copay

In this episode of the Advancing Surgical Care Podcast, Kara Newbury, ASCA regulatory counsel and director of government affairs, leads a discussion about the Outpatient Surgery Quality and Access Act of 2023 (H.R. 972/S.312) with her colleagues David Opong-Wadee, ASCA manager of legislative and political affairs, and Maia Kunkel, ASCA manager of government affairs. The episode provides a summary of the key provisions of the legislation and the ways it would benefit both patients and ASCs. It also looks at the Washington, DC, fly-in and lobbying event conducted February 28 and March 1 this year as part of ASCA’s 2023 National Advocacy Day. Seventy ASCA members from 31 states met with members of Congress and their staff to discuss ASCA’s legislative goals and the many ways ASCs serve their constituents and communities. 

Jan Sherman of The Benefits Edge is known as "The Benefits Tamer." He helps his clients make sense of the complicated world of insurance, and that's what he's going to do with Paula Christine today.

We start with the basics.  What is health insurance? It's a contract - Jan explains.

We also cover differences between HMO's and PPO's, referrals, copays, and more.  We define terms like "deductible" and premium,"  and the different levels of insurance you hit as you spend more money each year.  We talk a lot about co-pays, but Jan says it's much more important to think about out-of-pocket maximums in the event of something catastrophic.

Jan explains the key difference between "preventive" and "diagnostic," and why your doctor, at a physical, will often schedule you for a follow-up.  And don't be afraid to read and question your bills, and your explanation of benefits (EOB).

Finally. Paula asks Jan about HSA plans - and all the ways that money can be spent, tax free.

To find Jan Sherman at The Benefits Edge, you can call him at 248-788-0476.  You can also visit his website, https://benefitstamer.com/ - or send him an email - jan@benefitstamer.com.

Contact Paula Christine:

Website:http://paulachistine.com/

Email: paula@paulachristine.com

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Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.

In this episode of The Specialty Patient Podcast, HelpAround CEO Yishai Knobel covers the do’s and dont’s of digital patient connectivity (think email, SMS, and apps). Tune in for a breakdown of:

• Hubs beyond the phone call: How to bring digital connectivity to patient services.
• Copay and PAP programs without paper: How data should inform your choices, including how to prioritize digitization options. 
• Unique patient journeys: We’ll cover how to shop for connectivity when you have unique requirements.

#024- Traditional PPO vs. High Deductible Health Plan With Health Savings Account answers the question posed by an anticipated Dad to be.  Is it better to switch from a high deductible health plan (HDHP) with Health Savings Account (HSA) to a traditional PPO plan due to a possible family addition?  Listen in to what Scott has to say!

Most people do not understand how Health Savings Accounts work, nor how they help you save REAL money.

Would you light a match to a dollar bill?  Then why are you not using a Health Savings Account?  Because lighting a match to your money is what you do when you enroll in a traditional health plan.

Learn the rules for Health Savings Accounts

Traditional PPO vs. High Deductible Health Plan With Health Savings Account highlights some easy to understand but often misunderstood concepts.

• Eligible High Deductible Health Plans can have a deductible as low as $1,400
• Anyone can contribute to your Health Savings Account - not just you
• You are not required to use the HSA provider through you employer
• You are not required to contribute only through payroll deduction
• You can contribute a lump sum to your HSA at anytime during the year 
• Not all HSA providers allow for funds to be invested or offer limited options
• Many HSA  providers charge you a fee -  choose one that is free!

Scott prefers Lively HSA - it is FREE, ONLINE with FULL INVESTMENT options

To calculate the amount you save on every dollar you spend with a Health Savings Account, divide 1 by 1 minus your tax rate  or  1 / (1 - Your Tax Rate) 

For the 22% bracket the calculation would be

1 / (1 - .22)  or  1 / .78 = 1.28

Rather than  earning $1.28, paying Uncle Sam tax at 22% of $1.28 or 28 cents and having $1.00 left to pay the doctor or hospital,

Using a Health Savings Account, you earn $1.28, pay Uncle Sam 0% tax on $1.28 or NOTHING and have $1.00 left to pay the doctor or hospital and STILL HAVE 28 CENTS IN YOUR POCKET TO SAVE AND INVEST UNTIL WELL AFTER RETIREMENT!

Learn your Federal Income Tax Rate here

As always, I appreciate you!  Tell your family, friends, co-workers, boss and firm administrator to listen to Doxcost!

In the next episode, we'll cover all the things you don't know about HMOs, PPOs and EPOs.   See ya then!