Most people are overwhelmed when choosing health insurance at work. When I was new and first on the job, I had no idea what insurance benefits were - what was good, what was bad or how much I should pay for any of it. I know exactly what you’re up against. I’ll review your health plan choices at work and tell you - one on one - which plan to choose. You’ll be saving smarter now by keeping more money in your own pocket while building wealth to safeguard your future. So that you’ll be able to get the healthcare you need. So that you’ll be able to get healthcare when you need it. So that you’ll never have to worry how to pay for healthcare again.
An Illuminating Snafu
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I had a snafu with my prescription…and it was kind of illuminating. And that change is only going to happen more quickly now.
Health insurance and healthcare are beginning to breakdown. New ways of providing the same services are entering the market. Old cost structures cannot be supported by declining prices. Those that can change to meet the market will survive. Those that cannot will go bankrupt or be consumed. Disruption will bring lots of complaints from the incumbents (i.e. your doctor, local hospital and insurance provider) and you may receive your healthcare differently than you used to in many ways, but a lot of change is already around you and you probably haven’t noticed. The Snafu I had to scramble. Since I had to scramble, I had time to check what the actual price of my prescription would be. I wanted to know because I had never used the new “network” pharmacy and I had no idea what to expect from them. So I went online to check with Mark Cuban’s Cost Plus Drugs: https://www.markcubancostplusdrugcompany.com/ I paid with our HSA so we saved a significant amount on the purchase price, but I did not know that one of the two new prescriptions wasn’t covered until I checked the portal a few days later. Here’s what I found for the prescriptions from Mark Cuban’s Cost Plus Drugs: It was easy to look up and took only a couple of minutes. Shipping would likely be less if sent together and the antibiotic would be about $3.25 because the script was for 10 count, not 30. Now let’s take a look at what I actually paid at the “in-network” pharmacy - supposedly saving me and the employer health plan money compared to buying full price “out-of-network”. The one on the left was covered by our health plan and the one on the right was not. I paid the $34.73 with our HSA, which saved us over 40%, for what it is worth. Bottom Line In-Network CVS $.89 + $33.84 = $34.73 Out-of-Network. Mark Cuban Cost Plus Drugs $11.21 + $11.99 = $23.20 The bottom line is that our insurance plan, in coordination with the in-network pharmacy, left us with an out of pocket expense $11.53 higher than if we had no insurance at all. Networks Are Obsolete In the early 1980s, when I was getting started, networks were just forming. All they really are is a list of doctors who agree to a certain set of rules and payments in return for a health plan funneling large numbers of members (potential patients and increased revenue) to the doctors or hospitals. That works when it’s new and few doctors/hospitals participate. Send me a note and share your story (nightmare) about what your insurance didn’t cover or how “in-network” cost you more. Episodes are evergreen, so they’re always a great listen! Cheers! Scott W. Dowling |
The HSA Expert
Most people are overwhelmed when choosing health insurance at work. When I was new and first on the job, I had no idea what insurance benefits were - what was good, what was bad or how much I should pay for any of it. I know exactly what you’re up against. I’ll review your health plan choices at work and tell you - one on one - which plan to choose. You’ll be saving smarter now by keeping more money in your own pocket while building wealth to safeguard your future. So that you’ll be able to get the healthcare you need. So that you’ll be able to get healthcare when you need it. So that you’ll never have to worry how to pay for healthcare again.