When it comes to the start of the year, many Americans who have high-deductible insurance plans face that reality at the start of every year. These deductibles will have to be paid before most coverage starts which can lead to thousands of dollars in new health care bills. While patients who use tax-exempt accounts to set aside money can soften the blow, there are no simple solutions to erase the problem for those without such accounts.
Here are some ways to manage these challenges:
- Know the financial pain that may await you with a high-deductible plan:
o It is important to know the size of your deductible and how it works.
o Some plans have separate deductibles for individuals and families where you may meet the individual deductible but still must satisfy the other when family members get care.
o There also could be different deductibles for prescriptions
o Insurance plans will typically require patients to continue footing a percentage of their bill (coinsurance) until they hit their annual out-of-pocket maximum
o Make sure you are seeing an in-network doctor to avoid issues - Closely Examine Invoices for Errors:
o Medical bills may be filled with errors. It is possible that someone at the doctor’s office may have entered the wrong code for the care you received or sent a bill before insurance coverage was sorted out. It is always important to double-check. - Ask for Help with any Big Medical Bills:
o many organizations help people navigate medical bills.
o Consider seeking financial assistance for a bill that seems unmanageable. Many hospital systems may provide help to people - Now is a good time to get the care that will be covered:
o Some routine screens and preventative care, like annual physicals, should be covered regardless of the deductible.
o Try to get those regular screenings early on in the year so that you have the rest of the year to figure out any financial burdens that you need to handle.
To learn more about your insurance choices, connect with one of our agents today to discuss all your options and answer any questions you may have. The experts at LIG Solutions have licensed health insurance professionals intending to offer a simple and transparent view of healthcare coverage. There’s no need to spend hours trying to understand different plan options – we’ll work with you to understand your needs and budget to recommend a plan that will work the best for you. And because we have no vested interest in which insurance carrier you go through, you can rest easy knowing we are truly looking out for your employee’s best interests.
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