High Deductible Health Plan
There are various plans that insurance companies provide to consumers. The most significant trend is the increasing push by employers and insurance companies of what is called high-deductible health plans. These plans tend to offer less costly monthly premiums making insurance affordable to more Americans. The flip side is that these plans come with a high deductible that is in most cases much higher than traditional insurance coverage. As a result, when you do have a medical expenditure, you will be paying directly for the cost of the medical services up to the point when you meet your deductible amount and insurance begins to pay. This means that until you hit your deductible, your insurance isn’t doing much for you. As a result of this industry trend, it is very important for you as a consumer to be engaged in the purchasing of healthcare by asking how much particular medical service will cost in advance of having the treatment. In other words, you should now do some “shopping” ahead of time before you receive care. A Health Savings Account (HSA) is a savings tool with a high-deductible health insurance policy that allows the insured (consumer) to save money tax-free against medical expenses. Many employers even make a contribution to the HSA encouraging consumers to utilize this important savings tool.
Health Reimbursement Arrangement (HRA)
A Health Reimbursement Arrangement (HRA) is an employer-funded health care product some employers choose to help pay for co-pays, insurance premiums and other eligible medical expenses that an employee is 100% responsible for while within their deductible. Either set-up as a third-party reimbursement account or a debit card, new regulations have broadened the ability for any size employer to put pretax funds into a variety of HRA products. HRAs are increasing flexibility and cost management for both employers and employees. Like popular HSAs, you can utilize these funds for purchasing care or paying co-pays at all of the providers available within RokketMed and numerous other eligible medical expenses outlined in IRS.gov/Pub502. Knowing not everybody has the financial means to set aside money into an HSA, or is able to pay upfront medical costs, the increased flexibility of an HRA card provides peace of mind to the employee and RokketMed helps them find the most affordable care.
What exactly do the cash prices represent in RokketMed? These are prices that a provider will charge you at the point of care if you choose to use your HSA account or credit card just like you purchase any other retail product. The cash price is oftentimes significantly less, 10-50% less, than what a claim would be because there is no extra administrative costs or risk for the provider for the collection of payment. Often times these prices are called prompt pay discounts. We are committed to providing you choice and savings when you require health care services. If you are healthy and are simply searching for nearby urgent care or a preventive service during the year, paying cash may simply be the best way to save on your annual health care expenses.
Narrow networks is a term you may have heard of but might not understand what it means. Narrow networks is another way of limiting your choice of providers. We at RokketMed believe in expanding your health care choices. We know it’s frustrating and time-consuming when the only provider in your network is across town or takes days to book an appointment. With the cash prices being made available in RokketMed any provider, including a virtual provider or the one three blocks from home, is now in your network. Urgent cares and retail clinics are meeting consumer needs by opening facilities all over communities delivering convenience and affordability. Our research shows these are the most affordable clinics for care and will save you hundreds compared to a local emergency room. Don’t hesitate to walk in.