High Deductible Health Plans (HDHPs) are increasing in popularity through employer sponsored programs and on the private market. It is estimated that in three years, 40% of employers offering insurance will only offer HDHPs. Employers like them because they shift the burden of medical payments onto the employee. Insurers are fans of high deductible plans because it encourages customers to shop around before acquiring medical care. But the underlying problem with high deductible plans is that many consumers are choosing to forego care or put it off until the symptoms get worse and the care becomes increasingly more expensive. So how can a family maximize their health care dollars and make the most of a high deductible health plan?
High deductible plans aren’t bad. They are really great for people that have a savings cushion to cover the deductible, want low premiums, and use the plan for routine screenings. Consumers need to be savvy when it comes to utilizing their plans. People on HDHPs: wake up! It’s time to take ownership of your medical care!
HSAs, or health savings accounts, offer triple tax advantages for those who enroll in high deductible insurance plans. Here’s how:
It’s basically like getting a 25% discount on your health expenses, depending on your tax bracket. Much like a 401k, the more you contribute, the more you save. Individuals or small businesses enrolled in Take Command Health premier membership will now have access to free HSAs powered by Lively in addition to other great benefits like Teledoc, dental discount plans and medical bill negotiation.
The Affordable Care Act mandates that all health plans cover certain essential benefits. Included in these essential benefits are preventative services such as: vaccinations, mammograms, and colonoscopies. The essential health benefits are free so make sure you schedule appointments for routine healthcare.
It’s said a lot, but is worth repeating...Stay in network to save money! Sometimes you cannot control out of network charges (like anesthesiologists), but do your best! Only charges spent in network count against your deductible so don’t waste your money going out of network. You know to check that your doctors are in network, but don’t forget to double check the lab that tests your bloodwork.
Medical treatment prices can vary from office to office so it helps to call around for pricing. You can even negotiate prices with your providers if you are paying in cash! Don’t forget to shop around pharmacies too! Compare prices for prescriptions at over 70,000 pharmacies at GoodRX.
We understand that having a high deductible of $5,000 or more is scary. And asking you spend more money upfront might sound like a crazy idea. But a TCH membership can save you money throughout the year. For $15/$25 month (Individual/Family) you get access to the following:
Still trying to decide if a high deductible health plan is right for you or your family? Want to learn more about the TCH premier membership? Our team at Take Command Health can answer your questions and offer advice. We can help you shop around for the right plan and steer you in the right direction. Check us out today!