When dealing with health insurance, small mistakes may cost you plenty in terms of both money and frustration.
Here are two mistakes to always avoid:
Do you take my insurance is a question you should never ask. Instead, you should always ask are you in network for my plan. A health provider or facility may take your insurance however that does not mean they are in network for your plan. For most insurance plans, using out of network providers can greatly increase your deductible and out of pocket maximum exposures by thousands. Always check to make sure your providers are in network for your plan except in emergency situations.
Never pay in advance for a discount. Some facilities will offer to discount the cost of services if you pay the full amount in advance. They say they’ll then turn it in to your insurance company. Do not agree to this. Paying in advance means the facility has now been paid in full for the service but this now leaves you chasing any reimbursement and making sure your insurance company was appropriately applying amounts to your deductible and coinsurance responsibilities. There’s also a chance it won’t even get submitted to your insurance company, leaving even more work on your part to get things straightened out. Politely decline all offers for discounted costs if you pay in advance. Let your insurance process the claim and bill you for any amounts you may owe after your deductible and coinsurance.
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Mark Bradley
BMA Financial - Insurance Services
501.499.4205
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