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Today's Takeaway with Florine Mark


Apr 3, 2023

With Michael Bertaut, Health Care Economist and Straight Talk blog author with Blue Cross and Blue Shield of Louisiana.

 

We’re fortunate to live at a time when we have so many different health insurance plans available, but why does choosing a health insurance plan have to be so complicated? Sadly, there’s no such thing as a one-size-fits-all health insurance plan. The most cost-effective plan for one person could lead to significantly higher out-of-pocket costs for someone else, based on different medical issues or ongoing care needs. Sometimes even when you’ve had the same insurance coverage for years, things happen in life that suddenly require a brand new insurance plan. For example, if you recently changed jobs or experienced another qualifying life event it can be confusing to know what to look for or determine the best plan for you and your family. This is especially true when that change requires switching from an employer-paid plan to private-pay insurance. Understanding all the different factors that come into play when determining the best plan is confusing and may even result in your selected insurance plan not covering medically necessary procedures or treatments. That’s why it’s important to take the time to carefully research all your different options and fully understand the benefits of choosing one plan over another.

 

If you want to learn how to select the best plan to meet your specific healthcare needs, you’ll want to listen to my interview with Michael Bertaut, Health Care Economist and Straight Talk blog author with Blue Cross and Blue Shield of Louisiana.

 

What You’ll Hear on This Episode:

  • Why is choosing health insurance so complicated?

  • Why do we need health insurance?

  • Are there insurance plans that pay for almost all of our medical care costs?

  • What are the three most important factors to consider when choosing a health insurance plan?

  • What is a deductible?

  • What is considered an “emergency” for care, and can someone really be turned away if they are experiencing a medical crisis?

  • The difference between a premium vs. a deductible.

  • What is a Health Savings Account or HSA?

  • What is an FSA?

  • What is the difference between a PPO and an HMO?

  • What if you can’t afford insurance or your work doesn’t offer it?

  • What is COBRA and how does it work?

  • What medical screenings are provided free of cost?

 

Today’s Takeaway:

When we’re dealing with a health crisis, we don’t even want to think about the resulting financial burden. At that moment, all we care about is the health and well-being of ourselves or our loved ones and the last thing we want to hear in the midst of a medical emergency is that the best possible treatment option isn’t available because our insurance won’t cover it. But while we’re focused on getting the best possible care for ourselves or our loved ones, the meter keeps ticking and emergency room visits or hospital bills, even for a short stay, can quickly add up to tens of thousands of dollars. With every bandage or pill dispensed, the tally keeps growing.

 

Surgery, extended hospital stays, and ongoing care can easily run into hundreds of thousands of dollars. It’s no wonder that the first thing we are asked for when scheduling a doctor’s appointment or entering an emergency room is our insurance card. Without adequate insurance, a person’s finances or even life savings could be wiped out. That’s why it is so very important to do the research, ask the right questions and seek out professional advice when necessary to ensure that you are getting the best possible coverage available for you and your family.

 

Although insurance is something we purchase hoping we never have to rely on it, it’s critical to have it if we ever do need it. Remember that every day is a gift and the security of knowing that you and your family are properly insured is a gift that can literally save a life. I’m Florine Mark and that’s “Today’s Takeaway”.

 

Quotes:

  • “Here in America, we have managed, kind of accidentally, to create what I call the most expensive health care system on Earth, that nobody can afford to pay for out of their own pocket.” — Michael [2:33]

  • “There are plans that are out there that will let you pick how much risk you want to pull onto yourself.” — Michael [5:54]

  • “Typically, people start thinking hard about their health insurance as they get a little older and perhaps get married, or have children or move to another state or change jobs. Those are the things that we see are big trigger events.” — Michael [7:12]

  • “I can literally call healthcare.gov during open enrollment. And I can be sitting in a center getting chemotherapy while I'm on the phone. It doesn't give them any right to ask me a single medical question. In 2023, they can’t ask me a thing.” — Michael [11:17]

  • “Health insurance is a mess, right? We know it. It's complex. It's a messy system. It's almost the most heavily regulated form of insurance on the planet.” — Michael [37:16]

  • “So we know it’s tricky to explain. We work really hard to do everything in plain English, stay away from insurance jargon, stay away from medical jargon, and just keep it simple.” — Michael [37:46]

 

Brought to You By:

Gardner White Furniture

michael.bertaut@bcbsla.com

 

Mentioned in This Episode:

Straight Talk  https://www.straighttalkla.com