Before my COBRA (healthcare for departed employees) ran out, I decided to get a physical exam. It’s been three years and it was about time. Many insurance companies offer one free physical every year. Give your insurance company a call to find out if yours is one of them. That’s a $200-$500 “savings” every year if you take advantage of the perk. Depending on your insurance coverage, you will either typically pay a co-pay ($25 in my case), or a co-insurance (generally 20% of the overall bill).
Beyond the co-pay or co-insurance, sometimes there’s something called a “draw fee” as well. The word “draw” in this term refers to the drawing of blood, which is then sent off to a lab to get a multitude of tests done. My draw fee, to my surprise was $24 dollars. Hence, what I thought was initially “free” turned into a $49 dollar physical ($25 co-pay + $24 draw fee). Depending on my blood work, I may have to come back for more, which means another $25 in co-pay.
A $25 co-pay isn’t particularly cheap. I’ve had as low as a $5 co-pay before until I decided to change my plan to be more for “disaster prevention.” You want a low co-pay if you are chronically sick. In 10 years, I’ve seen the doctor perhaps seven times, including physicals. Hence, it makes sense for me to pay a higher co-pay in return for a lower monthly premium. I could take it a step further and do co-insurance, but I elected not to.
THE RECOMMENDED FREQUENCY OF PHYSICAL EXAMS