In America, we have privatized medicine. That means if you want the best medical care, you need insurance. If you have at least a decent insurance plan, you can usually rely on that to pay for your medical bills.
However, even assuming you have a medical insurance plan from a reputable company, it’s possible to make mistakes when selecting a plan or paying for expenses, and some can be costly. If you make too many of these, you might need to consider medical debt consolidation or a similar strategy.
To help you avoid making these costly errors, we’re covering two expensive medical mistakes you can be on the lookout for.
In America, we have privatized medicine. That means if you want the best medical care, you need insurance. If you have at least a decent insurance plan, you can usually rely on that to pay for your medical bills.
However, even assuming you have a medical insurance plan from a reputable company, it’s possible to make mistakes when selecting a plan or paying for expenses, and some can be costly. If you make too many of these, you might need to consider medical debt consolidation or a similar strategy.
To help you avoid making these costly errors, we’re covering two expensive medical mistakes you can be on the lookout for.
1. High-Deductible Plans
Let’s get back to the subject of medical insurance plans for a moment. If you work for a company, they might offer you medical insurance. That’s a standard benefit, and some individuals work for a business entity specifically because they want healthcare coverage. If you’re self-employed, it makes sense to purchase a plan through your state’s healthcare marketplace.
Assuming you have a plan, either one you purchased on your own or got through your employer, you should have different plan options. There are higher-end plans that cost more, which tend to have a low deductible. You can also pay less for a plan, but it will probably come with a high deductible.
A critical mistake some people make is believing their insurance will entirely cover a costly medical procedure, such as an operation. They think they will not have to pay anything out of pocket for such a procedure because they have insurance.
However, you must meet your yearly deductible before the cost of a major medical procedure is significantly reduced or eliminated. If you have not met that deductible yet, a procedure such as an operation will still probably cost you quite a bit out of pocket.
You should understand that if you buy a high-deductible plan, you’re paying less for it every month, but you’ll have to pay more for medical procedures during a calendar year before your plan gives you significant relief. If you have a big medical procedure coming up, but you have a high-deductible plan, research how much it will cost beforehand so you won’t be blindsided.
2. Going Out of Network
Going out of network to find a healthcare provider can also cost you more than you might have expected. Most healthcare insurance plans are pretty rigid about which doctors they will allow you to see.
If you have to see a specialist and your doctor recommends someone, you should check to see if they are in-network. You can still see them if they aren’t, but your medical insurance may not cover it. Your insurance might also cover part of the cost, but nowhere near as much as if you picked someone in-network.
You can alleviate this problem by seeing a specialist who’s in your network. If you go with the out-of-network doctor, be ready for a higher bill. Again, you can refer to your plan’s details to determine the actual dollar amount.
Watch Out for These Medical Mistakes
If you know you have a high-deductible healthcare plan, understand that you’ll need to pay more before you hit your year’s deductible than if you got a low-deductible plan. You can choose to either spend more per month and have a lower deductible or pay less per month but have a higher one.
Going out of network to find a doctor or specialist can also cost you more than anticipated. Either find someone in-network or be ready to pay more out of pocket.
If you know about these potential medical pitfalls, you can be ready for them, and you can at least consider taking steps to avoid them.
