This Week in Your Wallet: The Cost of Cutting Doctor’s Visits
Between pumpkin spice lattes and cooler temperatures, it’s beginning to feel a lot like fall in New York City. While the brisk air is a welcome change from the recent humidity, it can create the unwelcome feeling of catching a cold. I’ve already caught myself with a few sniffles, and I know that if they don’t let up, I’ll see my doctor to make sure it’s not something worse. The same, however, cannot be said for many men. Getting a man to see a doctor — even when he’s feeling sick — can be a herculean task. Though as I learned through a recent New York Times article, that task is nothing compared to getting a guy with a high-deductible health plan to see a doctor, even for something far graver than a sore throat.
When it comes to high-deductible health insurance plans, men are more likely to avoid going to the doctor for serious conditions compared to women, according to research conducted by the University of Minnesota’s school of public health. Katy Kozhimannil, the study’s lead author, found that women cut back on less serious conditions, like weather-induced sniffles, whereas men avoided costs for conditions as serious as irregular heartbeats. Even though this stubborn nature comes with good intentions – like trying to save money for the family – this mentality can result in compromising his health.
The article offers some questions to consider for men (and women) in similar situations. Here’s what you need to know:
- Understand your benefits. It practically goes without saying that not all health plans are the same, but it’s also important to know that not all high-deductible plans are the same. As the Times article notes, all plans sold under the Affordable Care Act must offer many preventive services free, like colorectal cancer screenings. Know what you’re getting for free so that you won’t miss out on genuinely affordable care.
- Your doctor can help with more than your health. Yes, your doctor can tell you that your sore throat isn’t Strep, but did you know that he or she can also give you advice about which procedures and medicine are more cost-effective than the alternatives? If you’re worried about the cost of a medical visit, be open with your doctor that you’re on a high-deductible plan and are worried about the cost of treatment. They might be able to provide affordable alternatives.
For more tips on affording doctor’s visits – without skipping those visits – check out the full Times article, linked above! And now, here are the other headlines for the week:
Protecting your children’s electronics
It’s not uncommon to see a 13-year-old toting a $400 iPad to school these days. Now, imagine that iPad resting smashed in a locker because of a carelessly-thrown algebra book. In fact, if my suspicions are correct, this might be more than just a bad dream for some of you – and according to a recent Reuters article, you’re not alone. Parents have spent up to $2.8 billion over the last five years due to children damaging their electronics. Unfortunately, children and teenagers sometimes don’t understand how delicate – or how expensive – these fancy electronics can be (more on how to fix this in a second). If your child has a new smartphone, or tablet, or even laptop this school year, you might be in want of some strategies to protect that device — along with your finances. Among the tips Reuters recommended: consider insurance for the phone (especially if it’s a smartphone — I got it for my kids’ phones and I’ve never been sorry); invest in a good sturdy case to protect the device (this can be the deciding factor in whether or not the screen cracks after a slip from the back pocket); and finally, educate your kids about the cost of the electronics they’re carrying. Bring them along when you’re buying the phone (or laptop, or tablet), and certainly drag them to the repair shop when you’re replacing that cracked screen. Maybe even take a “donation” (read: a not-optional distribution) from their allowance to help with the cost of repair. They’ll get the hint pretty quickly.
Trusting an online-only bank
As I’m sure you’ve noticed – both from reading this newsletter and seeing online advertisements – the interest rates on checking and savings accounts for online banks are often much higher than their brick-and-mortar counterparts, and the fees are much lower. Therefore, it’s natural to wonder if you could get more bang for your buck by switching your money to an online-only bank — yet it’s just as natural to wonder if your money will be safe in one of these web-only accounts. CNN Money recently ran an excellent article on weighing the safety of an online bank, and I highly recommend giving it a read if you’re considering a switch to an all-digital service. All of the tips in the article are great, but above all: make sure the deposits are federally insured. If you see the FDIC stamp of approval on an online bank, it’s a sign you’re in the right place.
Have a great week!
Jean
