Breaking Down Cost Transparency

In today’s increasingly independent world, a movement is underway to shift healthcare spending power to the consumer. However, it can be difficult to determine what you will pay for a procedure or doctor’s visit due to the varying costs of services and service providers. According to a report from the U.S. Government Accountability Office, the cost of a knee replacement surgery varied from $33,000 to $101,000 between dozens of providers. Under a basic health plan, an appendectomy could cost anywhere from between $458 and $56,000. Healthcare cost transparency tools allow you to find and understand the varying prices of care. It’s important for consumers to make the right decisions for healthcare that won’t break the bank.
Flexible Spending Accounts and Consumer-Driven Health Plans have helped give consumers more choices when it comes to healthcare spend. And insurance carriers now often provide online tools where consumers can compare healthcare costs for surgeries, prescription drugs and more. Typically, the tools can be found on major health insurance carriers’ websites.
Benefits from cost transparency include informed decisions by the consumers and an overall price reduction. All it takes is a little research, and you could save money!
Content by Lockton Dunning Benefits with info from: Health Policy