Friday, June 2, 2023

Overusing Your Health Insurance

When reviewing health plans and evaluating costs, keep in mind that health insurance was not designed to cover every penny related to health care.

Everything is good with an open credit card, but not when you are paying the bill. But you are.

The purpose of insurance is to cover sudden, very costly losses. It’s about making you whole again and you don’t have to have a ton of money financially to do it. Somehow we all decided over the last 60 years that the traditional plan should pay for everything.

Health insurance, for the most part, is the only insurance product that pays for the first dollar of coverage, such as doctor visits and prescription drugs. The healthcare system gamed the system on the big bank account paying the bill, not the little guy. Everything is changed…

Employees are more responsible for their healthcare paying more for premium dollars out of their checks and higher costs. Employers should engage their employees in being more active in their healthcare. Here are a few ideas:

  1. Don’t go to the ER or doctor for every little thing. What about home remedies or waiting to see a doctor instead of going to the ER? If you have kids this will save you thousands a year.

  2. Try to save money on medicine by finding alternatives. Sometimes going off medication doesn’t affect your health, but you keep coming back to the doctor. Another thing you can do is go shopping. Just because they are convenient doesn’t mean it is the most cost effective.

  3. Just because your doctor recommends a test, doesn’t mean you have to jump up and get it done. The Doctor spent years at the school, but they are also trying to protect him and run trials to get paid. Ask more questions to see if you think it’s the right thing to do. Just like if your mechanic recommended the item. It’s your money.

  4. If you’re scheduling a process, take a look around. Many new facilities are popping up to help drive down the cost of outpatient testing to outpatient surgical facilities. The hospital is not the cheapest. far from it. This increases the cost for you and the insurance company.

  5. You don’t need to go to a state-of-the-art teaching hospital for most things. There is a time and place for advanced care that comes to the fore at some of the leading teaching hospitals. However, for most things people go through its overkill and overcharge.

In the end, it will cost you more money, either in out-of-pocket costs or in premiums. There is no free lunch.

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