Did you know that if you don't use all of your health insurance benefits this year, you lose them forever? Many 2014 health plans require authorizations for services, and it may take up to three weeks to receive authorization. Now is the time to contact your health care provider.
You may have met your deductible for 2014 already. If so, you can take advantage of lower (or no) out-of-pocket expenses for medical services such as sleep studies, PAP or supplies. If you wait until 2015, you will have to meet a new deductible. Now, more than ever, it's important to understand your insurance benefits and take advantage of your benefits.
Here are some key terms that you should understand:
In-network vs. out-of-network
In-network: Looking for in-network providers can help reduce your cost as these providers contract with the insurance companies at lower rates. Advanced Sleep Medicine Services is in-network with all major PPOs and many HMOs in Southern California.
Out-of-network: Out-of-network rates can be much higher or services may not be covered at all if the service provider is not considered in-network! This is an important question to ask your service provider.
Deductibles vs. co-pays
Deductibles: Deductibles can range anywhere from $50 to $15,000 and beyond. This is the amount the insured person must pay before the insurance company pays for any services. Each plan is different and rules vary widely. Here's a link to a great website that breaks it down for you.
Copays: Copays are out-of-pocket payments made by the patient at the time of service. Copays vary by the type of service. A routine visit may cost you a $20 copay while a visit to the ER costs $200. Again, this also varies according to whether the provider is in or out of network with your insurance company.
HSA vs. FSA
HSA (Health Savings Account): You (and maybe even your employer) can contribute pre-tax dollars into this account which can be used for medical expenses, including copays, deductibles and prescriptions. Any funds you contribute but don't use roll over into the next year.
FSA (Flexible Savings Account): FSAs are almost the same as HSA except for one important distinction: unused funds DO NOT roll over to the next calendar year; therefore, you should keep track and make sure you use all of the money in the account. Here's a great article from USA Today about these two types of accounts.
If you have been postponing medical care, now may be the time! If you are in need of an in-home or in-center sleep study, new PAP device or replacement supplies, click the button below and we will reach out to you to verify your benefits and schedule service.
If you have no medical needs at this time, good for you! Please share this reminder with friends or family who may. Please just accept this as a reminder that we are concerned with keeping your out-of-pocket medical costs to a minimum!
Enjoy the rest of 2014 and sleep well!
