When the Doctor’s Family Needs Medical Care
Giving Up Traditional Insurance
Mind-Blowing Healthcare Savings–$$$$
My traditional high deductible healthcare insurance plan I carried in 2016 was increasing from $820.00 per month to $2100.00 per month with an even higher deductible.
I was looking at an annual premium cost of $25,200.00
When we made the transition to the cost sharing program with Liberty HealthShare in 2017 it made sense as long as we were healthy. The cost savings were profound. We opted for their top coverage: Liberty Complete
With the Liberty HealthShare option we chose we have an annual registration fee of $75.00 and pay $449.00/month for our family of four.
I was now looking at an annual “premium” of $5,463.00
Now we had a few medical bills in 2017:
- an MRI for my husband’s shoulder $240.00
- a screening mammogram for me $200.00
- remember I am a family practitioner so some minor coughs/colds etc. would be handled by me that we will account for $500.00
Our general out-of-pocket expenses for the year were around $940.00. Let’s round that number up for a few other incidentals and we are at $1000.00 for the year.
So our first year savings came out to almost $19,000.00
So year two brings on a different twist as we have a medical need arise. Craig’s MRI and poor response to conservative therapy leads to major surgery. We researched our options and chose the Surgery Center of Oklahoma.
Our annual “premium” is still $5,463.00
Craig’s Surgery and Rehabilitation Costs:
- Surgical Consultation: $200.00
- Surgery Center of Oklahoma: $5,749.00*
- Continuous Passive Motion(CPM) Chair: $775.00
- Physical Therapy: $540.00
*includes surgeon fee, facility fee, and anesthesia fee
Liberty HealthShare Shared Amounts(reimbursements):
- Surgical Consultation: $200
- Surgery Center of Oklahoma: $4,249.00
- CPM Chair: $0
- Physical Therapy: $0
Our final unshared(out-of-pocket) amount we were responsible for was only $2,815.00
So in two years after leaving traditional health insurance we will have saved about $35,000 with a major event occurring
If I still haven’t convinced you…
Now let’s go back to the traditional insurance world…the national average projected cost for arthroscopic shoulder surgery with one of the major insurance carriers in the United States is:
- Facility and Anesthesia Fee: $16,150.00*
- Surgeon fee: $8,985.00
- Total: $25,135.00
*based on outpatient surgery, national average for inpatient surgery increases that fee by $11,000
In contrast the fair pricing found with the Healthcare Bluebook
Why didn’t I leave traditional insurance sooner?!?!?!?!?!
This is true healthcare reform with patient-driven affordable healthcare.
Ann Riggs, DO
Giving up Traditional Health Insurance
I had blogged about them and had seriously considered them–cost sharing plans.
I resisted giving up my traditional health insurance because of the beauty of the triple tax savings with the Health Savings Account(HSA) that I married to my high deductible plan. I saw such value in that piece that I lost out on the bigger picture–saving money without sacrificing care.
I paid for my daughter’s surgery out of pocket in 2016 when the cost for the negotiated insurance pricing was higher than actually just paying cash.
I saved almost $1200 by paying cash. Click to see the details in my previous blog.
My traditional high deductible healthcare insurance plan I carried in 2016 was increasing from $820.00 per month to $2100.00 per month.
The plan was not only going up by $1280.00 per month but it offered less coverage and had a higher deductible.
The decision to move to the cost sharing plan was easy at this point. We chose to go with Liberty HealthShare
Our cost became $450.00 per month for our family of four and our out-of-pocket portion or unshared amount(deductible) became $1500.00 annually.
Ann Riggs, DO
My Epiphany as a Doctor: Navigating Today’s Healthcare for My Own Family…coming soon!
Ann Riggs, DO