"No one knew healthcare could be so complicated." Going to have to say that one is false. I think American's would be hard-pressed to find something MORE confusing than our healthcare system. Kudos to our new administration for trying to tackle the 800-pound gorilla first, but looking back, maybe something less complex would have been the better move. I don't know, something simple like tax reform... Young adults can probably relate to the processes of becoming an adult as a kind of "baptism by fire." From filing your taxes, to applying for jobs, to managing a full-time job rather than 12 hours of college classes a week, there are lots of firsts in this new time in our lives and many don't come with a manual. The inspiration for this post is because I had one of these adulting moments arise yesterday. I returned home to get my mail and had an "Explanation of Benefits" from my healthcare provider, Anthem Blue Cross Blue Shield. With insurance, an annual physical is included with the premiums you pay as it is dubbed a routine yearly screening. For women, we also get other tests that are also covered annually. I did my physical in early July at a doctor I found on ZocDoc in NYC. I knew to ask if everything was going to be covered under this annual comped physical...their answer was yes. They also ran blood tests to test for a variety of things. SO, all should have gone well, right? A $400 physical bill and $2,000 from blood tests...I would have to say no. So here are the unknown missteps of my experience to hopefully help someone in the future not end up with a massive bill. First of all is the basic task of deciding what you want to be responsible for paying AKA your deductible. The amount you pay monthly is your premium. This is the cost for having insurance whether you use it or not. When deciding your benefits (dental, eye, etc.) the higher your deductible, the lower your premiums. Your deductible is the amount you pay before your insurance kicks in. If you are fairly healthy and can absorb some doctors visits, choosing a high deductible will usually save you money in the end in terms of premiums. Then comes co-pays. This is the amount you pay for going to see certain doctors (certain health plans don't have co-pay's.) Once again, if you're a hypochondriac and are at the doctor frequently, you would want to ensure you're paying extra in premium for a plan with no co-pay's to avoid a $50 fee every time you go to the doctor. For a general doctor visit, the cost is fairly low, maybe $25. When you go to specialists, eye, ear, nose & throat etc. the cost goes up. For urgent care and emergency rooms with our friends from Grey's, the cost for the co-pay is high but it is nothing like the bill that will come in the mail later. I explain all of this because I have both high deductible's and co-pays, hence why I was responsible for so much of this bill rather than my insurance stepping in. Questions TO ask. These are the absolute basics but I will leave you with what to ask for to ensure you are not stuck with a $2,000 bill also. When booking a new doctor, first of all make sure they accept your insurance carrier (Blue Cross Blue Shield, for instance.) If you are going in for things like an annual physical and they want to run tests, first ask if all of these are covered under the yearly physical you are granted with your insurance plan. I would also get it in writing. They ran crazy tests on me like an EKG which is completely excessive, hence the charges. If they are going to run blood tests, again, ask if they are covered. SECOND, doctors offices usually send this "lab work" out to a 3rd party. Although you may have checked that the doctor is "in-network" (takes your insurance) the lab might not be (as what happened with me.) ^Real photo of me when trying to figure all of this out.
If this happens to you, know there IS room for negotiation usually. I got on the phone with Anthem and had them dispute the charges and ultimately ended up getting the labs covered at an "in-network" cost. This will only happen if you're actively paying attention to your bills and taking the time to make the call. xx, Sydney
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Coming out of college, I had a nonexistent credit score. Which I, of course, am incredibly thankful for. Not having to make regular student or car loans led me to have no credibility when it came to my ability to pay off a credit card. I had a debit card linked to my bank account but knew it was time to get my credit going. So I applied...for 3 cards...because I kept getting denied. I was probably quite lofty in my card expectations as I was applying for pretty high-flying cards with lots of perks...but the truth was, I could barely get a minimal card. I ended up with an American Express through our bank. American Express is great for their rewards. The card sufficed my needs but after having it for a year and consistently paying my bill on the exact day payment came due, I have established a good credit score and determined it was time to move on and, as Beyonce says, Upgrade U *to a new card.* But how to choose? I am breaking down a few different cards to hopefully help streamline someone's hunt for the perfect card! To begin, let's start with the basics of credit cards and what sets them apart.
Bear in mind your credit score. You can check this for free on the FICO credit site. The more perks the card offers, the higher your credit score generally needs to be in order to obtain the card. Also keep in mind, applying for lots of cards WILL hurt your credit score. No/Low Credit Capital One Quicksilver Cash Rewards Rewards: 1.5% cash back APR: 24.99% Annual Fee: $39 Minimum Credit: limited history The Overspender Capital One Secured MasterCard -A secured card hedges your willpower. If you are worried you will overspend, hence destroying your credit score for years to come, stick with a secured card. Much like a debit card, you can only spend the amount you put up in collateral. APR: 24.99% Annual Fee: $0 Minimum Credit: no/low credit Cash Back American Express Cash Back Rewards: 1-3% cash back (based on the purchase) APR: 13.99%-24.99% (based on credit score) Annual Fee: $0 Minimum Credit: Good (700-750) Citi Double Cash Rewards: earn cash back twice, 1% on purchases, 1% when you pay for purchases APR: 14.49%-24.49% Annual Fee: $0 Minimum Credit: Good (700-750) Points, Points, Points American Express Gold Card Rewards: 25,000 bonus points, 2-3x points/$1 APR:16.99%-23.99% Annual Fee: $0 first year, $195 after Minimum Credit: Good (700-750) World TravelerChase Sapphire Preferred Chase Sapphire Reserve Rewards: 50,000 bonus points & 1-2 points/$1 Rewards: 50,000 bonus points & 3x points/$1 APR: 16.99%-23.99% APR: 16.99%-23.99% Annual Fee: $0 first year, $95 after Annual Fee: $450 Minimum Credit: Excellent (750-800) Minimum Credit: Excellent Why is the Reserve so expensive? Elite travel benefits and credits, higher point rewards for spending, unparalleled 24/7 customer service (a REAL human!) You can get a credit card for specific airlines: Delta, United etc. but with the Sapphire cards, the rewards are flexible, meaning you can redeem the points on different airlines not just one. Mack Daddy American Express Centurion Black Card Rewards: numerous ranging from points, to VIP airport treatment, upgrades at hotels etc. Annual Fee: $7,500 initiation, $2,500 annual (invitation only, .1%) Annual Spending Requirement: $250,000 Minimum Credit: Excellent. Line of credit with LOTS of 0's required. Like mother, like daughter ;) American Express
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