Lab
tests are expensive, and can often cost hundreds or even thousands of dollars
out of your pocket, until you reach your deductible. But if you are
a smart consumer, you will opt-out of the expensive retail pricing on lab
tests, and go straight to the labs for direct wholesale pricing. Here's
how to do that.
Be
an Intelligent Consumer
In
last month's Maximize Your HSA I wrote
about being the CEO of your own healthcare. In the past people thought
of physicians as authority figures, and tended to follow the doctor's orders
without questioning why. But Health
Savings Accounts are what has been termed Consumer Driven healthcare,
and when you are in the driver's seat, you get to make the decisions.
Lab
testing is a very high profit center for most doctors' offices, with markups
of 300% to 500% being typical. But it is important to remember that
your doctor is a consultant who works for you. You pay the
doctor for information and advice, but you are under no moral obligation to
blindly follow that advice. And that is particularly relevant advice
when it comes to choosing where to get your lab testing done.
Discounts
on Lab Tests
Most
consumers are unaware that they can order their own medical tests directly
through the lab, and bypass the expensive middle-man. One of the more
common tests that your doctor probably orders when you have a routine physical
is what's called a Comprehensive Wellness Profile (CWP). This is a standard
group of tests which provides blood lipid information (cholesterol, triglycerides,
etc), information on white blood cells (indicating an infection), red blood
cells (which can show signs of anemia, leukemia, and other disorders), a measurement
of liver enzymes, glucose levels, and more.
The
retail price for a CWP is $529, but with the right connections you can get
this done for $97.
My
Own Experience
Long-time
readers know that I also promote the Paleo Diet. Briefly, the idea is
to eat a diet similar to that which our Paleolithic ancestors would have eaten
- meat, fish, vegetables, fruits, and nuts - and avoiding the foods that are
newer to humanity, such as grains, dairy, vegetable oils, and processed sugars.
When
I was first learning about the science behind this concept, I decided to do
my own experiment. I went to a lab and had my blood lipids checked before
doing a trial run of eating this way. One month later I had the test
done again, and the results were pretty astounding.
The
most dramatic changes were my HDL (good cholesterol), and my triglycerides.
My HDL jumped from 48 to 74 (a 54% increase), and my triglycerides dropped
from 123 - 64 (a 47% decrease). And my ratio of Triglycerides: HDL dropped
from 2.56 to 0.86, with some experts considering anything under 1.0 to be
ideal.
You
Are In Control
If
I had had to schedule and pay for a doctor's office visit, and pay full retail
for these two tests, I would have spent hundreds of dollars - and I wouldn't
have done it. Instead, I spent less than $100, and got valuable information
that has enabled me to take better care of my own health.
So
do not be intimidated to let your doctor know that you will be having your
lab work done independently. Simply explain that because you have a
high-deductible HSA
plan, you are careful about how you spend your healthcare dollars, and
are always looking out for the best value.
HSA
for America Additional Benefit: Discount
Lab Testing
HSA
for America has long recommended using a discount lab testing
service to save money on medical tests. We have just negotiated an agreement
with a testing company that we believe provides better rates and better service
than the company we used to recommend. Not only do you get wholesale
pricing on blood tests, but also expensive radiological scans such as CAT
scans, MRIs, and PET Scans.
To
access this benefit, visit our Additional
Benefits page. And when you do use this service, please give
me feedback on how it went for you. It is important to me that we recommend
services and resources that provide quality service and make it easy for you
to save money.
Always
remember that it is your health, and the physicians and other healthcare providers
work for you. Don't ever hesitate to shop, to negotiate, and to try
to get the best value possible.
To
your health and wealth,
Wiley
Long
President - HSA
for America
