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  • Poterack Capital Advisory

Do You Like Benefits? Do You Know The Cost?

I’ve conducting thousands of interviews in my career. Some of these interviews were for employment and more were with potential clients. In both types of interviews, company benefits were almost unanimously viewed and discussed in very positive terms.

Most people like health insurance, disability insurance, life insurance, pensions, 401k plans, Social Security, and other benefits available through employment and other sources.

As much as these benefits are universally loved, opinions change dramatically when an individual is using their own money to pay for these benefits. In my view, this is a huge reason why our healthcare system is so expensive. If it’s not “your money” then there’s less incentive for you to seek value for services.

Next time you go to a physician’s office, dentist’s office, or other healthcare providers, I challenge you to ask, “what does that (whatever) procedure or medication cost?” I will predict they will answer your question, with the following question: “Do you have insurance?”

Of course, that doesn’t answer your question! Having insurance simply means the cost of the procedure or medication is shared between you and your insurance company. The insurance company “share” isn’t your money, directly at least. Your cost share is likely your focus. Your health insurance policy premiums are based on the total cost, not just your cost.

Our government will continue giving away “free money” and “free benefits” and then deny this has any impact on the rising cost of products and services. Many of our elected leaders are intentionally obtuse.

You cannot kick your elected officials out of office, unilaterally, but every vote counts!

You cannot save the climate by recycling, unilaterally, but a repurposed water bottle helps!

I want to encourage you to be a force for good, in holding healthcare professionals and their employers accountable. Unless we have transparency and accountability in healthcare pricing, we will continue to have skyrocketing costs! Ask “what does that (whatever) procedure or medication cost?” every applicable time and know you deserve an answer.

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