Many people in the United States depend on medical devices to make their life easier. The medical device market in the United States is valued at about $140 billion, standing as the largest in the world. While that is an interesting fact, it still does not tell you how you will finance the medical device that you need. There are ways you can finance the medical device that you need when your insurance is not covering the cost.
Medical Devices Defined
CMS found in 2015 that the cost of medical devices including eyeglasses and contact lenses as well as hearing aids, and bigger items like wheelchairs, topped the $48.5 billion mark. There is a big chunk of patient financing that goes toward medical devices.
When people think of medical devices they typically do not think of things like contact lenses or eyeglasses, yet they are in fact defined as medical devices. Medical devices are any device that is “prescribed” by a healthcare professional. Hearing aids, glasses, mobility aids, assistive devices, and anything else that your healthcare provider says you need to improve your health is considered a medical device.
If Your Doctor Says You Need It Then Insurance Has to Cover it, Right?
Many people mistakenly believe that if their doctor or health care provider has prescribed a medical device then their health insurance has to cover it. Unfortunately, that is not the case. For example, Medicare is the largest health insurer of seniors and the disabled and has a litany of devices that they do not pay for, including hearing aids and glasses. About 20% of people over the age of 18 in the United States believe (and rightfully so) that health care was not ready to deal with the aging population. Unfortunately, this problem may continue to grow without proper medical coverage.
People are left to figure out how to finance the medical devices that their insurance will not cover. Luckily, with planning, you will be able to finance the devices that you need to improve your health and the quality of your life.
Ask About Finance Options
You can finance some medical devices with easy terms. All you need to do is ask about your options. If the provider does not offer a finance option that fits into your budget, consider taking out a credit card that is specifically designed to cover costs. It is not the best option because you will have to pay some interest, but you will be able to make payments over time, which can be the right solution for you.
Plan Ahead
One of the best ways to ensure that you can finance your medical devices without having to take on debt is to plan ahead. An HSA savings account can help you to save money that can be used for medical devices. If that is not something you want to deal with, consider supplemental health insurance to complement your current plan.
Typically, supplemental plans are only available during “open season.” These plans can help to fill the gap between what your current plan offers and the coverage you actually need. Make it a habit every year during the open season to review your current coverage and to evaluate if you are really getting what you need out of it.
Look for Discounts
The medical device industry is like any other industry when it comes to sales. Compare your options; sometimes costs can vary greatly. Finding the best deals will make it easier to finance the medical devices that you need. Ask for new patient discounts and about other programs that can make it less of a hit on your wallet to finance your medical device.
Unexpected medical costs are never a welcome thing. Avoid having to worry about how you will finance your medical devices by getting familiar with your health insurance coverage and making changes when necessary to your coverage. There are ways you can finance your medical devices but none better than ensuring that you have the health insurance coverage that will cover the bulk of the costs.