Ever feel like your health insurance company isn’t telling you the whole story?
You’re not wrong.
With billions in profits on the line, they often leave out key details that could help you get more from your coverage. But we’re here to shed some light on what they’d rather you didn’t know.
Here’s a list of 6 things that your health insurance company would never tell you
1.) Hospital Prices Can Be Totally Made Up – Get a Better Deal by Shopping Around
Hospitals and doctor offices are notorious for their inconsistent and inflated pricing practices, with research showing prices for the same procedure can vary widely depending on the provider and whether you have insurance.
In 2021, federal regulations require hospitals to publish their prices under a new transparency rule.
However, despite these efforts, many hospitals are still not fully compliant, making it difficult for patients to get clear pricing. Recent reports show that only a small percentage of hospitals are providing complete information.
If you still haven’t met your deductible, or if you’re under-insured, shopping around can get you a much better price for most medical care.
2.) You Could Get the Same Coverage at a Better Rate
Signing up for a health insurance plan you’re happy with is only the beginning.
If you don’t review your plan annually, you’ll automatically be re-enrolled, year after year. But what if there’s a better plan available, and you miss out because you didn’t check?
Our advice: Treat your health insurance like a fresh purchase every year. Take time to shop around, compare plans, and explore different rates. You might find the same level of coverage at a lower monthly premium, saving you money without sacrificing benefits.
And remember, our Personal Benefits Managers are always available to guide you through the process and help you find the best deal.
3.) Out-of-Network Means Out-of-Pocket, in a Big Way
Whether you’re enrolled in an HMO or a PPO plan, staying in-network is crucial for keeping your healthcare costs down.
Straying outside your network can lead to significantly higher expenses—or worse, you might end up paying the entire bill yourself.
Many assume that their insurance will cover out-of-network services to some extent, but that’s often not the case.
In fact, out-of-network costs frequently don’t count toward your annual out-of-pocket maximum. This means those expenses can pile up without contributing to capping your yearly spending, leaving you with unexpected bills.
It’s also important to know that receiving care at an in-network facility doesn’t guarantee all your services are in-network.
To avoid these costly surprises:
- Always verify that all your healthcare providers are in-network before receiving services.
- Ask ahead about any specialists who might be involved in your care.
- Consult your insurance plan’s details regarding out-of-network coverage.
Compare Pricing on the Best Insurance Plans Available
4.) The “Cheapest” Plan Could Cost You More
Opting for a plan with the lowest monthly premium might seem like a smart way to save money and free up some extra cash.
However, these lower premiums often come with higher deductibles, which can leave you exposed to significant financial risk.
If you face an illness or injury, you’ll have to meet that high deductible before your insurance even starts covering your expenses.
When choosing a health insurance plan, it’s important to consider not just the monthly cost, but whether you can realistically afford the deductible when the unexpected happens.
5.) Health Insurance is Not the Only Option
For over a decade, health insurance lobbyists have worked to undermine health care sharing plans, fearing competition from these more affordable alternatives.
These programs offer a flexible, community-driven approach to managing healthcare costs, and insurance companies aren’t fans because they can’t control them.
Health care sharing plans are typically about half the cost of unsubsidized insurance, allowing you to pay only for the care you actually need.
Unlike traditional insurance, where you often pay for services you’ll never use, health sharing focuses on essentials—keeping your monthly costs low while still protecting you against unexpected medical expenses.
It’s a smart way to take control of your healthcare spending without the hefty premiums of traditional insurance.
6.) You Have the Power to Reclaim Your Healthcare Freedoms
At HSA for America, we believe your healthcare choices should be in your hands.
With our range of tools and resources, you’re empowered to take control of your coverage, whether that means finding a more affordable plan or stepping away from traditional insurance entirely.
Ready to explore better options? Your Personal Benefits Manager is here to guide you every step of the way, helping you find a solution that fits your needs and puts you back in control of your healthcare.
It’s time to reclaim your freedom and choose the coverage that works for you.
Get Expert Guidance on Your Health Insurance
In today’s complex health insurance landscape, understanding all your options is essential.
If you’re ready to explore better, more affordable healthcare solutions, contact a Personal Benefits Managers today. They’re here to help you make informed choices and find coverage that fits your needs perfectly.
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Call 800-913-0172 to get started. You can find more tips, tricks, and up-to-date news about your health insurance at the HSA for America Blog.
