Lisa McCoy, MS Jesse Ketterman, PhD Extension Educators Western - - PowerPoint PPT Presentation

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Lisa McCoy, MS Jesse Ketterman, PhD Extension Educators Western - - PowerPoint PPT Presentation

Feb 19, 2023 275 likes •581 views

Smart Use Health Insurance: Understanding and Estimating Health Care Costs Lisa McCoy, MS Jesse Ketterman, PhD Extension Educators Western Maryland Our Plan for Today: Understand the development and results of Smart Use: Understanding

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Smart Use Health Insurance: Understanding and Estimating Health Care Costs

Lisa McCoy, MS Jesse Ketterman, PhD Extension Educators – Western Maryland

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Understand the development and

results of Smart Use: Understanding and Estimating Health Care Costs

Understand health care costs covered

by health insurance plans and where to find this information

Explore tools consumers can use to

estimate and plan for health care costs

Our Plan for Today:

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Health Insurance Literacy “ the capacity to find and evaluate information about health plans, select the best plan given financial and health circumstances, and use the plan once enrolled” – Healthy Insurance Literacy expert

roundtable (2011)

Health Insurance Literacy Initiative (HILI)

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Needs assessment found that consumers are confused about health insurance:

  • Terms
  • Selecting a health insurance plan
  • Navigating the health care system
  • How to use benefits
  • Estimating health care costs

History of HILI

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RC + IC & IC = SC

Reduce Confusion + Increase Capability & Increase Confidence

= Smart Choice

Framework Guiding Smart Choice

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 Smart Choice: Curriculum on choosing

health insurance plans

 Smart Use: Expanded it to include

modules on using health insurance benefits:

Smart Use / Smart Actions Your Health Insurance Benefits Understanding & Estimating Health Care Costs

History of Smart Choice / Smart Use

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Adult Learning Principles

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Understanding and Estimating Health Care Costs

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My SMART USE Key Questions I Need to Answer

Why?

  • Why do I need to understand and

estim ate health care costs?

What?

  • What kind of costs are there?
  • What docum ents provide inform ation

that will help m e estim ate health care costs?

How?

  • How do I estim ate m y health care costs?
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Why Do You Need to Understand and Estimate Health Care Costs?

 To gain the most benefit from

your insurance coverage

 To determine total out-of-

pocket costs of my health insurance plan

 To have money to pay for out-

  • f-pocket expenses

 To determine if your chosen

health insurance plan fits your financial situation

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What Are the Types of Health Care Costs?

  • Insurance Premiums
  • Doctors, Dentists and Other Provider Visits
  • Prescriptions, Insulin and Over-the-Counter

Medications

  • Hospitalization
  • Medical Aids, Devices and Equipment
  • Medical Related Travel
  • Other Medical Expenses
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Making Sense of Out-of-Pocket Health Care Costs

Prem ium Deductible Out-of-Pocket Maxim um

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What Documents Provide Information That Will Help Me Estimate Health Care Costs?

Copayment amounts

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What Documents Provide Information That Will Help Me Estimate Health Care Costs?

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What Documents Provide Information That Will Help Me Estimate Health Care Costs?

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How? How do I estim ate m y health care costs?

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Meet Perry’s Family

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Four Tips for Managing Your Health Care Costs

  • 1. Review your health insurance documents

to understand your plan’s cost.

  • 2. Estimate your copayments, prescriptions,

equipment, travel and other costs.

  • 3. Calculate how much to set aside to cover
  • ut-of-pocket costs.
  • 4. Shop around for your health insurance

plan.

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Eleven Small Ways to $AVE

  • 1. Track your spending to find spending leaks
  • 2. Avoid impulse spending; wait 24 hours
  • 3. Comparison shop; compare at least 3
  • 4. Save your loose change
  • 5. Take lunch to work
  • 6. Borrow books and videos rather than buying
  • 7. Pay bills on time to avoid late payment fees; pay on time
  • 8. Avoid high-interest credit cards and payday lenders
  • 9. Eat out 2 fewer times a month
  • 10. Limit spending on gifts
  • 11. Plan ahead to avoid ATM, bank, & phone transfer fees
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Evaluation results

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Evaluation results

As of right now, how confident are you that you understand health insurance cost terms?

0.5 1 1.5 2 2.5 3 3.5 4 Confidence - Terms Pre-Test Post-Test

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Evaluation results

As of right now, how confident are you that you could estimate your health care costs?

0.5 1 1.5 2 2.5 3 3.5 4 Confidence - Estimate Costs Pre-Test Post-Test

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Evaluation results

As of right now, how likely are you to determine how much you need to save in

  • rder to cover your health care expenses?

0.5 1 1.5 2 2.5 3 3.5 4 Determine Expenses Pre-Test Post-Test

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Reliable Resources from the Internet

University of Maryland (Health Insurance Literacy

Initiative): http://www.extension.umd.edu/insure/

Medicare information: http://www.medicarerights.org/ IRS (Health and Medical

Expenses): https://www.irs.gov/taxtopics/tc502.html

Kaiser Family Foundation:

http://kff.org/understanding-health-insurance/

Healthcare.gov: https://www.healthcare.gov/

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Acknowledgements

This project was developed with funding from University of Maryland Extension; College of Agriculture & Natural Resources and University of Delaware Cooperative Extension:

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Lisa McCoy

lmccoy@umd.edu

Jesse Ketterman

jketterm@umd.edu

Contact Information

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Understanding and Estimating Health Care Costs