If you’re like most Californians, you’re pleased with your new ability to research and enroll in your own healthcare plan through Covered California. The aim of the Affordable Care Act was to make health insurance affordable for everyone, and they’re doing a good job at meeting that goal through widespread subsidies for health insurance premiums based upon income.\r
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But even though premiums are affordable for nearly everyone, you might still feel frustrated by your plan’s deductible. Depending upon which tier of plan you chose – Platinum, Gold, Silver, or Bronze – you deductible might range from 0 dollars all the way up to 6,000 dollars. And many of us just don’t have thousands of dollars sitting in a bank account, ready to be used for medical bills.\r
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The whole point of health insurance is to help everyone access necessary medical treatment, so of course we don’t want you go avoid care due to high deductibles. The following options can help you manage this expense, while still seeking the medical treatments you need.\r
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Negotiate with your doctor’s office. Your physician can’t waive your deductible, due to plan rules, but often they will allow you to make payments on your portion of the bill.\r
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Look for cheaper options. Choosing a less expensive treatment option won’t lower your deductible, but it will help spread out your payments toward that deductible. For example, if you need a treatment that currently costs 800 dollars per month, locating an option that costs 400 per month can reduce the financial pressure.\r
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Investigate community health centers. Community health centers offer care based on a sliding scale, according to your income, and might even accept your health insurance company’s payment as the full payment.\r
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Call your human resources department. Some employers offer assistance programs to help lower-income employees, but these programs often are not widely advertised. Call your human resources department at work to inquire whether your employer offers such a program.\r
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Borrow. No one wants to go into debt, but borrowing the cash to cover your deductible doesn’t have to mean using a high-interest credit card. Other options are available, such as a home equity line of credit, or taking a personal loan from a credit union or even a family member. If your high medical bills are the result of a one-time incident, rather than a recurring illness or condition, this might be a reasonable option for you.\r
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Open a Health Savings Account. You might be eligible to open and fund an HSA, which allows you to set aside pre-tax dollars, directly from your paychecks, for use toward qualified medical expenses later. Call us for more information, and we can help you determine whether you’re eligible for one of these accounts.\r
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Change insurance plans. Compare different tiers of plans, and perform some basic math. Plans with a lower deductible will charge higher premiums. However, if the alternative is to save money for a deductible each month, you’re already spending that money anyway. We can help you do the math, and decide whether moving up a tier or two could actually make healthcare more affordable for you.