Shop Around to Save
Healthcare is a Big Part of Americans’ Household Budget
It’s the new year and, for many of us, we’re looking to 2019 as an opportunity to be healthier – physically and financially. That can be a challenge. The cost of healthcare is rising year-to-year, faster than inflation. Pursuing the care you need is getting more expensive.
Source: Milliman Medical Index, 2018
In 2018, insuring a family of four (with employer-sponsored health insurance) cost an average of $28,166! While employers covered a significant portion of that cost, employees were still responsible for an average of $7,674 in payroll deductions, plus another $4,704 in out-of-pocket expenses. Yep, that’s over $12,000 in healthcare expenses. Yikes!
Happily, there are ways to save on these expenses. One of the biggest opportunities to cut costs is by finding fair-priced medical, dental, vision, and pharmacy services, upfront.
Make Every Dollar Count
The key to saving is finding more affordable care. In healthcare, prices vary wildly. In fact, the same procedure can vary in cost by up to 500%. And that’s in the same network! Take a look at this example from the St. Louis area:
A Knee MRI (with and without contrast) costs $1,134 at Facility A (an imaging center.) That same knee MRI costs $5,103 at Facility B (a hospital.) And these are the prices after health insurance has been applied! *Prices may vary based on specific health plans.
In this example, shopping around and selecting Facility A could save almost $4,000 in out-of-pocket costs. (And remember, you’re responsible for the full amount until you meet your annual deductible. Read more about deductibles and HDHPs here.)
This example isn’t unusual – significant price variations are common for in-network medical care. More than that, these widely varying costs are found in dental, vision, and pharmacy services too! That’s why it’s vital you shop around and research pricing before you seek non-emergency care.
How Do I Shop for Care?
Follow these steps to help you narrow down your provider/facility options:
While it’s a tedious process, taking the time to shop for care now can save you a lot later.
Are You a HooPayz Member?
We do all of this for you! Your Personal Advisor will research in-network, high-quality, fair-priced providers and send three options straight to your inbox. Just login or call to get started!
Not a HooPayz member? Speak to your HR team about adding HooPayz to your healthcare benefits today!