Healthcare cost remains one of the highest costing basic necessities for the U.S. citizens. Several lucrative insurance plans are waiting for you on the internet with low premiums and other “incentives”. However, the insurance bill or premium is not all you have to pay in a year in order to receive healthcare services.
Yes, you read it right. There are several other costs, often referred to as “out-of-pocket” costs, that affect healthcare spending, and, at times, are more than the premium itself.
What are the “Out-of-Pocket” Costs?
Deductible: There’s a certain amount that you have to spend for covered health services before your insurance comes into effect. The insurance company will only start paying on your behalf once you have already spent that pre-defined amount of annual deductible.
Co-payments or Co-insurance: This is the amount that you need to pay every time you get a medical service after you have paid the deductible amount.
How to estimate the total cost?
There are several insurance plans. However, before choosing one, decide whether the individual medical attention needed by your family members is high, low, or medium. It will help you choose the plan that’s right for you and your family. Add the insurance premium with the tentative costs mentioned above, and you can get an average estimate.
Another Way Around…Direct Primary Care
Health specialists believe that health insurance should be for catastrophic events like hospitalization or surgery. In the case of other healthcare needs, you can always opt for direct pay option. In other words, you can keep the insurance for emergencies, but for all other types of healthcare needs, paying cash might be a better option to save money.
With time, more and more doctors, along with patients, are opting for the direct primary care model. It helps both doctors and patients achieve the optimum level of treatment at an affordable cost. In most cases, the doctors charge a low membership fee (either monthly or annual) and provide healthcare in the best way possible.
Therefore, the choices are in front of you. Whether you go for insurance or direct primary care, it’ll be easy to estimate the healthcare cost for your family and will help you plan accordingly.