5 New Ideas for Saving Big on Healthcare
Idea #1
When people ask me to comment on the state of health care and rising insurance costs my response is always the same.
The truth is that most of the conversations we are having about health care are simply old and need to be retired.
Old conversations keep us trapped in the problem.
New discussions spark new ideas and behaviors that ultimately put us on the path to solutions.
Over the next few weeks I will present the following four-part series detailing new ways to approach our shared problem of rising health care insurance costs.
Over the next few weeks I will offer insight as to where we truly have control over healthcare costs. Whether you’re an employer, a politician, an economist, or simply a consumer, this series will empower you to believe we can make healthcare affordable if we work together.
Part 1 – New Conversations for Consumers
Part 2 – New Conversations for Employers
Part 3 – New Conversations for Politicians
Part 4 – New Conversations for Society
Read on for valuable information that could save you a lot of money on your next trip to the doctor.
New Idea #1: New Conversations for Consumers
Old Conversation:
You show up at your healthcare provider’s office for an MRI. The receptionist asks for your insurance card. You give it to her and take a seat. Ten minutes later she calls you up to her window and tells you that after checking with your insurance company the MRI will cost $551 which will be applied to your plan deductible.
WAIT!
New Conversation:
Before paying that, consider a new conversation. Ask what that service would cost if you didn’t have insurance.
I went through this exact scenario at a reputable Valley imaging center two months ago after sustaining a sports injury. The price of the MRI when I showed my insurance card was $551. Before paying it I asked,
what the MRI would cost if I didn’t use my insurance?”
The receptionist turned to her computer, tappity-tapped on her keyboard, looked up at me with a wry smile and replied,
Needless to say, I chose to pay the $224 and saved myself 50% of the cost by not using my insurance.
This scenario plays out every day across the country. If you want to know how much a service will cost – ASK!
Another common example is physical therapy. A physical therapist will bill your health insurer between $90 and $220 for a single session. However, if you agree to pay cash and not bill it through your insurance company, your “cash discount” price drops significantly to around $50 a session or lower.
The Booby Prize:
The reward of course for going through your insurance company is that all of the provider’s over-inflated charges will be applied to your deductible. Yay!
As someone who has worked in this field for years I am here to tell you that unless you plan on meeting your annual deductible by way of an inpatient surgery or other major expense, the majority of the population never meet it which means you are on the hook for all of the charges you accumulate to that point.
Still, the choice is yours.
The fact that provider networks charge a different price for insurers than for private consumers is just one of the many problems contributing to the rising cost of health insurance. At the “cash discount” price, providers are clearly still making a profit or they wouldn’t offer it as alternate pricing.
Later on in this series I will discuss the role of provider networks in the future of our health care system so be sure to stay tuned.
A New Approach:
Until then, next time you pick up a prescription, or visit your doctor’s office, lab, or imaging clinic, ask what that same visit would cost if you didn’t have insurance. You may be pleasantly surprised.
Ready for a New Discussion About Health Insurance and Employee Benefits?
Contact me at 602-903-4047, or jmorrow@employerbenefitsandadvice.com.