The process of choosing and buying healthcare in this country is far more complicated than it needs to be. But that’s no accident: Hospitals, insurance companies, and providers all want the same thing: To keep people confused, so they might not notice that they’re overpaying for healthcare. That’s the real truth about health insurance. But unfortunately, it’s not the only truth you haven’t been told.
This guide will examine some of the other health insurance secrets that may have been kept for you, as well as a helpful tip to address each one.
The Truth About Health Insurance – What They’re Not Telling You
1.) All Plans Have Out-Of-Pocket Costs, No Matter What They Tell You
Paying your monthly premium is not the only cost that you need to worry about. Whether it’s coinsurance, copays, or even just the cost of prescription drugs, all healthcare strategies will have some out-of-pocket cost.
Tip: Maintaining an emergency fund specifically for health costs is the best way to stay protected. Health Savings Accounts (HSAs) are a good choice due to their significant tax benefits.
2.) You Can Save Money Just by Paying Attention to Your Plan
Even if you feel good about your current plan, reading over the plan details every year can save you a bundle. Not only are monthly premiums changing all the time, but the coverage details can be all over the place.
Tip: October is a good month to check in with your healthcare strategy. Most health insurance enrollment periods begin on November 1st. Try to make an appointment with your Personal Benefits Manager ahead of time, as it’s always a busy time of year.
Compare Pricing on the Best Insurance Plans Available
3.) Health Insurance isn’t the Only Option
With the Affordable Care Act, many Americans saw a steep reduction in the amount of choice that they had when it came to choosing a plan. Others saw huge premium increases, especially those who didn’t qualify for an ACA tax credit.
Health Care Sharing Ministries is one health insurance secret that they really don’t want you to know about. Healthshare plans are low-cost alternatives to health insurance. Members contribute a low monthly portion and then have access to a community of members who have agreed to share the cost of medical expenses.
Tip: Healthcare cost sharing is not for everyone. If you have significant or ongoing medical needs, you might be better off with a health insurance plan.
4.) You Have a Right to Healthcare Freedom
Whether you’re buying new coverage or looking for a lower premium, consider scheduling a free consultation with your Personal Benefits Manager. Our goal is to simplify your experience, and also connect you with the tools you need to capture and maintain your healthcare freedom.
Looking to become a master of your own healthcare? Check out the back issues of the HSA for America Blog for a treasure trove of health insurance resources.
Whitney Kline is a Personal Benefits Manager (PBM) for HSA for America. As a PBM, she helps individuals and small businesses find money-saving alternatives to traditional health insurance – including HSA plans, health sharing programs, DPC memberships, and other innovative solutions.