Health insurance is confusing! Is this on purpose? What can’t insurance companies follow the KISS rule – Keep It Simple, Stupid? Because they want us to be confused and to rely on them.
In this blog, we’re going to give you some resources and tips to help you keep your out-of-pocket costs as low as possible – whatever type of health coverage you have.
Tip 1 – Have an agent you can turn to for help.
You’re an expert in your field of work and people turn to you for your expertise. You need to have a knowledgeable expert of your health coverage to guide you to get the most value from your coverage. Even if you have employer sponsored coverage, there should be someone you can turn to in order to confirm your co-pays, deductible and coverage for diagnostic services and prescriptions. Think of healthcare services as any other consumer good. You need to be an informed consumer. A good agent will help you reduce your out-of-pocket costs.
Tip 2 – Don’t use your insurance if self-paying is more affordable.
We’ve been fooled to believe we must use our health insurance coverage for medical services. You don’t! Your insurance information is your private information, and you can choose to give it to a provider or not. We learned the hard way when we moved to the US from Canada. Even though my husband provided the doctor current MRI images, he was instructed to get a MRI at the doctor’s facility. We were unaware of the ins and outs of our coverage, but we believed that it would cover the costs. Boy, were we mistaken! Not only did the full cost of the MRI go against the deductible (a concept we knew nothing about at the time), but we also ended up paying the highly inflated hospital outpatient rate for the MRI of $1,800. We found out a few years later that we could self-pay for medical services and the next time my husband needed an MRI, we paid $225 out of pocket.
Our two favorite sources for great prices on labs and diagnostic tests are Laboratory Assist and Radiology Assist. Check out their prices the next time you need these services – especially if you work with a naturopathic provider. You will save hundreds of dollars on blood tests.
Tip 3 – Drug discount plans may save you money.
People who take expensive medications need traditional insurance. A client is on a medication called Stelara for Crohn’s disease. The price is over $26,000 per month! The 50 most common medications prescribed in the US have an average self-pay price of approximately $13. Many self-pay prices are lower than insurance copays. Two great discounted prescription plans are HSARx and GoodRx. Check both sources for your medications before your next refill. We like HSARx because they offer one price for a medication at all pharmacies across the nation. GoodRx negotiates different prices with different pharmacies – which can keep you shopping around to get the best price.
Consider how much time and effort you invest when buying a car or booking a trip versus the time invested when buying an MRI or colonoscopy. We are ultimately responsible for our medical bills. We sign a document agreeing to assuming this responsibility every time we see a provider. Why not start thinking of health services as exactly what they are – an expensive purchase that requires us to do our homework and find the best value before we buy.
Let us give you a free evaluation of your current healthcare coverage to see if it’s the best fit for your medical needs. Set up a time for us to talk.