Your health is important, but we’re cognizant of the need to balance understanding healthcare costs with their impact on patients’ ability to access necessary services. The most critical element in dealing with healthcare expenses has to do with understanding your annual deductible expense in insurance and planning a way to meet the expenses.
What is a deductible?
Your deductible is the amount that you must pay out of pocket before your health care insurance kicks in and covers more of your medical expenses. If your deductible is $1,500, for instance, that must be met before your insurer begins paying for services, except where services are possibly covered without meeting a deductible, like preventive care. This is important information to understand when it comes to managing your health care costs.
Timing your medical visits
Another huge variable is the timing of your medical visits in relation to your deductible. If you have met your deductible early in the year due to a big procedure or because you are going to the doctor on a regular basis for a chronic condition, then your out-of-pocket costs for additional treatments, tests, and visits will be much lower. If you do not have a deductible, you will have to bear more of the cost of the routine visits and tests yourself.
Many individuals with cardiovascular issues need to be checked quite often. Thus, if you have met your deductible, it might be a financially wise thing to schedule non-emergency procedures later in the year. Of course, when early in the year and you know you will be visiting many doctors during the year, planning to meet your deductible can make things quite easier on your wallet later in the year.
Use of preventive services
Most insurance plans cover preventive services-even before you reach your deductible-and they range from things like annual wellness visits, blood pressure screenings, and cholesterol checks. These are pretty essential for any patient that has the risk of heart disease. The preventive services help to avoid larger, more costly health issues later in life. Such may delay or reduce the need for more extensive treatments that could drive up your out-of-pocket costs.
Budgeting for healthcare
Meeting your deductible can seem like a daunting task, but having it planned out can alleviate some financial stressors. Talk with your healthcare professional to understand any upcoming testing or procedures that could be in your near future, so you are prepared for what is going to be expected from you financially. You can make it easier by setting aside money throughout the year with a Health Savings Account or a Flexible Spending Account.
This will help you plan, knowing the deductible in such a way that you are not just managing your heart health but also staying above water regarding financial health.
