You would never walk into a car dealership, look at the sticker price and hand over your wallet without asking questions. So why do we do exactly that with healthcare?
In this episode of the Bill of Health Podcast, presented by Core 360 Benefits Group, I explain why becoming a smarter healthcare consumer starts with changing the way you think about where you receive care and how you pay for it.
If you have a high-deductible health plan, you may spend thousands of dollars trying to satisfy a deductible you never actually reach. Instead of automatically going wherever your doctor or health system sends you, I explain why it can pay to compare prices, ask about cash-pay options and consider different sites of care.
I share real-world examples of how the exact same X-ray, procedure or diagnostic service can cost dramatically different amounts depending on where you have it done. I also introduce MDSave, a healthcare shopping tool that allows you to compare upfront prices for procedures in your area.
We also open up the Jargon Jar to break down two important health insurance terms: your deductible and your maximum out-of-pocket, or MOOP.
In This Episode of Bill of Health:
Why we need to start thinking of ourselves as healthcare consumersWhy the price your healthcare provider quotes may be similar to a vehicle’s sticker priceHow high deductibles can change the way you should think about healthcare spendingWhy you may never actually reach your annual deductibleWhen paying cash for healthcare services may save you moneyHow I saved money by shopping around for an upper endoscopyHow MDSave can help you compare healthcare prices in your areaWhy the site of care can dramatically affect what you payHow freestanding imaging centers and independent facilities may offer lower pricesQuestions to ask before automatically scheduling a procedure through your health systemThe difference between your deductible and maximum out-of-pocketWhy copays may not count toward your deductibleHow to ask about cash-pay, prepaid and prompt-pay discountsBecome a Smarter Healthcare Consumer
Stop Paying the Sticker Price
When your doctor recommends an X-ray, lab test, scan or procedure, you do not necessarily have to accept the first price you are given. I explain why healthcare prices can function a lot like sticker prices and why asking questions before scheduling care can potentially save you hundreds or even thousands of dollars.
Rethink Your Deductible
Many people assume they need to run every healthcare expense through insurance so they can make progress toward their deductible. But if you rarely reach your deductible in a normal year, paying a lower cash price may sometimes make more financial sense than paying a higher negotiated healthcare price simply to accumulate deductible credit.
Compare Your Site of Care
Where you receive healthcare matters. A hospital or regional medical center may charge significantly more for a service that is also available at a freestanding imaging center, independent lab or outpatient facility.
Before automatically accepting the location suggested by a scheduler, I encourage you to ask what other options are available and compare the prices.
Use Healthcare Shopping Tools
One resource I discuss in this episode is MDSave.com. You can search by ZIP code and procedure—or use the CPT medical billing code from your doctor—to find participating providers and upfront prices in your area.
I am not compensated by or sponsored by MDSave. It is simply one tool consumers can use to start comparing healthcare prices.
Understand Your Deductible and MOOP
Your deductible is generally the amount you must pay toward certain covered healthcare expenses before your insurance begins sharing more of the cost.
Your maximum out-of-pocket, or MOOP, is the maximum amount you are responsible for paying toward covered in-network healthcare expenses during the plan year before your insurance covers eligible expenses according to the terms of your plan.
Understanding the difference can help you make smarter decisions about how and where you spend your healthcare dollars.
Learn More
To learn more about individual health insurance options, Medicare planning and healthcare consumer strategies – or to schedule a consultation – visit: www.core360benefitsgroup.com
For more practical healthcare tips, price-comparison strategies and consumer advocacy insights
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Be smart. Shop smart. Protect your wealth.
Disclaimer
This podcast is provided for educational purposes only and should not be considered legal, tax, investment or insurance advice. Individual circumstances vary, and listeners should consult qualified professionals regarding their specific healthcare and financial situations. Opinions expressed by the host and guests do not necessarily reflect the views of any insurance carrier or affiliated organization.
Chapters
00:00 Why We Shop for Everything Except Healthcare
00:59 Becoming a Smarter Healthcare Consumer
02:07 Why Where You Get Healthcare Matters
03:25 Healthcare’s “Sticker Price” Problem
04:08 The Deductible Realization
05:01 How Often Do You Actually Hit Your Deductible?
05:58 Questions to Ask Before Paying for Care
08:00 Cash Pay vs. Building Your Deductible
08:33 Using MDSave to Compare Healthcare Prices
10:00 Why Site of Care Can Save You Money
11:17 Don’t Let the Scheduler Choose for You
12:15 Jargon Jar: Deductible vs. Maximum Out-of-Pocket
13:17 What Is a Maximum Out-of-Pocket (MOOP)?
13:44 Why Copays May Not Count Toward Your Deductible
14:51 Final Takeaway: Shop for Your Healthcare
The post Stop Feeding Your Deductible – How to Save Thousands on Healthcare (Bill of Health Ep.2) appeared first on Core360 Benefits Group.
