Healthcare expenses can resemble icebergs—what's visible on the surface is often just a small part of the total cost. Many people prepare for typical health-related expenses but several costs can sneak up unexpectedly, leaving you financially vulnerable if you're not adequately insured. Here are five shocking health costs that might catch you off guard:

1. Prescription medications

Prescription drugs can be costly, especially if your health plan does not cover them or they are not included in the formulary. This could cost hundreds to thousands of dollars each month. Prescription drug prices have soared and certain life-saving medications can be prohibitively expensive without comprehensive coverage. Specialty drugs, particularly those for treating conditions like multiple sclerosis, cancer or hepatitis C, can be financially debilitating. It's wise to review your prescription drug coverage and consider plans that offer extensive support for high-cost medications.

2. Out-of-network surprises 

You might choose a doctor or a hospital that's part of your insurance network, but some professionals who treat you during a hospital stay like anesthesiologists or radiologists, may need to be in-network. This can lead to significant unexpected bills due to "balance billing," resulting in charges much higher than anticipated. To avoid these surprising costs, verifying the network status of all healthcare providers involved in your care is crucial before any procedure or treatment.

3. Emergency room fees

The emergency room (ER) is notorious for high costs, especially for treatments that could be managed in a less urgent setting. Moreover, the additional fees for services like imaging tests, bloodwork and medical equipment can be surprising. Sometimes, a simple ER visit can escalate into a bill, reaching thousands of dollars, especially if hospital admission is necessary. Ensuring your insurance plan includes reasonable ER coverage and considering alternatives like urgent care centers for non-life-threatening conditions can save you significant stress and money.

4. Mental health and Therapy costs 

As mental health concerns increase, so does the need for therapy and psychiatric services. However, finding in-network mental health professionals can be challenging and out-of-pocket costs for these services can be unexpectedly high. Since mental health is as important as physical health, it is essential to look for insurance plans that offer substantial mental health coverage, including telehealth services, which can be a more affordable option.

5. Long-term care

Long-term care costs, including rehabilitation from severe illnesses or surgeries, can be one of healthcare's most financially overwhelming aspects. Daily care services can quickly deplete savings, whether in-home or at a specialized facility. Medicare does not cover long-term custodial care and to qualify for Medicaid, a person must meet specific asset and income requirements. Investing in a separate long-term care insurance policy or ensuring that your health plan includes some coverage for rehabilitation services is crucial to avoid this financial pitfall.

With the proper knowledge and preparation, the shock of these health costs can be mitigated. Contact us to review and adjust your coverage. Being proactive about your health insurance isn't just a good strategy—it's essential to maintaining your health and your financial well-being.