The healthcare system in America is in a state of flux with successive governments making major changes in the applicability of healthcare plans and affordable coverage. Even as more people are getting covered with insurance under the Affordable Care Act, it does not necessarily mean that they are getting the most optimum health plan. Even as hospitals and caregivers are reeling under the reduction of reimbursements by insurance companies, common people are waking up to the fact that falling ill and being hospitalized can have a very far-reaching effect on their financial solvency with the hospital bills often reaching astronomical figures. The cost of healthcare is already so high that it has emerged as the leading cause of bankruptcies in America, ahead of even credit card debt. More than ever now, it has become vital for people to find affordable healthcare services but cutting down on the cost of healthcare insurance and other methods. Some practical tips on getting optimum healthcare at the minimum cost:
Get the Best Health Insurance Plan
Even though the first thing about an insurance plan people want to know is the cost, it should be viewed in its perspective and not necessarily by the dollar amount only. The most optimum health plan that you buy will depend on you; what cover you need and your financial status. For example, the premium cost can be low by choosing a plan with a higher deductible. This will work out just fine if you are young and healthy and do not meet with any accidents, however, if you are past your mid-forties or suffering from chronic conditions, you should be looking at a plan with better coverage and a lower deductible. To buy the most optimum plan, you need to know how much medical expense you are likely to run up, what your needs are, and how much you can afford to pay. Rather than basing your decision on the amount of the premium alone, you should think about how much benefit you are going to get.
Not exploring all the available options can leave you spending more than warranted. For example, if you have a domestic partner who is not your spouse, you can find out whether you can get included in your partner’s plan. If you are married, and your spouse’s plan is more attractive, you can get included in it and also get compensation from your employer by signing an insurance waiver.
Get Yourself an Experienced Health Insurance Broker
The insurance marketplace despite being very competitive is extremely complex and it can be difficult to compare and contrast your alternatives properly. By engaging an insurance broker, you will be able to get the best of advice on getting the maximum coverage for the least amount. It is important to keep in mind two things; first, the broker is your representative, not the insurance company’s even though he may get paid by the insurance company, and second, normally, the insurance agent does not charge you anything as he receives a sales commission from the insurance company. Engaging a broker has multiple benefits; they can not only explain the differences in plans and suggest which one is the best suited to you but also extend help when you need to file a claim. They will advise you on the items that can be claimed, help you to prepare the paperwork, lodge the claim, and intercede on your behalf with the insurance company for the reimbursement. Consulting with an experienced health insurance broker can help you get the maximum coverage at the least cost.
Review Your Medical Bills
As much as 80 percent of all medical bills contain errors, according to https://healthcareinamerica.us.As soon as you receive the bills from your hospital or medical caregiver, you should scrutinize it to make sure that all the entries and charges are correct. You need to keep in mind that any extra costs passed down to the insurance companies due to billing mistakes are ultimately recovered from customers with an increase in the premium. Insist on getting an itemized bill so that you can check for mistakes in supplies, procedures, and medications for which you are being billed. Ask your insurance company for a list of codes of the procedures so that you know exactly which procedure has been billed to you; in case of any confusion, check with your hospital. Be extra careful of balance billing, which is a practice of caregivers to bill customers for the balance of bills not paid by the insurance company. Since many states have prohibited balance billing, ascertain whether you have to pay it. In case, you do have to pay, negotiate with the hospital to reduce it to the maximum by quoting the normal insurance reimbursement amount had it been covered or the prevailing rates of the same procedure in your area. If the amount is still unaffordable, consider a personal loan from a reputed online lender like Libertylending.com.
Consider Group Insurance
A lot of people do not appreciate that you can be eligible for group insurance even if they are individuals simply because they are members of some professional group or association that qualifies as a group. The Farm Bureau Health Insurance is a typical example–the cover is available to everyone in the community not only to farmers. Group insurance premiums are typically far less so this can be a real money saver for you.
Ask for Financial Assistance
If you genuinely do not have the means to pay your medical bill, you can ask your hospital if they have a program for extending financial assistance or a payment plan that will give an extended period for you to pay off the bill. There are also plenty of charitable organizations that offer assistance to people suffering from specific diseases.
Conclusion Buying health insurance that gives you the most optimum coverage at the least cost and other steps to reduce your medical costs can be a tricky affair. It requires a thorough understanding of how the medical billing and insurance reimbursement systems work as well as understanding well what your own requirements are. Working with an experienced health insurance broker can be a great advantage when trying to decide on the best coverage and least possible expense.
