MONEY: 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, including taking advantage of a flexible spending account or health savings account, comparing pharmacy prices on medications and using a care manager through your insurance. 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.