Health Care Billing Issues: Sudden and Expensive


Insurance is designed for sudden costly exposures that most of us cannot afford. If you look at those words again: sudden and expensive. It does not elaborate predictable and affordable. Over the years though, we have someone with a larger wallet paying bills. Most of us have very little to pay out-of-pocket for any of our own medical expenses. At least until now.
It is common knowledge that those who have more money tend to have more to spend without questions. Insurance companies are no different; they are the ones with larger wallets. Medical providers also know. Over the last 50-60 years, providers increase their prices to see what they can get away with, at the same time insurance companies negotiate for large discounts. This is how health becomes a big business. Insurance companies have fronted this cost, and now we have to bear the higher premium costs these days.
Transparency Price is NULL in the healthcare industry. Partly because we never need to know because others pay most of the bills. Another reason is that no one is shopping for their health care costs as they do other consumable items. Medical providers know this and take advantage of this. The price for something is billed to the insurance company and what the ' cash price ' can be totally different. Which one are you going to pay?
This highway robbery if you ask me. Take typical generic medications at your local pharmacy. One could cost about twenty dollars to an insurance company, but your price if you pay the cash price could be ten bucks. Why? It is because they can.
The opposite is also true. If you request a cash price, it could double what insurance company negotiated the price. Many providers will charge the number of bills to patients versus discount amounts. It's kind of like because you asked me will charge you more.
Personal Case Study: My son injured his hand. Specialists can not say that it is cracked or not. They wanted to lean on the heart, but I wanted to know if it was just Deep bruising or broken bones. The doctor suggested we do an MRI in his hands just to be sure. As every caring father will, I ask how much this cost me if I pay cash, I have a high deductible health plan. He said that an approved amount of insurance company is $350 (this is a small MRI machine). He went on and said I did not make anything of them. So if you pay in cash, I'll charge you $450.
With many policyholders having a high health plan (HDHP) or Health Savings Account Plan (HSAs), many providers realize that the patient is responsible for the initial costs. It can be good and bad depending on the look.
Firstly, there is a negative view. Many expect the first dollar coverage to be paid by the insurance company. Any doctor visits, lab tests or prescription medications are out of your pocket first and applied towards your deductible. Some may not like this idea.
The other side of this is you have more control over your expenses while saving on premium costs. The net advantage is very valuable for many people. They can ask further questions about their health. Why? It is because of their money. More importantly, you should ask more questions about your health.
At the end of the day, it is your health and your money. Found that the middle happy between the cost of coverage and what you get for it can be overwhelming and expensive. Find out what's important to you and ask enough questions so that you can make better-educated decisions that will save you thousands of dollars over the years. After all, it is your money.

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