Did you know that if you don’t use all of your health insurance benefits this year, you lose them forever?
You may have met your deductible for 2016 already. If so, you can take advantage of lower (or no) out-of-pocket expenses for medical services such as sleep studies, PAP or supplies (learn about insurance coverage for these services here).
Waiting until next year means that not only will you lose any unused benefits for this year, but also that you’ll have to first satisfy a new year’s deductible before any benefits will be paid.
We understand that patients and their physicians are concerned about rising out-of-pocket expenses for health care; unfortunately, this often affects decisions about how healthcare is administered.
Now, more than ever, it’s important to understand your insurance benefits and take advantage of your benefits. Here are some key terms that you should understand.
In-network vs. out-of-network
Looking for in-network providers can help reduce your cost as these providers contract with the insurance companies at lower rates. Out-of-network rates can be much higher or services may not be covered at all if the service provider is not considered in-network! This is an important question to ask your service provider (we have a list of insurances we’re contracted with here).
For sleep studies, this can mean the difference between paying nothing out-of-pocket if you select an in-network provider or being billed for up to $1,200 for selecting an out-of-network provider. Learn more about why it’s important to chose an in-network provider here.
Deductibles vs. co-pays
Deductibles can range anywhere from $50 to $15,000 and beyond. This is the amount the insured person must pay before the insurance company pays for any services. Each plan is different and rules vary widely. Co-pays also vary by the type of service. A routine visit may cost you a $20 copay while a visit to the ER costs $200. Again, this also varies according to whether the provider is in or out of network with your insurance company.
Check out our Guide to Understanding Your Health Insurance.
If you have been postponing medical care, now may be the time! You can call your insurance company or medical service provider to reverify your coverage and benefits. If you have no medical needs at this time, good for you! Please share this reminder with friends or family who may.
Please just accept this as a reminder that we are concerned with keeping your out-of-pocket medical costs to a minimum and enjoy the rest of 2016 and sleep well!
Contact us to schedule your sleep study, CPAP set-up or order replacement CPAP supplies before the end of the year!
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