Insurance is a Finance Tool
This week was our annual open enrollment for group health insurance, which no one enjoys as there can be a lot of paper work. Once again, we kept our insurance with Blue Cross as we only had a minor increase in premiums. As the insurance agent gave his annual spiel on why we should all deposit more in our HSA accounts, he also explained how insurance is simply a finance tool for healthcare. In other words, healthcare expenses are what they are. Insurance is simply one way to pay for healthcare expenses. Other options, of course, include paying for all of our healthcare expenses out of pocket. As I read various blogs, listen to media reports on TV, and read newspapers, it is clear that too many people see insurance as something other than a finance tool. The anger towards insurance companies can be intense, as individuals have horror stories of how needed procedures or medicines are not covered at times when in need. It’s all a matter of how the policy is written. Yet, often these people see themselves as being “denied” care by the insurance company. It is unfortunate that this view is so prevalent. We all have universal access to healthcare now. That is, we can go to a physician and get treatment for a fee. The real issue is the method of paying for the healthcare.For me, private insurance (not the government) continues to be the best way to finance healthcare. If the government ever took it over (single payer system) we would all be very sorry to see what “free” healthcare really costs.
March 31st, 2008 at 2:01 pm
I think HSA’s are fantastic. By way of personal testimony. I think anytime you can match an HSA with a good healthplan and a great benefits consultant you’ve got an incredible combination. Case in point for me and my family this past year. My wife went through an incredible healthcare ordeal and several surgeries. Thankfully, she is 100% healthy now and fully recovered. The process of bills, duplicate bills, who pays what and what is covered in our plan was amazing. The HSA plan afforded us a vehicle where beyond our Family benefit amount, all services, drugs, etc. is covered 100%. Additionally, a savvy benefits consultant that knows plan design, providers’ billing practives and things like “electronic bulk bill payment” was incredible.
I wonder how many times some poor unknowledgeable plan member pays much more for the healthcare they recieved than they should! I didn’t know that billing cycles occur with each of my providers and that I’m billed over and over - for the same amount and what questions I should ask about when my health insurance carrier was going to pay my claim and how. That’s when I found out about the electronic bulk bill payment. This is where several of my claims are paid at one time and I needed to know the tracking number. That’s where your Human Resources Benefits Administrator or consultant comes in. Mine was a gem, she assisted me in finding this information so I could handle my billing with each providers office knowing how their process actually worked! It’s amazing when you have knowlege. It’s power! Bottom line here is when you have all three of these ingredients in place the HSA, the healthplan you want and a great employee benefit administrator or consultant you can feel alot better about navigating the somewhat treacherous waters of medical billing!
December 1st, 2008 at 5:36 pm
If you could go to a doctor or hospital and they didn’t ask you for your insurance info first thing, I could agree with your point. You could show them your insurance card and say “I have this financial tool that will allow me to pay less.”
That’s not the way it works. Health insurance is not a financial tool; it is an intricate part of the whole Health Care system. It is expected that people will either have insurance, or be covered through Medicare or Medicaid. Whole cost systems are based on the concept that people are insured. People are denied proper treatment for lack of insurance.
Next time you inhale, remember that there is no law that says we have a right to oxygen, but you would freak out if it wasn’t there.
March 1st, 2009 at 11:30 pm
hey, is there a section just for latest news