beniebuzz blog

Did you hit your health insurance deductible this year? As we near the end of the year…chances are, you didn’t get anywhere near your deductible or out-of-pocket max. 

To help out this year AND next year (it’s never too late to start planning!), we’re answering some frequently asked questions to make sure you get the most out of your policy with the least impact on your budget!

TIP #1: Start with the basics.

Here’s an easy question: have you seen your family’s healthcare costs increase? The stats say your insurance premium rose 69% since 10 years ago.

Do random people ask you personal questions about their healthcare? I’ve worked in the benefits consulting industry – specifically, health insurance, for 25+ years – so, I get it a lot! 

Since I have some experience that might be helpful, below are my 3 tips for saving on your healthcare costs…

1. Ask Questions

Did you know Americans spend almost $3 trillion a year on medical care? That’s a big number, but what’s scarier is this: it’s estimated that about 30% is spent on unnecessary care. What? Since the average family spends $3600 each year in out of pocket costs – avoiding unnecessary care is worth about $1,000 savings. 

Have you been to an ER lately? The cost and wait time are about as painful as the reason you’re there! According to a 2009 study, patients spent an average of four hours and seven minutes in an ER. I can only imagine where it’s gone from 2009 to 2014! And, you’re not supposed to LOSE an arm and a leg in an ER, but that’s about what it costs. According to one recent study, the average cost is $1,477.  

Who doesn’t love the thrill of saving money? Getting deals is like a professional sport to many Americans and Groupon has proven that we love discounts on just about anything: massages, carpet cleaning, guitar lessons, hot air balloon rides, vacations, etc., etc. 

But, what about healthcare? Gone are the days when our insurance plans cover every need in our family – even with good insurance coverage, some things just slip through the cracks. However, most Americans don’t think about getting discounts on health care stuff. 

Have you combed through your health insurance plan to find the 2 deductible amounts? Yeah, me neither (I, for one, have other more exciting things to do…like clean toilets). But trust me, they’re both there!

As a refresher, the deductible is the amount you pay out of pocket before your insurance starts to help pay your medical bills. Most insurance plans have an “In-Network” deductible and an “Out-of-Network” deductible. The “Out-of-Network” deductible can be double the amount of the “In-Network” deductible. For instance…

$2,500 “In-Network” deductible 

Have you noticed less providers in your new health insurance plan?  This is a trend many Americans are starting to experience with their new insurance plans.

We’re writing a series of articles to explain this trend: what networks are, why they matter to you and why they’re shrinking.