Health Savings Account
If you have either a health reimbursement account, or a health savings account, you are in position to reap even greater savings than first thought. This is what many of our customers happen to tell us, at Any Lab Test Now®.
Let’s suppose you have a deductible amount of $1200. To meet the deductible, you might for example purchase (yes, purchase) the following services which total $1200:
- Standard lab Panel of Five or Six Tests at $400
- Two prescriptions at $200
- Two Doctor Visits at $180 each, total of $360
- Eyeglasses at $240
These purchases place you at your $1200 deductible. Future expenses will be “covered” by your insurance (at least in part) as you will continue to have co-pays and maybe even categorical deductibles.
By delaying reaching your deductible and spending wisely, you can PURCHASE more services when you have not met the $1200 deductible. Do NOT be in a hurry to reach your deductible by purchasing inflated services at the prices insurance companies may charge you!
For instance, SIGNIFICANT lab savings are available at walk-in labs such as Any Lab Test Now®. Physicians will often provide substantial discounts for self pay or cash pay patients. Purchasing generic drugs is one of the most well-known ways to earn substantial savings.
Let’s look at the value proposition at AnyLabTestNow. Most adults obtain an “annual checkup” consisting of five standard lab tests. When purchased as part of the deductible, the total price charged by the lab to the insurance company is often between $250 and $400, depending on the plan and the lab, and whether or not a script is written by your physician (often an “extra” charge simply to obtain the script at your physician’s office). Compare the price to only $129 that is charged at Any Lab Test Now®, and you have real savings of at least $125 that you can use to meet other healthcare expenses before reaching your deductible.
If you have a health savings account or HRA, and are in the 28% tax bracket, you will save even more! The pre-tax dollars that went into your HRA were not taxed. For example, to fund your HRA with $1200, your employer simply reduces your gross income by $1200 and you paid ZERO TAX on the $1200. Normally, to place $1200 in your pocket, you need to earn $1667. But the HRA (or HSA) lets you immediately save $467 in order to fund $1200 into YOUR account for YOU to make the best healthcare purchasing decision for your healthcare benefit.
By allowing you the freedom of choice with an HRA or HSA, you are able with this first $1200 to make the best decisions possible, and not rely on high insurance rates to exhaust your own funds.