Not too long ago, it was considered taboo for physicians to discuss money issues with patients. Now, it’s irresponsible not to do so. Therefore, let me share 5 quick considerations pertaining to the blending of your finances and your healthcare:
You must save additional money for your healthcare. Deductibles are rising, fewer procedures are being covered and overall, all costs in healthcare are rising. You can’t just save enough money to pay your insurance premium each month. You must plan with an additional reserve.
A Health Savings Account (HSA) is a great tool to have. Either you can contribute to this periodically and use it for your out-of-pocket medical expenses as they arise, or you can choose to invest this money in your HSA account and allow it grow to tax free while saving it for later. Either way, your contributions are tax deductible.
Insurance companies’ mantra: “Deny, Deny, Deny.” We are seeing more procedures and valuable interventions such as MRIs, physical therapy visits and certain injections get denied by insurance. Now, some of these can eventually get approved, but not without a lot of extra work put in by the physician and his/her office staff. Insurance denials are a cost-containment measure for these for-profit companies. There’s nothing wrong with being a for-profit business, but you have to realize this as you approach your relationship with your insurance company.
Some of the best procedures in orthopedics are not covered by insurance. This includes innovative procedures such as PRP injections and certain surgeries. Insurance companies are often slow to catch-up with the latest and most effective treatments in medicine.
Except for those with Medicare and Medicaid, we really need to consider insurance coverage as “catastrophic” medical coverage. Meaning, we have insurance to help cover the majority of the expenses in the event of a major surgery, a hospitalization or cancer treatment as examples.
In summary, we have to shift our thinking regarding how we budget for our current and future healthcare. I want all of us to receive the best medical care possible. To do that, we have to be prepared financially.
As always, let us know if we can be of assistance to you!
