Be Wary of Co-Insurance:
Since co-insurance refers to a percentage of the total cost of care and not a specific dollar amount, your financial obligation for health care may be more than you anticipated. Keep in mind that the more expensive your care, the more your co-insurance will be. Try to find out as much as possible about the total cost of your care to get a better idea of what you will be expected to contribute.Even Small Copays Add Up:
Your insurance coverage may have copays for physician office visits, emergency department visits, prescription drugs and other healthcare goods and services. These copays are specific dollar amounts and may vary depending on whether your provider is in-network or out-of-network -- or whether your medication is preferred, nonformulary or generic. It is important to keep track of your copay amounts to make sure you are spending your healthcare dollars wisely."Deductible" May Not Mean What You Think It Means:
Beware! Insurers have been known to have separate deductibles for medical services, prescription drugs and medical devices (e.g., oxygen tanks and prosthetic limbs). Additionally, I have seen some insurance policies that apply a new deductible for each medical condition incurred. Consumers cannot be too careful about finding out what their insurer means by the term deductible. It is crucial to understand exactly how much money you will be expected to pay before your insurance begins contributing toward the cost.Be Wary of Balance Billing:
Some providers wish to be paid at a higher rate than they negotiated with your insurer, and have started billing patients directly for the difference in cost. This is called "balance billing," and in most states, it's illegal. Many patients worry about ruining their credit, so they pay the bill anyway. If you think your healthcare provider is doing this to you, contact your state's insurance department. They can tell you whether you are obligated to pay or not.
