Yet every day, people seek health care services without knowing the actual cost of those services and what kind of hit their bank account may take.
Is this just a reality in today’s health care environment? Or is there a better way?
Health insurance companies are now stepping up to provide a better option. A new tool, a health care cost estimator or calculator, can help you determine where to access your health care services and how much those services will cost.
“Giving our members useful tools and resources is fundamental to our goal of improving the health and lives of our members”
Priority Health created its Cost Estimator tool to give members instant access to cost information for more than 300 health care procedures. The cost estimate is based on the individual’s health plan, taking into account the network of the plan, the deductible and any price nuances, producing the actual cost the member can expect to pay.
Check out this video to see how it works:
It is estimated that more than one-sixth of the U.S. economy is devoted to health care spending, and that percentage continues to rise every year. Experts agree that an estimated 20 to 30 percent of that spending, which is up to $800 billion a year, goes to care that is wasteful, redundant, or inefficient, according to America’s Health Insurance Plans.
“Giving our members useful tools and resources is fundamental to our goal of improving the health and lives of our members,” said Joan Budden, president and CEO for Priority Health. “Cost Estimator gives members data and information to make the best decision possible for their family.”
For example, one member, a runner, sustained an injury to her ankle. By evaluating her options for X-ray services using the Cost Estimator, she was able to save $60.
In addition, researching the health care costs and being engaged with your care could help you address any discrepancies in billing. Since you know what price to expect, you can ensure that receipt you receive is in line with the information you found using Cost Estimator.
With such a variation in the cost of health care procedures, transparency in health care has never been more important. This tool is a step in the right direction, as it helps patients plan ahead financially and be more engaged in their health care decisions.
Check out our ebook, to help you understand all of your Medicare options, including how you can get a plan that covers everything Original Medicare does plus benefits like prescription drugs and dental.