Health Insurance Lies You Need to Watch Out For
It probably won’t come as a surprise, but your health insurance company has more than a few things to hide. With billions of dollars of revenue to protect, they’ll go out of their way to keep you from getting the most out of your coverage.
Health Insurance Lies by Omission
At HSA for America, we believe we can change that. To get started, 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 shady pricing practices, to the point where the President of the U.S. had to personally step in. But even with new federal restrictions on price transparency, don’t think that everything is going to change overnight.
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
Enrolling in a health insurance plan that you like is only step one. If you stop there, you will be re-enrolled, year after year. But what if a better plan comes along, and you’re not paying attention?
Our advice: Every year, treat your insurance like it’s the first time you’re buying it. Shop around for plans, and explore rates and coverage options. It’s sometimes possible to find a plan that matches your current coverage, but has a lower monthly premium.
Don’t hesitate to lean on your Personal Benefits Manager for help with this one.
3.) Out-of-Network Means Out-of-Pocket, in a Big Way
Whether you’re enrolled in an HMO or PPO plan, staying in-network is the only way to keep your costs down. Getting out-of-network treatment could mean that you’re paying more, or even footing the entire bill.
Not only that, but for a lot of insurance plans, out-of-network costs do not factor into your annual cap on out-of-pocket costs. That means you’re on the hook for even more over the course of the year.
Compare Pricing on the Best Insurance Plans Available
4.) The “Cheapest” Plan Could Cost You More
Choosing a plan with the lowest monthly premium is a great way to reduce monthly expenses, and free up valuable spending cash. But the higher deductibles that come with these plans could put you at an even greater financial risk.
If you get sick or are injured, you have to meet your deductible before your coverage “kicks in”. When enrolling in a health insurance plan, consider whether or not you’ll be able to pay that amount when the time comes.
5.) Health Insurance is Not the Only Option
Over the last decade, health insurance lobbyists have been doing everything in their power to eliminate health care sharing plans. These low-cost healthcare programs provide Americans with a valuable and flexible alternative, and the insurance companies simply hate it.
Health sharing is about half the cost of unsubsidized insurance, meaning that you no longer have to pay for the coverage that you’re not using, Just the protection you need, at a price you can actually afford.
6.) You Have the Power to Reclaim Your Healthcare Freedoms
As a client of HSA for America, you have access to a set of tools designed to help you claim and exercise your healthcare freedoms. Whether you’re looking for a more affordable plan, or you’re ready to ditch health insurance altogether for something that’s a better fit, your Personal Benefits Manager can help you get there.
Here are some additional articles on health insurance: The Top 5 Myths & Misconceptions About Health Insurance | Understanding Health Insurance: 13 Things About Health Insurance You May Not Have Known
Here are some additional pages related to this article: Health Insurance by State | State Tax Treatment of Health Savings Accounts | When is the Best Time to Buy Life Insurance? [Family Financial Planning Guide]
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.