planner in Rutherford, New Jersey.

Use tax-advantaged benefits

If your employer offers an FSA, you can set aside pretax money toward medical expenses.

If you’re using a high-deductible health plan for your health benefits, you can save to an HSA.

Savings to an HSA are pre-tax, the money can be invested and grow over time, and anything spent on eligible medical expenses is tax-free.

“HSAS are very flexible, and for people dealing with chronic conditions, it may be quite attractive to have this type of account set aside just for their health care costs,” says Jacqueline Koski, a certified financial planner in Dayton, Ohio.

Find your community

There’s strength in numbers, and thanks to social media, it’s easier to find a group of people in the same situation you’re in.

Facebook groups and blogs are helpful places to start.

“I found a community of Type 1 diabetics, and the guidance that I got from them was life-changing,” says Beck, who also has the condition.

“Once you find your community, they’re so helpful in terms of managing (the condition), what works, what doesn’t work, where you can go to get resources – you’d be shocked.”