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If you’re like most people, you probably aren’t too thrilled about the thought of having to budget for your healthcare costs. But unfortunately, this is something that we all have to do these days.
What to Consider
The good news is that it’s not as difficult as you might think. There are a few simple things you can do to help keep your costs down.
What is Covered by Your Insurance?
In-Network Coverage
Lifestyle Choices
What is Covered?
Knowing the different types of cost-sharing payments your insurance plan offers can help you with healthcare budgeting. Maximums, Deductibles, Copays, coinsurance, or both are depending on what kind of care a person may need and will be explained next:
Copay is an upfront fee that must be paid by someone before they receive any service.
Coinsurance is a percentage of the medical charge you pay, with your health insurance plan covering the rest and typically applying after your deductible has been met. Totals can be difficult to calculate in advance since you usually don’t know what the charges are until aftercare. You should always ask for an estimate before receiving certain types of service so as not to get taken by surprise with unexpectedly high bills later down the road!
A deductible is a total amount you will pay before your plan starts paying for a portion of the bill.
Out of Pocket Maximum is the most you have to pay for covered services in a plan year. After you spend this amount on deductibles, copayments, and coinsurance for in-network care and services, your health plan pays 100% of the costs of covered benefits.
Some health insurance plans have both copays and coinsurance. The percentage that you are responsible for will depend on the type of care required, so it’s important to figure out which components your plan offers before going into an appointment with a doctor or hospital.
Let Trusted Referral Network help you with Coinsurance!
Is it In-Network?
It’s important to know what is not covered by your plan, otherwise known as exclusions. If you receive treatment or items that are excluded and it costs more than the in-network cost of those same treatments/products then no refund will be provided since they do not count toward out-of-pocket maximums!
Freestanding emergency rooms and urgent care facilities are popping up all over the country. Although most accept insurance, that does not necessarily mean they’re part of your plan’s network-so research which nearby hospitals or doctor’s offices will be in-network for you to receive treatment if necessary.
Urgent care is a great option for those who need quick medical attention without the cost of an emergency room. There are plenty of situations when going to urgent care instead can be more appropriate and cheaper than the emergency room, and knowing which ones will still accept your insurance may also help if you plan ahead by looking at prices beforehand.
Lifestyle Choices
When you are trying to protect your family’s healthcare costs, it is important to know what your plan covers. It’s also helpful to consider your family’s personal lifestyle.
Some accidents can not be prevented, however, you can budget for what you can anticipate. If you participate in sports or an active lifestyle it is probably best to budget for a possible sports-related injury.
Another place to look is your family’s medical history. Think of any hereditary illnesses and the costs associated with possible treatments or prescriptions.
Saving for Your Health
Many people are not prepared for the unexpected costs of healthcare. First account for your predictable charges such as prescriptions or regular appointments then aims to save enough to cover your out-of-pocket maximum. Once you can comfortably cover that then you can pretty much weather any healthcare costs.
Choosing what type of insurance fits your lifestyle can be tricky, let Trusted Referral Network help guide you through this process and make sure that all factors are taken into consideration when choosing which healthcare policy will best suit your needs.
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