New Year, New High-Deductible Health Plan

The new year brings an opportunity to start afresh, but for those who have a high-deductible health plan (HDHP), this is one new start that you would prefer to avoid. Especially if you met your deductible last year and spent the previous few months enjoying low-cost or no-cost office visits and prescriptions, starting at Ground Zero on January 1 can be daunting.  

Here are Gateway Hancock Health’s tips to make your journey with a high-deductible health plan a little bit smoother. 

Price Shop 

You’ll find varying costs with different providers for procedures, imaging and visits. Make a few phone calls to understand your price options. Additional factors like location, availability and working with a specific provider may influence this decision for you. On average, services at Gateway Hancock Health are 70% lower than what you’ll find at other facilities in the area. Be sure to consider us for imaging, lab work and primary care. 

Prescription Costs 

Prescriptions, especially ones you take on an on-going basis, can accumulate quite a price tag throughout the year. Always ask your provider to prescribe the generic version of name brand drugs. While generics are required by law to be “bioequivalent” (or, “chemically similar”), they typically cost a fraction of the price. Newer drugs may not have generic equivalents, so you can also ask your provider about using older drugs with similar benefits. Sometimes, there isn’t any other option than an expensive name brand drug. If this is the case, you can check with your provider and the manufacturer to see if there are coupons available to help lessen the financial strain. 

Explore your Preventative Healthcare Options 

The best healthcare is preventative healthcare! Most preventative screenings are required to be covered under many coverage plans. Check with your plan provider for specifics, but things like colonoscopies, mammograms and routine check-ups may all be covered entirely. It’s always cheaper to take care of small issues rather than big ones, so staying on top of your free routine care can be a huge money saver for “Future You.” 

Evaluate Your Current Healthcare Needs 

If you find that you are repeatedly meeting your high deductible over the course of several years, it may be financially beneficial to switch to a plan with higher monthly premiums but a lower deductible in order to have a lower annual out-of-pocket (OOP) cost. Unless you qualify for a “Life Event” (things like marriage, divorce, or a new baby) you won’t be able to choose a different plan until next year. Now, however, is a great time to start tracking your total OOP costs so that you can weigh whether a different plan is better for you and your family. 

We know that the financial strain that accompanies healthcare is a real and necessary burden for so many. That’s why at Gateway Hancock Health our goal is to provide affordable healthcare that doesn’t sacrifice quality or accessibility. We are your entry to better health.