I'm sure you know you should always read your insurance polices carefully.
Insurance companies like to make you think they are offering more coverage than they are. They also like to distract you from reading the fine print.
In fact, some insurance companies can completely drop your coverage just because you use it.
What?
That's right, in certain states, insurance companies are allowed to drop you if you file a certain amount of claims within a certain time period. In several states, you only have to make two claims before they can decide that you're not worth it and drop you.
Those are all great reasons to watch your insurance company like a hawk, but we're actually not here today to talk about insurance companies. Yes, be aware of all of those things (more about that you should always read your insurance polices carefully), but there's something else you need to be aware of and pay attention to: your health insurance.
Yes you need to check your coverage and read the fine print, but who you really have to watch is not the actual insurance company, it's the places that take your insurance…
How Much is Your Insurance Company Paying?
You may be quick to show your insurance card and book it out of there when you're at the hospital or a doctor's office.
How often do you actually look at your bill when your insurance is paying for it?
A common answer is “I don't really look at it, because I'm not paying for it” or “I don't care what my insurance company has to pay. They are robbing me in premiums, so they can pay thousands for all I care.”
I totally understand that. Insurance companies are frustrating and it's easy to feel like you're being robbed…but that's not the point. Follow me on this…
A $200 Tylenol
When my wife had our first child, we were covered by insurance. We paid absolutely nothing (other than our insurance premium).
Of course, they still sent us the bill for our records. So we started reviewing it and realized that we paid $200 for a single Tylenol. Seems a little high right? Like almost $200 too high when you consider the cost of a single Tylenol (around 15 cents).
