Planning for a surgical procedure can be stressful, especially if it is a major surgery to cure a life-threatening problem. When you have a family to take care of, you can minimize your stress before surgery by getting your financial things in order. Below are some of the top financial matters to take care of before your surgery date.
1. Arrange Sick Leave
One of the main factors to consider before your surgery is planning your time away from work. Check with your human resources department to see if you have any sick leave or disability leave available. You may find that you’re eligible to still get paid while you are recovering from your procedure. This should be determined ahead of time in case you need to apply for help.
2. Contact Your Health Insurance
Once you have been pre-approved for your surgery, it’s important to get in contact with your insurance company. They will be able to tell you what your policy covers and what it doesn’t. You will be able to estimate the cost of any co-payments, deductibles, and other out-of-pocket expenses. Be sure to get confirmation from your agent if any pre-authorizations from your doctor or surgeon are necessary before approval.
3. Check Your Savings Account
When planning your surgery, assess your savings accounts to see if you have enough money to cover any unexpected costs that insurance or sick leave will not pay for. If possible, consider putting additional money aside to help pay for medical costs. If you don’t have enough in your savings to cover the cost of unexpected expenses, you will need to find another way to come up with the money. Other options include getting an advance on your paycheck, asking friends or family for a loan, applying for a personal loan, or taking out a cash advance.
4. Choose In-Network Medical Providers
In some cases, you will be able to choose the surgeon or specialists that will be performing your surgical procedure. Check ahead of time to ensure they are an in-network provider with your insurance company. If you choose to use a surgeon that is out-of-network with your insurance company, you may find yourself paying for high out-of-pocket costs.
5. Perform a Cost Estimation
To get a better understanding of the total expenses related to your surgery, it’s important to reach out to your healthcare provider or the hospital and ask for a cost estimation. This will help you gauge the overall financial implications of the procedure, including fees for the surgeon, facility charges, anesthesiologist fees, and any other relevant costs. These fees are where your savings can come in handy. If your health insurance doesn’t cover the cost of any of these fees, you will know ahead of time if you can afford them.
6. Make Financing and Payment Plans
If you don’t have enough savings and your health insurance policy doesn’t cover all of the expenses related to your surgical procedure, you may want to ask the hospital or your healthcare provider if they offer any financing options or payment plans to pay for your expenses. These options will ensure you get the surgery you need and be able to spread out the payments over time so they are easier to afford. If your healthcare provider or the hospital will not offer you financing or a payment plan, consider looking into third-party loan companies to get the money you need.
7. Talk About Referrals and Pre-Authorizations
When speaking to your health insurance company about your coverage, discuss whether or not you need referrals or pre-authorizations for your surgical procedure. Even if they allow you to have the surgery and your policy covers the expenses, you may still need to meet certain requirements or fill out paperwork beforehand.
Having to undergo surgery can be stressful on its own. Unfortunately, the costs associated with surgery can make the whole process even more stressful and complicated. This is why it is important to analyze your financial situation and check with your insurance company as far in advance as you can before your surgery. Working with your insurance company, healthcare provider, and financial advisor will help you have a deeper understanding of your financial responsibilities and what resources you have available beforehand.
