Here are the results of a survey showing some of the top
healthcare blunders Americans are guilty of -- and how to avoid them.
Maurie
Backman (TMFBookNerd) Author Bio Jan 16, 2020 at 9:18AM
The health insurance plan you choose will
largely dictate your out-of-pocket medical spending during the year, so it pays
to put lots of thought into that decision. Unfortunately, a large percentage of
Americans feel they chose poorly in this regard.
In an Aflac survey last
year, 42% of families with children said they made health coverage choices they
regretted within the past two years. And they've since suffered for it. Here
are the top five regrets:
48% chose a plan with
limited benefits
It can be tempting to choose a low-cost health
plan when money is tight and you don't want to spend a fortune on premiums. But if you sign up for a healthcare plan with limited benefits,
you're more likely to have to pay for services out of pocket than someone whose
health plan offers a wider scope of coverage.
The takeaway? When evaluating the cost of a
health insurance plan, don't just look at how high or low its premiums run.
Rather, assess the whole picture.
41% saw an
out-of-network doctor
Sticking to in-network providers is a good way
to keep your healthcare spending down. In some cases, an out-of-network doctor
may be more convenient or come highly recommended. But be aware that depending
on your plan, you may have to foot the entire bill for an out-of-network doctor
visit yourself.
If you're going to go out of network, ask the provider
you're looking to see if there's a discounted rate for patients paying out of
pocket. Or see if your insurance plan offers any out-of-network
benefits, because some will pick up part of the tab.
36% chose too high a
deductible
There are benefits to a high-deductible health
insurance plan, like the option to contribute to a health savings account and enjoy the tax
breaks involved. But if you tend to get sick a lot, and are likely to have to
meet your deductible, then a higher one may not be the best choice.
Generally, premiums and deductibles have an
inverse relationship: The more you pay for one, the less you pay for the other.
Plans with higher deductibles tend to charge lower premiums, so if you don't
think you'll use your insurance often, a high-deductible plan is a decent bet.
But if that's not the case, then you may be better off with a lower, more
manageable deductible.
30% chose a plan that
didn't include their doctor's network
Finding a healthcare provider you can really
trust is easier said than done. But if that provider is considered out of
network on your insurance plan, then seeing that doctor may not be financially
feasible.
Do some research and see if the doctors you know
and love are covered under the choices you're looking at. Sometimes, paying a
bit more in premiums for access to your favored providers is worth the peace of
mind you get in return.
26% did not sufficiently
research their benefits
Different insurance plans have different
requirements when it comes to receiving care. For example, your plan might
require that you obtain a referral before seeing a specialist, and failing to
do so could leave you on the hook for a large bill your insurer might have
otherwise paid.
The point? Always research your benefits and
understand what steps you need to take to ensure that your healthcare services
are paid for. Although waiting on hold to speak to an agent may not be your
preferred way to spend your time, discussing your benefits with a live person
is sometimes the best way to ensure that you're truly in the loop.
The wrong healthcare moves could wreak havoc on
your budget and land you in a world of stress. If you made a mistake relating
to your health coverage in recent years, learn from it. That way, your finances
won't suffer from a repeat.
No comments:
Post a Comment