Saving Money on Health Insurance With Negotiated Pricing

LAS VEGAS - Dec. 4, 2024 - PRLog -- An ACA-compliant health insurance plan covers most health-related expenses that you could come up against, sparing you from high medical bills in the event of an injury or illness, not to mention the expense of routine care. However, even before you hit your annual deductible, your Health Insurance in Las Vegas, Nevada saves you a significant amount of money. Because of negotiated rates. When you use a network provider, you may pay substantially less for care than someone who doesn't have health insurance coverage, even before the deductible has been met.

What Is a Negotiated Rate?

The majority of health insurance companies have a contract with a network of hospitals and other providers. In this contract, there are negotiated rates for different services. This negotiated rate is generally lower and sometimes significantly lower than what a provider would charge someone who is paying out of pocket. For example, a hospital may charge an uninsured person $2,500 for a CT scan. However, a health insurance provider may have a negotiated rate of, say $500 for a CT scan for their insured members. The actual amount varies.

This practice makes sense for health insurance companies because it allows them to save money on their covered services, enabling them to provide more competitive rates to their customers. However, negotiated rates also benefit hospitals and other healthcare providers because they are almost guaranteed business from that insurer's customer base, because most people choose a provider in their health insurance network, and large insurance companies have thousands of customers.

Different Health Insurance Company, Different Negotiated Rate

Negotiated rates vary from one health insurance company to another. Larger health insurance companies tend to have lower negotiated rates, as their large customer base gives them more leverage. This is a generalization but not necessarily a fact in all situations. If you switch to a different health insurance company, you may notice a difference in the price that you pay for the same health services. This is due to a difference in negotiated rates. In fact, negotiated rates can reduce out of pocket expenses sometimes by 60-70% or so, a reduction of hundreds or even thousands of dollars. Of course, this depends on the procedure, and the insurance company, comparing the same procedure at the same hospital without an insurance plan (with negotiated rates).

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Nevada Insurance Enrollment
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North Las Vegas, NV 89032
(702) 898-0554
Website: NevadaInsuranceEnrollment.com