A broken wrist without insurance can cost you an arm and a leg!

Answer: About $11,700. 

Questions:

• Even though the total cost of an uninsured hospital stay is lower, why would it actually end up costing more than an insured hospital stay?
• Why do the costs differ so much depending on what type of insurance a patient has?
• Do you think it's a good idea to save money by not paying for health insurance? Explain why or why not.

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. 

Behind the numbers (PeopleKeep):

"Let’s look at a few common factors that can affect how much you pay out-of-pocket:

• Where you live: Your state, ZIP code, cost of living, and availability of doctors and insurers in your area all affect your cost.
• What insurance you have: Your insurance company will often negotiate lower prices for you, so uninsured patients are left to negotiate on their own.
• Which network you’re in: Make sure your doctor and hospital are in your network. In some cases, you won’t get the same negotiated discounts or be able to apply the cost toward your deductible if you’re out of network.
• Who your provider is: Specialists have a unique skill set, so they generally charge more than a primary care facility.
• Where you go: Different facilities charge more or less. Hospitals are more expensive than ambulatory surgical centers, while urgent care and physician’s offices are less costly.
• How you negotiate: If you can’t pay the full price of your hospital bill, you may be able to negotiate a lower price that’s more affordable."

About the Author

Ryan Wood

Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.

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