“Just 11% of the people…could figure out what a four-day hospital visit would cost given a hypothetical insurance plan.” It’s no surprise that health insurance plans are confusing, but we were shocked to find out just how many people guess when choosing an insurance plan instead of simply asking questions. When you're experiencing an emergency, you don't second guess the bill, you just go to the hospital. Unfortunately many people are hit with a hefty bill after that they wouldn't have imagined in their wildest dreams.
In order to prevent your pocket from feeling empty, CNN derived five points to help you through the “Open Enrollment” or “Exchange” Process. This will keep you from falling into a financial whirlwind!
Look over your own finances and compare them to your current deductible, maximum out-of-pocket cost, and premium. Also, don’t assume the most expensive plan is the best plan. Each individual or family will require something tailored specifically to them, so it’s best to understand how to get the most for your money.
Did you know “less than 10% of the population is admitted to the hospital every year”? If you’re in that 90% who avoided the hospital, you might be able to choose a plan with a less expensive premium. Higher deductibles look scary, but if you rarely need to pay them, it will work out in the long run.
Be Prepared For Change
Don’t get pulled into “if it ain’t broke, don’t fix it” mentality with healthcare. Your life is constantly changing: having kids, kids growing up, and new health developments. It's important to always be prepared for the future and any changes that could arise. Making sure to understand the different plans and your current situations could help you save a lot of money.
Health Maintenance Organizations (HMO): As (usually) the cheapest option, HMO plans come with a list of doctors within that network who are all available to you. It’s always best to check the list before choosing this option.
Preferred Provider Organizations(PPO): These plans come with a higher premium, but the variety of doctors is a lot wider than with an HMO plan.
Point of Service (POS): A combination of HMO and PPO plans, you will have a lot of doctors available as well, but you’ll need to choose a primary physician to see and give you referrals to see any specialist. These plans are more expensive but also come with the most flexibility.
Be sure to read the summary of benefits and coverage that comes with each plan.
Staying healthy is an underrated but extremely important point when concerned with health plans. Preventable illnesses make up an astounding 70% of health care costs. Remember how only 10% of the population was admitted to a hospital yearly? The way to stay in that 90% of health individuals is to watch your diet and exercise.
Find a Knowledgeable Buddy
Again, most people simply guess which plan is for them which can obviously put anyone in a rut. An easy fix? Ask questions. Asking for clarification or help is always an option.
Our team at Clovis Open MRI are here for you if you have any questions! You can find the original CNN article here.