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.
Health Savings Accounts (HSA)
If you are a consumer with a high deductible health plan, it is your responsibility to have cash on hand for your medical expenses until you have met your deductible. For many, this is not an easy task. One tool helping to accomplish this is the HSA available to everyone who purchases a high deductible health plan. An HSA savings account 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. The trend we see is that the amount individuals and families can allocate to their HSA is going to continue to go up as premiums and health costs continue to rise helping you cover the costs until your insurance kicks in. You can utilize these dollars for purchasing care at most of the providers available within RokketMed. While we understand not everybody has the financial means to set aside money into an HSA, we highly encourage you to if and when you can. At RokketMed, we are committed to helping every American save money relevant to their annual health care needs.
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 often times 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 a 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 likely a term you may have heard of but might not understand what is 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 the 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.