When you’re scared witless because your doc thinks something might be wrong… and I mean REALLY wrong… you don’t shop around.
Whatever he orders, you rush to get it done ASAP. And whatever it costs, it costs.
I get it. You don’t want to trust your medical care to Dollar Tree… right?
Well, it may be time to take a deep breath and slow down just a little. Because just a few minutes of shopping around could do more than just save your life.
It could save you BIG MONEY, too.
Today, I’m going to share the secret to saving some scratch when it comes to some of the most common medical tests or procedures. And best of all, this approach works even if you have “good” insurance.
Heck, even if you have THE TOP insurance money can buy, this one little trick could put hundreds of bucks back into your pocket.
That’s a lot of trips to the Dollar Tree.
The secret to slashing 40% of medical care costs
A recent study finds the price of up to 40 percent of all medical services can be reduced simply by shopping around. Sometimes even dramatically, say researchers from Harvard, Yale, and Columbia Universities. . Yet most people never bother.
Here’s how it works…
Many “covered” medical tests aren’t covered in what you and I would think of the usual way. It’s not a flat copay. Insurance usually pays for a PERCENT of tests such as an MRI.
The typical Medicare plan, for example, covers 80 percent of an MRI. So for every $100 owed, they’d pay $80, and you’d pay $20.
Which might be okay if the price of an MRI is always around $100.
But spoiler alert. It’s not.
In fact, a “cheap” MRI is around $500. And that means $100 out of YOUR pocket. For most of us, that’s not exactly chump change.
And it gets worse from there. Some MRIs cost MUCH more, running as high as $3,500. That would make your share of the fee a heart-stopping $700.
Find out what you owe FIRST
But here’s the thing. That pricier MRI isn’t better.
It’s the exact same scan. And you can expect the same results. The only difference is that it costs FAR more.
The lesson here is unless it’s urgent you shouldn’t rush into a medical test or specialized treatment.
Your doc will often recommend his own facility for a procedure. Or he may have a pet place he always refers folks too.
But that doesn’t mean it’s always the best choice for your wallet.
If your case is super urgent, ask about the cost first. And then find out how much you’ll be expected to cover out of your own pocket based on your plan.
Sure, it may require a couple of phone calls, visiting a few websites, and checking some paperwork. But in the end, you could save hundreds.
And one new change will help. As of the first of this year, hospitals must now publicly post a list of standard charges for various procedures.
Shop around for the best price on medical tests
Then go ahead and follow Smokey Robinson’s advice: You better shop around!
You have two options.
- Pick up the phone: The old-fashioned “call around” approach still works as well as it always has. Make a list of clinics that offer what you need. Call each one and then jot the price down and your share of the fee.
- Go online: Or you can go with the high-tech option. There are price comparison tools online that’ll tell you what common procedures cost at different clinics and surgical centers. Just search on Google for “medical price comparison tool,” and you’ll see a few options. Even if the online tool doesn’t list the exact clinic you hope to use, it’ll give you the normal price range. That way you’ll have all your ducks in a row when you call to schedule an appointment.
You shop around for the best prices on gas and groceries. So why not make sure you’re getting the best prices on medical tests and care too?
Using this simple method, you could end up saving HUNDREDS on common medical tests and procedures.