- For Patients
- by Sara McFarland
Tips for Financing Expensive Procedures That Insurance Won’t Cover
Health insurance coverage can be expensive, especially with rising monthly premiums and the growth in popularity of high-deductible health plans. In situations where unexpected health care costs arise though, your medical insurance could be your saving grace. However, there are many services and procedures that insurance plans won’t cover.
Here are some of the most common medical procedures and services that insurance plans don’t cover:
- 81% of health plan benefits don’t cover adult dental services
- 87% of health plans don’t cover eyeglasses for children
- Only 10% of insurance plans cover weight loss surgery
- 94% of insurance plans don’t cover fertility treatments
- 98% of health plans don’t cover cosmetic surgery procedures like lipoplasty, breast implants, nose jobs, facelifts or Botox injections
Source: Benefits Pro
So, what do you do if your insurance won’t help you pay for a medical procedure or service that you need? Here are a few tips and things to consider:
Ask about patient financing options through the practice
Health care providers are always looking for ways to help their patients pay for their medical procedures. Of course, the doctors want to help their patients get the care they need but they also want to be reimbursed for their work. Due to this, your doctor might know about a financing option that you don’t even know is available. Also, private practices have more flexibility than hospital-owned practices, so they could be more willing to negotiate patient payment plans, especially if you’re paying for your procedure without insurance.
Think ahead about unexpected costs
Even when you plan for upcoming medical expenses, unexpected charges can creep up. In our experience, we’ve learned that infertility treatment can be one of the most financially debilitating health care expenses. ABC News reported today, that IVF and egg-freezing costs could be on the decline, but since most insurances don’t cover the high costs associated with infertility, the financial burden usually falls on the potential parents. When you and your loved one decide to start planning for a family, you probably save money for the essentials, but do you set aside any extra money in case you need to explore other avenues for conception?
Consider medical loans as opposed to opening a healthcare credit card
When high out-of-pocket costs come up, be sure to research a few different options for how to pay your medical bills. Oftentimes, patients assume that the lowest risk option would be to pay for their medical bills on a healthcare credit card, but a lot of patients get into trouble not reading the fine print. Be sure to think about how long it will take you to pay off your balance, research interest rates and consider whether paying for a cosmetic procedure with a plastic surgery loan might be more affordable in the long run.
Lean on healthcare innovators for new resources
The health tech industry is evolving rapidly every day, which means there are more companies and tools available to consumer-driven patients than ever before. Parasail partners with a number of other innovative start-up companies, like CoPatient, a billing advocacy company that can review your bills for errors and negotiate lower costs and YouCaring, a crowdfunding platform that allows you to get help paying your medical bills from family, friends and your social network.
Learn more about how Parasail helps patients finance expensive medical procedures here.