Our Healthcare Savings Blog is designed to help you. Health care and insurance is very complicated. At uMedMarket, we understand these complexities. Because it’s hard to grasp, we’ve simplified things down to a few core topics that are easy to understand. From people with no insurance to people with High Deductible insurance plans, we cover a lot. Additionally, we target users and topics that are relevant for them, plus employers and the complexities of providing health care and insurance to employees. Above all, our goal is to help you understand your health care and know how uMedMarket can support you. Also, if you don’t see a topic and you have questions about it, please let us know!
Cash is king because it lowers the cost of providing care.
The doctor doesn’t have to deal with insurance billing, delayed payment or collections. That’s about 25-30% of their overhead.
Our independent providers don’t charge “facility fees” which are allowed by insurers to compensate hospitals for costs associated with operating a hospital.
Our providers are competing for patients against Billion Dollar plus Health conglomerates.
What Is Price Transparency? Health care price transparency can be defined as information about medical services and procedures that is to the public. This information
Co-Insurance is way to split payment for specific services between you and your insurer. Typically only certain high cost services will have a co-insurance payment, like hospitalization. With a co-insurance amount (usually a percentage of the allowable charge), you will always pay that percentage each time you use that specific service.
The Short Answer: It depends. You have to read your policy very closely.
A set amount you must pay out-of-pocket each time you use a particular service, such as a doctor visit. So if a doctor visit is $100, you might pay a $10 co-pay and your insurance would pay $90, once you’ve met your deductible.
Healthcare sharing ministries (HSMs) are non-profit organizations that have created a mechanism for sharing health care costs among members who have common ethical or religious beliefs. An HSM does not offer health insurance. Rather, they offer to share healthcare expense among members as they are able. They do not accept risk, make no guarantees and do not purchase reinsurance policies.
The Short Answer: Deductibles are a major part of any health plan. The deductible amount for your health plan is the amount of money you must pay for healthcare in one year before you insurance company pays (instead of you). For 2020, the minimum deductible that qualifies for a Health Savings Account (HSA) is $1,400 for an individual and $2,800 for a family. That is a common threshold for most employers. Now, there are a lot of caveats, but that is the short version
High-deductible health plans (HDHPs) are more common than ever. The reason is simple, the
cost is a lot less expensive than traditional plans like PPOs and HMOs. But there’s a lot of
confusion about what exactly they are and how they work.
High-deductible health plans (HDHPs) are more common than ever. The reason is simple, the cost is a lot less expensive than traditional plans like PPOs and HMOs. But there’s a lot of confusion about what exactly they are and how they work.
An HSA is a tax free savings account that allows you to set aside pretax money to cover health care not covered by your insurance. To be eligible for an HSA in 2020, you must have a qualifying, high-deductible health plan (HDHP) with an annual deductible of at least $1,400 for an individual or $2,800 for a family. You can’t contribute to an HSA if you’re enrolled in Medicare or a dependent listed on someone else’s tax return.
Don’t wait until you need healthcare. Once you have a problem, choices are limited. You have 4 basic options and uMedMarket helps with each.
David has been a physician for nearly 35 years. He has practiced Radiation Oncology in a private practice, hospital setting and in academic practice at a university. His experiences gave him the idea for uMedMarket. With uMed Market, he wants to help people have more access, more control and avoid the financial surprises that many people encounter in healthcare today.
Dan Grisell (son of David) is a Mechanical Engineer by training. He graduated from Georgia Tech in 2015. After a few years at a food and beverage packaging firm, he decided to follow in his father's footsteps and get his MBAe from Clemson. During his MBA program Dan has worked in the uMed Market business, building the website and has learned how broken the healthcare system truly is.