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What to Know if You Have a High Deductible Health Plan

It’s a new year and your deductible has just reset. Unfortunately, it’s grown higher than last year and sure enough, you’ve got a bout of low back pain or your knee is acting up again. Your doctor recommends that you try physical therapy before prescribing addictive pain medications or expensive MRIs, but you’re worried about the cost and not exactly sure how your High Deductible Health Plan works.

Don’t sweat it – we’ve got you covered! Here’s what you need to know:

WHAT IS A HIGH DEDUCTIBLE HEALTH PLAN?

A High Deductible Health Plan (HDHP) is an insurance plan that requires patients to pay a large amount of their healthcare costs out of pocket before their insurance kicks in to help lighten the load.  The IRS says that a health plan is considered an HDHP if….

  • The deductible is $1300 or more, for individuals
  • The deductible is $2600 or more, for families

In 2016, Price Waterhouse Coopers’ Health Research Institute reported that 40% of employer driven health plans are expected to be High Deductible Health Plans (HDHP) over the next three years. Half of employers have annual deductibles of $1000 or more.

Additionally, more than 90% of persons enrolled in an Exchange Plan are in High Deductible Health Plans, in which the average deductibles are even higher: $3572 for an individual and $7474 for a family.

WHAT DOES THAT MEAN FOR ME?

Getting PT early has been proven to save time, money, and unnecessary treatment down the road. Early PT can actually eliminate the need for MRIs, medications, and even surgery. ProRehab’s therapists are specialists, not generalists, which means you get results in fewer visits, saving you time and money. In fact, care at ProRehab costs 47% less than the average physical therapist in Kentucky. Point being, pay a little now or pay big later.

All that considered, it can still seem daunting to dip into your pocket for care, especially when you don’t know what to expect from a cost standpoint. Fortunately, we’re well versed in High Deductible Health plans and have a variety of options at our disposal to ensure that you get the care you need without breaking the bank.

The bottom line? Don’t delay or avoid physical therapy due to your high deductible plan. We can work with you no matter your financial situation and someone’s always available to talk. If you want to consider private pay, or other options, let’s discuss it! Our friendly, knowledgeable billing concierge can help. Contact Nicki Hartlage – [email protected] or 502.454.5544, ext. 102.