The Health Savings Account (HSA) is becoming well-known as an incredible tool to reduce health insurance premuims and still provide good security for healthcare emergencies. This article is about submitting your medical bills while you are still under your insurance deductible, and what to consider before doing that. Generally, submitting your documentation to your insurance company even when you are paying with HSA money is still a good idea. I say this for two reasons. First, if you using services from an in-network doctor, or you require prescriptions or any type medical device, submitting your bills through your insurance company will reduce your costs for these services and products. This is because the insurance company has already pre-negotiated a set of prices with those suppliers (doctors, pharmacies, etc.) and they need to give you those prices whether or not you have reached your deductible. The difference between the average Joe price and the insurance company price is often dramatic. Ive personally seen cases where a the price of a CT-Scan went from $1200 for the average Joe down to $275 for the insurance company price. Thats a 77% discount! Take advantage of the prices your insurance company has negotiated, youll be happy you did. It wont apply to everything, but youll be surprised how often it helps you out. Secondly, it makes sense to submit your HSA-funded doctor visits and prescriptions through your health insurance, even though they wont pay for it because you havent reached your deductible amount. You may notice that, as you continue to submit the seemingly small amounts here and there throughout the year, it may eventually add up to your deductible and your health insurance will kick in automatically. Although those years will be rare when you spend $2,500 or $5,000 on these healthcare services, it still might happen in any particular year. So, for this reason too, it is good to submit those bills into your insurance company. Your doctor may be willing to fill out the paperwork for you, or you may have to send it in yourself. In particular, the opted-out doctors, that is, doctors, who do not take any form of insurance, will not do the paperwork for you, in order to keep their fees low. In these cases, youll have to fill it out yourself. The cases where you should not submit the claims to your insurance are those where the claim will be rejected. For instance, if you see a naturopath, acupuncturist or reflexologist, youll have to explain to your insurance company why you think these services should be covered. Almost no insurer covers these services, even though they are tremendously useful, effective and inexpensive. Well just have to wait for the insurers to catch up to the rest of us on that one! Health Savings Accounts (HSA) will help usher us into a new era of healthcare and out of the crisis we are in today. Be part of the future! HSAs are available today! |
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