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Health Savings Account Fundamentals - Asking For Cash Discounts!

Published Friday, August 29, 2008 by bloggerblognet4542 | E-mail this post

The purpose of this short, easy to understand report is to make you aware of the benefits of paying cash to your health care providers.

Health care providers are being educated to the benefits of catering to patients who hold HSAs. Health care providers are being bombarded with high service charges and huge reductions in payment because the giant health insurance companies and HMOs first take their portion and then typically don't pay the doctor or health care provider for 60 to 120 days or more for his/her services. The average health care provider typically has 2-3 people to administer and maintain this huge cumbersome insurance paperwork system. When you offer to pay cash immediately for health care services, you deserve and will receive a significant discount, many times 50% or more off of what you would normally pay. This is a very important thing to know. The average insured family spends less than $2000 annually for health care. If you get a 50% discount off that for paying cash, your out-of-pocket expense is only $1000 per year.

You will receive a statement with all of the proper coding that you will have for your HSA administrator if you wish a refund later. Your doctor saves dollars because he/she does not need to process your visit through their insurance department and your visit does not have to go through his/her billing department.

You must know and understand how your new HSA works so you can receive every benefit provided. Notify your health care provider before your visit of your intention to pay cash at the time of service and inform him/her that you don't have direct health insurance. Then ask for their cash discount policy. Simply ask what his/her cash service fees are in comparison to his regular fees. This applies to your dentist, doctor, chiropractor, you name it. It is to your benefit to know exactly at the beginning what your discount and cost for that service will be. The main benefit of having your HSA is that you are now in control of your health care. You are no longer tied to any one specific health care provider and you have the complete choice of who you use. Smart consumers shop for the best deals on everything else, why not health care?

Marc Hart - Owner of Marc Hart Insurance Services specializes in health savings accounts for individuals, families, small business owners or anyone that purchase there own insurance. For more information please visit http://www.westcoasthsaplans.com or email Marc Hart at marc@westcoasthsaplans.com

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