Broken collarbone costs and how to pay for them
We don’t plan for broken bones. One day, everything is going fine and thenÂ –Â BAM! — you’re in the emergency room or urgent care center waiting to see a doctor.Â
And the most common broken bone? The clavicle or, as it’s more commonly called, the collarbone.Â Treatment for a broken clavicle, if it’s not too severe, will be aboutÂ $500. But a more seriousÂ break couldÂ require surgery, at anÂ average cost of $11,000 to $17,000.
How much will you pay for a broken collarbone, even if you have insurance?
The average cost for a surgical treatment of a broken collarboneÂ in the United States isÂ $11,000Â at the low end.Â
Using guidance on typical coverage levels fromÂ healthcare.gov, letâ€™s assume your annual deductible isÂ $1,300, your co-insurance isÂ 20%Â and your maximum annual out-of-pocket cost isÂ $4,400 a year.
While $4,400 is a whole lot less than $11,000, coming up with the money to pay that bill could be difficult for a lot of people. And, remember, thatâ€™s just an example. Itâ€™s not uncommon for annual maximum out-of-pocket costs to be evenÂ higher.
How to pay for broken collarboneÂ surgery
There are three steps to getting your broken collarboneÂ surgery costs organized:
- Determine exactly what your out-of-pocket cost will be. Your insurance provider or your employerâ€™s Human Resources department can help plan out what the final costÂ will be. Donâ€™t wait for the bills to arrive: Know in advance what your share of the cost will be.
- Identify how you will pay that bill. Do you have enough cash on hand? Can a family member help out with a loan? Should you max out your credit cards? Or might a personal loan make sense for you? If so, see below how LendingPoint could be the right answer for your needs.
- Move as quickly as you can to get your payment plan in place. Recent changes in rules that affect how your credit score is computed provide some short-term relief from negative effects caused by medical debt collection. Still, this additional debt will undoubtedly put pressures on your ability to meet other financial obligations. The last thing you want to do is start missing payments and do damage to your credit rating.
Why are out-of-pocket costs rising overall?
In 2017, more people have health insurance than did in previous years. But the costs for that coverage continue to rise. The cost of healthcare for a typical American family of four covered by an average employer-sponsored preferred provider organization (PPO) plan is now $26,944Â according to figures released in the 2017 Milliman Medical Index.Â
In addition to premiums, many plans also have deductibles â€” an amount you will pay first before much of the insurance benefit kicks in â€” and maximum out-of-pocket expenses â€” a higher amount that is the most you will pay for healthcare in any given year. In recent years, while premium cost increases have slowed, deductibles and maximum out-of-pocket costs have risen steadily, according toÂ The Kaiser Family Foundation (KFF).
KFF says the cost of healthcare is causing difficulty with the personal finances of people across the United States,Â even those who have health insurance. â€œOverall, about a quarter (26 percent) of U.S. adults ages 18-64 say they or someone in their household had problems paying or an inability to pay medical bills in the past 12 months. People from all walks of life can and do experience difficulty paying medical bills.â€
66% of those bills come from a one-time medical event, according to KFF. To pay for those bills, 77% of insured households with high medical bills postpone vacations or major purchases, 63% use all or part of their savings and 31% tap their retirement accounts.
LendingPoint is a personal loan provider specializing in NearPrime consumers. Typically, NearPrime consumersÂ are people with credit scores in the 600s. If this is you, weâ€™d love to talk to you about how we might be able to help you meet your financial goals. We offerÂ loans from $2,000 to $25,000 with terms from 24 to 48 months, all with fixed payments and simple interest.