Our thoughts on consumer healthcare hacks

Hacks article

Many people are unaware of the vast range of prices that can exist when it comes to medical care. We came across an article that was filled with a number of tips to reduce medical costs but wanted to share a few thoughts that we had as well. The article can be found at http://www.gobankingrates.com/personal-finance/21-hacks-reduce-health-care-costs-year/

First, they point out the wide variance in costs in prescription medications. Most people assume that prescription drug prices do not vary much, but this is not the case. Consumer reports conducted a study of the prices of generic versions of a number of drugs and you can see the large amount of variation based on the seller.


Source: http://www.consumerreports.org/content/dam/cro/magazine-articles/2016/January/CR_Magazine_Page15_Medicine_PriceChart-11-15.png

Wide variations in price are not limited to drugs though. The same kinds of wide variation can be seen in diagnostic tests. The Wall Street Journal found similar spreads in the prices of chest x-rays around California in 2004.

Prices for surgery or various medical treatments can vary by tens of thousands of dollars both within the US or even more when looking at the global marketplace. The US healthcare market thrives on two things: the lack of transparency and the third payor system. When consumers are unaware of costs, especially when they aren’t paying beyond deductibles, it can result in incredible costs. When consumers need to pursue care on their own either because of being uninsured, underinsured, or their company doesn’t provide coverage for certain procedures, they can be on the hook for massive healthcare bills.

That is where Trip4Care can help consumers save considerable amounts of money. We pride ourselves on focusing first on quality and second on cost. Americans understand that they can get some of the best quality care in the world at prices that are considerably lower overseas, it will drive US based providers to both improve quality and decrease costs. That is a winning formula on the long run for consumers, and we are proud to be a catalyst for that type of change.

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