Getting the Most From Your High-Deductible Health Insurance Plan
On average, Americans spend $3.5 trillion a year on health care. Staying healthy is something most people want, and access to quality health care is a fundamental human right. However, trying to get the care you need without a health insurance plan can be very expensive. Typically, consumers without insurance will go without the medical care they need because they simply can’t afford it.
Instead of letting your health decline, you need to find a health insurance plan that is affordable and offers good coverage. If you are looking to save a few dollars on the cost of health insurance, then getting a policy with a higher deductible is a good idea. These are some of the best ways to get the most out of your high-deductible health insurance plan.
Create a Health Emergency Fund
Trying to deal with a medical emergency without financial backing can be very stressful. The problem with high-deductible plans is you are required to pay a lump sum for your coverage before your insurance kicks in. This amount will vary based on the type of policy you have in place. Once you have found and invested in a high-deductible insurance policy, it will be easy to figure out what you need to save.
Setting up a health savings account (HSA) or an emergency fund with your deductible amount in it is a good idea. By doing this, you will be able to avoid financial disaster in the event of a health emergency. If you don’t have this money, you may accumulate several late penalties and extra charges for the medical care you receive. The effort you invest in establishing this emergency fund will pay off in the long run.
Get Supplemental Policies to Fill in the Gaps of Your Coverage
Some people think that health insurance is all they need to get the care they desire. In reality, many plans don’t offer full coverage. In many cases, you will also need separate vision and dental coverage. Trying to pay for an eye exam or dental work out of pocket can be extremely expensive. Instead of putting yourself in a challenging financial place, you need to consider getting supplemental policies.
Before you decide on a dental or vision insurance plan, be sure to weigh all of your options. Using the HealthMarkets website is a great way to figure out exactly what your policy options are. With this tool, finding affordable and comprehensive insurance policies will be much easier.
Compare Medical Procedure Prices
One of the main misconceptions people have about medical care is that you can’t compare prices. In reality, most medical offices will have no problem giving you a rough estimate of what a particular procedure will cost. Taking the time to call around and get a few quotes from medical practices in your area before scheduling an appointment is a smart idea.
If there is an opportunity to save money, you should jump at the chance to do so. Be sure to consider other important factors, like whether or not the medical organization giving you the quote has a good reputation and is in your network. While getting these quotes will require you to invest some time and energy, the money it can save you will be worth it.
Don’t Forget About the Free Preventative Health Services
Most people fail to realize that the Affordable Care Act has a clause in it that provides some free preventative health services to people with health insurance coverage. The key to taking advantage of these free services is working with a doctor who has previous experience with this part of the Affordable Care Act. There are certain ways these services have to be billed to avoid getting charged for them.
Accurate medical billing codes will need to be submitted to your insurance company, and in return, they will avoid sending you an invoice for them. Getting this type of preventative care is a great way to keep your mind and body healthy. You also can use these procedures as a way to detect health problems early on.
Ask For a Discount
When receiving health services for a doctor or hospital, one of the first things they will ask is how you intend to pay for this care. If the cost of your care is lower than your deductible, then it may make more sense to pay out of pocket. When presented with the initial price for the healthcare you need, don’t settle. Instead, ask your healthcare provider whether or not they offer discounts for paying cash is a good idea. In some cases, these discounts can save you a lot of money.
Now is the Time to Act
Now that you know more about the advantages of having health insurance, it is time to take action. With a bit of time and research, finding an affordable health insurance policy that fits your needs will be a breeze.