Frequently Asked Questions
A shoppable healthcare procedure is any procedure that can be scheduled by the patient in advance. Magnetic resonance imaging, cataract removal, knee replacement and computerized tomography scans are some of the most commonly shopped healthcare procedures. Consumers who participate in high-deductible health plans most commonly engage in comparison shopping for healthcare procedures.
Shopping for healthcare procedures is not limited to price considerations alone. Other factors such as quality and distance to a provider can be considered by the consumer.
Shopping for healthcare procedures is not limited to price considerations alone. Other factors such as quality and distance to a provider can be considered by the consumer.
HDHPs are defined by the Internal Revenue Service (IRS) as any health insurance plan with a deductible of at least $1,500 for an individual and $3,000 for a family. Yearly out-of-pocket expenses (deductibles, co-payments and coinsurance) in 2023 cannot exceed $7,500 for an individual and $15,000 for a family.
HDHPs now constitute the fastest growing percentage of all employer-based health insurance plans.
HDHPs now constitute the fastest growing percentage of all employer-based health insurance plans.
HSAs are tax-advantaged enrollee-owned accounts that let you save pre-tax dollars for future qualified medical expenses. They are required to be paired with a HDHP with the tradeoff of significantly more first-dollar, out-of-pocket medical expenses.
Due to its tax-advantaged status, HSAs have proven to be an attractive option for health plan enrollees who are also enrolled in a HDHP. In 2023, the limit on HSA contributions are $3,850 for an individual and $7,750 for a family.
Due to its tax-advantaged status, HSAs have proven to be an attractive option for health plan enrollees who are also enrolled in a HDHP. In 2023, the limit on HSA contributions are $3,850 for an individual and $7,750 for a family.
An insurance contracted price is the amount that a group health plan or health insurance issuer has contractually agreed to pay a provider or facility for covered items and services. This contracted amount is usually greater than the discounted cash prices offered by providers and facilities.
The discounted cash price is the charge that applies to an individual who pays cash (or cash equivalent) for a healthcare service or procedure. Also known as the self-pay price, discounted cash prices are usually lower than insurance negotiated prices.
With the continued growth of high-deductible health insurance plans, consumers are shouldering an ever-increasing load of upfront healthcare expenses. If you are a participant in one of these plans you are responsible for upfront healthcare expenses until your deductible and cost-sharing limitations are met. With the federal government now mandating that hospitals publicly post insurance plan specific prices for healthcare services, consumers who participate in these plans can now consider price, in addition to other factors, when making healthcare purchasing decisions.
Enrollees in high-deductible health plans have a strong financial incentive to shop for healthcare services. At a minimum, there are currently 73 million enrollees in high-deductible health plans. These plans have considerable cost sharing responsibilities with out-of-pocket expenses of up to $7,500 for an individual and $15,000 for a family in 2023.
Similarly, participants in short-term medical plans typically have a large incentive to shop for medical care. Designed as a safety net to fill short-term gaps in coverage, these plans can have deductibles of up to $10,000.
Uninsured consumers can also benefit by making healthcare decisions based on the right information. HealthPriceCompare includes the discounted cash price that providers offer to uninsured, self-paying or out-of-network consumers who are willing to pay cash or its equivalent for healthcare services.
Similarly, participants in short-term medical plans typically have a large incentive to shop for medical care. Designed as a safety net to fill short-term gaps in coverage, these plans can have deductibles of up to $10,000.
Uninsured consumers can also benefit by making healthcare decisions based on the right information. HealthPriceCompare includes the discounted cash price that providers offer to uninsured, self-paying or out-of-network consumers who are willing to pay cash or its equivalent for healthcare services.
Your physician should provide you with a written order for the procedure you need. This physician’s order should consist of a a five-digit code along with a description of the requested procedure.
Input the desired zip code, procedure description or five-digit procedure code then select your insurance plan or the discounted cash price option to be instantly provided with price, distance to provider and quality information for a range of providers.
Input the desired zip code, procedure description or five-digit procedure code then select your insurance plan or the discounted cash price option to be instantly provided with price, distance to provider and quality information for a range of providers.