5 Ways to Prepare for Out-of-pocket Health and Wellness Costs
Article by McKinsey & Co.
2. Check if you qualify for subsidized coverage or financial assistance. People with incomes below certain levels may be eligible for health coverage at reduced or no cost. Hospitals may offer free or discounted care, known as charity care, to people not able to pay.
3. Confirm with your provider and insurance company that you are maximizing health plan coverage. Take advantage of your annual benefits, including getting recommended preventive screenings and visiting in-network providers that usually cost less than those who are out-of-network.
4. Enroll in an employer-based program that uses pre-tax dollars. Flexible Spending Accounts (FSA) and Healthcare Spending Accounts (HSA) allow employees to set aside money from their pay for qualified medical expenses.
5. Consider promotional financing
(BPT) - According to McKinsey & Co., 82% of U.S. consumers consider wellness a top priority, with more than half saying they prioritize it more than they did a year ago.[i] However, rising healthcare costs pose significant challenges to consumers, and an unpredictable healthcare payment landscape can leave them with substantial out-of-pocket expenses. These expenses can force people to forgo the care they want or need, leading to poorer health outcomes.[ii]
Given these realities, it's important to consider the following steps to inform financial decisions about potential out-of-pocket health and wellness costs.
1. Research the cost of your procedures or services in advance. Many websites provide estimated costs of various procedures by region or provider. You can also get estimates by calling your insurance company or the provider directly in advance of your appointment.
HEALTH AND WELLNESS