A patient in Torrance, California went in for five routine blood tests. Her insurance billed $80 per test, while the cash price was only $15. Since her deductible was not yet met, she had to pay nearly $60 for each test, still much more than the cash price.
Negotiated insurance rates have little to do with the actual cost of providing a medical service. Private insurance prices are at least 15% higher in less competitive markets. Out of pocket insurance prices are largely determined by the carrier fee schedule, not the facility.
One of the secrets of healthcare is that if you have a high deductible insurance plan, you should always ask the cash price. Cash prices are intended for uninsured patients. These prices used to be much higher than insured rates, but have recently been coming down because of increasing transparency and because patients are shopping around for more affordable physicians and facilities. Not all providers will openly share their cash prices, but many will when asked.
The average American spends less than $5,000 per year on medical care. If you have a high deductible insurance plan, all of your medical costs may be out of pocket. It just makes sense to shop around for medical care like you would shop for anything else. Remember, cash payment may not count towards your deductible.
MediBid is here to assist you in finding affordable medical care at deep discounts for paying cash. Because the actual price can be so much lower without all the insurance middlemen, you can save hundreds to thousands on common procedures like hernia repairs and hip replacements.
Lazarus, David. “Even if you have health insurance, you may want to pay cash.” Business. Los Angeles Times, 10 Jun 2016. Web. 16 Jun 2016.