Find out How to Save on Medical Costs

When a medical crisis hits, you are at your most vulnerable — not only emotionally and physically, but also financially. Half of all personal bankruptcies are the result of medical bills and illnesses — of note, about 75 percent had coverage at the start of their illness, according to a 2005 study published by the journal Health Affairs.

New research suggests that healthy lifestyle changes may soften the blow of high health care costs.

(ABCNEWS)

"Good Morning America" financial contributor Mellody Hobson and Prevention magazine have advice on how to save on your medical bills.

For more from Prevention magazine on how to save on your medical bills, click here.

Does having health insurance protect you from having to personally pay for medical expenses?

Not necessarily, even with insurance, you may be responsible for a significant portion of your total costs. For example, a family of four covered by a typical PPO (Preferred Provider Organization insurance plan) will likely receive approximately $14,500 in routine medical services throughout the course of the year and it will be responsible for personally covering the costs of more than one-third of that amount ($5,100) in the form of co-pays, premiums and deductibles.

What are some small things anyone can do to reduce the cost of health care?

Shop around for everything. Whether you are filling a prescription, getting blood drawn or having an X-ray done, it pays to look into where you can get the job done for less. For example, before you fill a prescription, compare the prices offered at reputable mail order and online pharmacies with those offered by larger retailers, as well as your local pharmacy. While bigger chains and mail order services tend to offer lower prices, you may be surprised to learn that some "mom and pop" pharmacies also offer competitive rates as they are able to set their own pricing. Also, do not forget to ask your doctor whether a less expensive, generic drug is a suitable substitute for a brand name drug.

In terms of lab tests, independent labs will probably offer you a better deal than a hospital for the same test, so ask your doctor if using another facility is acceptable and be sure to confirm the reliability of any lab before moving forward. Last, but not least, your insurance company is a good pricing resource — in fact, many insurance providers are now offering their members cost comparison information for common procedures at various facilities in your area. Look at the member Web site or call the 800 number on the back of your insurance card for more information.