Managing the High Cost of Healthcare

Managing the High Cost of Healthcare

When you consider the rising cost of healthcare, it makes sense to shop around to find the best rates, as you would with any other major purchase. You may find that despite your best efforts, it’s difficult to navigate the complexities of the ACA marketplace, employer-provided health plans, COBRA, and Medicare. When you factor in cost variables like premiums, deductibles, co-pays, and annual out-of-pocket maximums – there’s a lot to explore.

It’s not all bad news. Consider the following strategies for managing the high cost of healthcare:

  • In January 2021, new price transparency rules took effect requiring hospitals, employers, and health insurers to post detailed pricing information on their websites.1 Armed with this information, consumers can now comparison shop all available options to find the lowest priced care. This price transparency measure also provides clarity to consumers about a hospital’s standard charges, available discounts, and negotiated rates with insurance companies before invoices start to arrive.
  • Even if you have a robust emergency fund, unexpected medical bills can quickly deplete your savings putting your financial health at risk. That’s why Allegacy’s HealthLink is a great solution. Allegacy offers exclusive member savings on coverage plans including dental, vision, accident and Cancer.
  • If you don’t have insurance coverage through an employer, it can be challenging to understand your options. Take advantage of Allegacy Benefit Solutions’ personalized guidance to help you find an affordable plan to meet your needs. Whether you are in the market for health, dental, vision, disability, or long-term care insurance or want to understand the ins and outs of Medicare – our experts will help you make sense of it all so that you can make a smart financial choice.

 

1 Centers for Medicare & Medicaid Services – Hospital Price Transparency