We all know that the world of insurance, particularly health insurance, can be hard to navigate. People are constantly calling on Congress to simplify the process, so more people understand what they are actually paying for. In the interim, it’s up to you to do your homework and know what you are working with – at least there are insurance brokers out there that can make it easier on you.
If you want to learn more about health insurance, here are a few things you might not know today:
1. Doctors Can Choose Their Networks: Doctors don’t accept every single health insurance plan under the sun. Many of them will elect to be compatible with about 4-5 plans. They do this for a variety of reasons related to co-payments, government money, and so forth. Therefore, it’s not guaranteed your doctor will accept your new health insurance plan.
2. Practices Listed “In-Network” Can Be Deceiving: If you see a particular practice is listed as “in-network,” tread with caution. Doctors at that specific facility may not be filed with your insurance plan. Be sure to call in advance and ask if your particular doctor is part of your insurance plan.
3. Paying in Cash Costs Less: If you’ve ever paid in cash at the doctors, you’ve probably noticed your bill was a lot less. That’s because paying in cash waives all of the credit card and administrative fees associated with medical offices. Although not all of us can do this, it’s still something to consider! And even if you’re out of network, they’ll still give you a discount because they want money… today.
4. Cost Changes Are Based on Facility Charges: Remember that whether you are in or out of network, the cost you owe each day is based on the facility. Your insurance will always cover the same amount unless otherwise negotiated between the carrier and the facility. This does happen, but it’s usually not advertised or shared with the average consumer. That’s why it’s wise to shop around when it comes to doctors’ offices that participate in your particular plan.
Health insurance is a world full of nuances, exceptions, and complexities, which is why so many people avoid learning more about it. If you feel overwhelmed by your options, please seek out the support of an expert. Insurance brokers can go through your potential plans and expose all the benefits – as well as the sneaky fees – that you might not have otherwise noticed.