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Health care terms, medical bills, and forms can be hard to understand. Here are some common health care terms, and what they mean. Allowed Amount This is the maximum payment the plan will pay for a covered health care service. May also be called “eligible expense,” “payment allowance,” or “negotiated rate.” For example, if you … Continued
U.S. Prescription Drug Spending Rose 10.2% in 2024 A new report from the American Society of Health-System Pharmacists revealed that prescription drug spending in the United States reachednearly $806 billion in 2024, up 10.2% from 2023. The increase was largely driven by the demand for weight loss medications, including glucagon-like peptide-1 (GLP-1) drugs. GLP-1 medications … Continued
Ever found a confusing document in your mailbox after a doctor’s visit, wondering if it’s a bill, especially with an “amount you owe” at the bottom? You’re not alone! That document is most likely an Explanation of Benefits (EOB) from your health insurance company. It’s crucial to remember: an EOB is NOT a bill. Think … Continued
Tips to Save on Health Care Expenses Once again, healthcare costs are expected to rise this year. However, there are ways that you can reduce your spending. Consider these four tips: Brush up on your health plan knowledge. Knowing what your health plan does and doesn’t cover is critical for reducing your spending. Understanding terms … Continued
PCORI Fee Amount Adjusted for 2025 The IRS recently issued Notice 2024-83 to increase the Patient-Centered Outcomes Research Institute (PCORI) fee amount for plan years ending on or after Oct. 1, 2024, and before Oct. 1, 2025. The updated PCORI fee amount is $3.47 multiplied by the average number of lives covered under the plan. For plan years that … Continued
Mercer Report Projects 5.8% Health Benefits Cost Increase in 2025 U.S. employers estimate health benefit costs will increase by 5.8% in 2025, according to Mercer’s 2024 National Survey of Employer-sponsored Health Plans. This would mark the third consecutive year that the total cost per employee rose more than 5%. The report attributed the higher costs to … Continued
Medical expense accounts can help you save on all kinds of healthcare costs. Here are some you may not know about yet. HSA, FSA, and HRA can typically be used for: Medical expenses: Doctor visits, surgeries, prescriptions, dental and vision care, and mental health services. Over-the-counter (OTC) medications: Many OTC medications, including pain relievers, allergy … Continued
In today’s world of complex health insurance options, High Deductible Health Plans (HDHPs) have become increasingly popular. But with a name like “high deductible,” it’s natural to have questions. Let’s break down the basics of HDHPs: What is an HDHP? An HDHP is a health insurance plan with a higher deductible than traditional plans. This … Continued
Does a Health Plan Typically Pay for Services from Any Doctor? Not always. Some types of plans encourage or require consumers to get care from a specific set of doctors, hospitals, pharmacies, and other medical service providers who have entered into contracts with the plan to provide items and services at a negotiated rate. The … Continued
Insurance Costs Consumers typically pay the following types of costs when they have insurance. Premium: The premium is an amount of money a consumer pays for a health insurance plan. The consumer and/or their employer usually make this payment bi-weekly, monthly, quarterly, or yearly. The premium must be paid regardless of how many services, if … Continued