Decoding Healthcare Costs: Your Handbook to Deductibles and Coinsurance

Let's face it, healthcare costs can sometimes feel like a maze of confusion. But fear not! I’m going to break down these terms in plain English and equip you with the knowledge to navigate the world of healthcare costs like a pro.

First up, let's tackle deductibles. Think of it as the amount you have to pay out of pocket before your insurance kicks in. It's like that entrance fee you have to pay before entering a theme park. Once you've met your deductible, your insurance starts sharing the financial burden with you. Remember, deductibles vary from plan to plan, so it's essential to know what yours is.

Now, let's dive into coinsurance. It's not as complicated as it sounds, I promise! Coinsurance is the percentage of costs you share with your insurance after you've met your deductible. Think of it as splitting the bill with your insurance company. For instance, if your plan has a 20% coinsurance, you'll be responsible for paying 20% of the costs, while your insurance covers the remaining 80%. Coinsurance usually kicks in after you've met your deductible, so keep that in mind when calculating your potential out-of-pocket expenses.

Now that we've deciphered these healthcare cost terms, let's explore some strategies to help you manage your healthcare expenses wisely:

1. Choose an in-network provider: In-network providers have negotiated rates with your insurance company, which can help keep your costs down. Make sure to check if a provider is in-network before scheduling an appointment or procedure to avoid unexpected bills.

2. Explore generic medications: If your doctor agrees, opt for generic medications instead of brand-name ones. Generics can be just as effective but are often more budget-friendly. Your wallet will thank you!+

3. Stay on top of preventive care: Prevention is key! Take advantage of covered preventive services, such as vaccinations and screenings. Early detection and proactive health management can help prevent costly medical issues down the road.

Remember, understanding your healthcare costs is an important step in managing your overall financial well-being. Take the time to review your plan documents, ask questions, and don't hesitate to reach out to your personal agent for clarification.

By arming yourself with knowledge and implementing cost-saving strategies, you'll be on your way to becoming a savvy healthcare consumer. Say goodbye to confusion and hello to confident decision-making when it comes to managing your healthcare costs.

So, let's navigate this maze of healthcare expenses together and take control of your financial health. You've got this!

Are you prepared for seasonal allergies?

As we head into spring of 2023, seasonal allergies are once again on the rise. With the warmer weather and blooming flowers, many people are experiencing symptoms such as sneezing, runny nose, and itchy eyes. These allergies are typically caused by the release of pollen from trees, grasses, and weeds, and can be quite uncomfortable for those who suffer from them.

Thankfully, there are a number of non-prescription remedies that can help alleviate the symptoms of seasonal allergies. One of the most common is antihistamines, which block the release of histamine in the body and can provide relief for sneezing, itching, and runny nose. Nasal sprays can also be effective, as they help to reduce inflammation in the nasal passages and relieve congestion. Additionally, saline sprays and rinses can help to clear out irritants and soothe irritated nasal passages.

If you are experiencing symptoms of seasonal allergies, it is important to speak with your healthcare provider to determine the best course of treatment for your specific needs. Using telemedicine for these types of visits can be very helpful. With the right remedies and precautions, you can enjoy the beauty of the spring season without suffering from uncomfortable allergy symptoms.

TikTok and Cortisol Levels

I read an article recently from Women’s Health about how #cortisol is taking over TikTok. In the article, there is a strongly worded headline about watching out for information on adrenal fatigue. Under the paragraph about adrenal fatigue and false claims, there’s a link to an article about adrenal fatigue.

Social media and online research can give you a good starting point for the questions you need to ask your doctor but you should always consult a medical professional before treatment. These days, many medical facilities offer virtual visits for quick appointments to clear up concerns that may pop up between your annual physicals. Take advantage of those options and make sure you’re taking advice from a medical professional who knows your health history.

Preventative Care Tips

Four things to take to your annual visit:

• Your health insurance card and photo ID

• A list of all medications you take, including over-the-counter medications.

• Health history notes

• Questions and concerns, making a list and including any symptoms is helpful for preventative care

Helpful questions to ask your doctor during your checkup:

• What vaccines, medical tests or screenings do I need?

• When can I expect the results from screenings and tests?

• Does my family health history raise my risk for any heath problems?

• What are some steps you think I should take to stay healthy?

• Do you have any follow up instructions for me? (Bonus: Ask for the follow up in writing.)

• When should I scheduled my next appointment?

Why Is Preventive Care Important?

Many people think of going to the doctor as something we do when we aren’t feeling well or when we need treatment for a specific medical condition.

Preventive care is very important to help you stay healthy and detect health problems early on, before they cause other issues or become more difficult to treat. However, one study found that only 8% of adults in the United States who are 35 years and older received the preventive care recommended to them.

The goal of preventive care can help you live a longer, healthier life.

What is Preventative Care?

Preventative care or preventative health includes annual wellness exams or physicals, as well as screenings and immunizations.

These are routine visits you receive in order to maintain your health. During these visits, there is a set of health services meant to screen and possibly identify health issues before symptoms develop.

Adult preventive healthcare typically includes screenings for conditions like heart disease, diabetes, and cancer. For children, preventive healthcare includes yearly checkups, vaccinations, and screenings for certain conditions.

Scheduling your routine visit allows your physician to evaluate your health when you are symptom free and gives you an opportunity to ask questions in-person.

Preventive health services offer significant health benefits, and are covered by most insurance companies. In other words, participating in preventive care usually won’t cost you anything. In fact, if any conditions are identified, early treatment will likely save you money on healthcare costs in the future.

Health Insurance Tips

• Schedule your yearly visits in advance. Many providers are very backed up right now and you could be waiting a month for your appointment.

• If you are prescribed a medication, check with GoodRx or CleverRx for the best price before confirming your pharmacy.

• If a medication you take regularly has a price increase, check with your doctor to see if there is an alternate option at a lower cost.

• For minor illnesses, try telemedicine first. You are able to schedule an appointment in minutes, instead of days/weeks. They can also prescribe medications over the app.

Updating Your Life and Health Policies

Is your family growing or changing? If so, it’s time to update your health and life insurance. Not sure how to do that? Here are some good tips!

How and When to Update Your Health Insurance

You may need to change your health insurance as your family grows or as your children get older and gain their own health insurance. Normally, you can only make changes to your policies during your annual open enrollment period. However, different rules apply after a qualifying life event.

For example, if you have a baby or adopt, there’s a special enrollment period. Under a marketplace health insurance policy, you’ll have 60 days to add your child. Under an employer-sponsored health plan, you’ll only have 30 days to act.

How Much Life Insurance Coverage Do Families Need?

Would your family continue to thrive if you passed away tomorrow? Families with life insurance were far more likely than families without it to say they would feel financially secure if a primary earner died unexpectedly, according to a recent study.

You may wonder how much coverage you need — or if you and your partner each need a policy. While everyone’s situation is different, you’ll likely both want coverage.

Not only will you want to cover end-of-life expenses and replace lost future wages, but you’ll also want to replace less-visible forms of income, like retirement contributions and employer-provided health insurance.

Consider coverage to replace the unpaid services you each provide for your family too, like childcare, eldercare or household management.

There are a lot of moving parts to this process so chatting with an expert can be extremely valuable. Want a recommendation? Just ask!