The amount of money that can be saved by paying cash (instead of using your health insurance) can be astounding in many instances. It is important to do your research and find out how much a test, procedure or surgery will cost. Although there has been a lot of positive movement in the area of “cost transparency”, it is still not easy to shop for health care. In a recent article published in the L.A. Times, it was discovered that the cash price for a C.T. scan costs only $250, whereas the cost was over $2300 using Blue Shield of CA insurance. Please check out the article to read the details.
Health Care’s High Cost: “The lowest price is usually available only if patients don’t use their health insurance. In one case , blood tests that cost an insured patient $415 would have been $95 in cash.” May 27, 2012|By Chad Terhune
So, what does this mean? Should we discard our health insurance and pay with cash only? Absolutely not! Health insurance is intended to prevent major financial loss due to serious illness or injury. However, there are smart ways to purchase health insurance that puts more money in the pocket of the insured and not the insurance company.