How to Deal with Fresh Health Insurance Deductibles in the New Year
Many Americans with high-deductible health insurance plans face a cold reality at the start of every year. Those deductibles will have to be paid before most coverage starts, which can mean thousands of dollars in fresh health care bills.
Know the Financial Pain that May Await with a High-Deductible Plan
Patients should know the size of their deductibles and how they work. This can be confusing, as a plan may have separate deductibles for individuals and families. You may meet the individual deductible but still have to satisfy the other when family members get care. There may also be a different deductible for prescriptions.
Understand the payments you’ll have after meeting the deductible. Insurance plans typically require patients to continue footing a percentage of their bill — called coinsurance — until they hit their annual out-of-pocket maximum. Many people don’t understand that they will still have to pay coinsurance after meeting the deductible.
Closely Examine Invoices for Errors
Medical bills can be filled with errors. Someone at the hospital or doctor’s office may have entered the wrong code for the care you received. They also may have sent a bill before insurance coverage was sorted out. For emergency care, make sure a bill complies with the No Surprises Act.
Ask for Help with Big Medical Bills
There are several organizations that help people navigate medical bills. Consider seeking financial assistance for a bill that seems unmanageable. Some hospital systems may provide help for people with income levels as high as six figures. Patients should be persistent in asking for help or finding out why an application was denied. That may have happened due to a mistake.
Now’s a Good Time to Get the Care That Will Be Covered
Some routine screenings and preventive care like annual physicals should be covered regardless of the deductible. Broadhurst recommends getting those early in the year. If doctors find something they need to treat, then you have the rest of the year to figure out how to handle that financially. If there’s nothing to worry about, then perhaps you have time to set aside money in case the deductible hits later in the year.
Conclusion
Managing high-deductible health insurance plans can be challenging, but understanding how they work and being prepared for the financial impact can help. By knowing the size of your deductible, examining invoices for errors, and seeking help with big medical bills, you can better navigate the system and get the care you need.
Frequently Asked Questions
Q: What is a high-deductible health insurance plan?
A: A high-deductible health insurance plan is a type of health insurance plan that requires you to pay a certain amount of money out-of-pocket before your insurance coverage kicks in.
Q: How does a high-deductible health insurance plan work?
A: A high-deductible health insurance plan typically requires you to pay a certain amount of money out-of-pocket before your insurance coverage kicks in. This amount is called the deductible.
Q: How can I prepare for a high-deductible health insurance plan?
A: To prepare for a high-deductible health insurance plan, it’s a good idea to know the size of your deductible, examine invoices for errors, and seek help with big medical bills. You can also consider setting aside money in a tax-exempt account to help offset the cost of medical expenses.