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These days, it seems everyone is struggling to pay off debt. Some have mounting credit card bills. Others fight to pay down student loans. But the primary burden of debt on the shoulders of a growing percent of the population is debt related to medical bills. It can take only a few hours to rack up thousands of dollars of medical debt, and it will likely take years to pay it off. The rising cost of medical care and the resulting debt load is now a key factor in many divorces across America.
Practical solutions are needed to deal with such a huge problem weighing on the minds of many good people. But all we seem to get are grandiose ideas about health care reform which work great in theory, but will take years to make it to the street. To help with that, here are a few very effective techniques for trimming you medical bills and staving off debt.
1. Shop Price. If you know you have a procedure coming up, it is important to shop around for the best price. A mistake many people make is assuming all doctors or hospitals charge the same. That is simply not the case. You wouldn't have your garage door repaired without trying to find the best deal. Why should it be any different with a colonoscopy or a breast exam? Another mistake is in assuming that if you have insurance, there is no need to fret with the details of medical billing. Remember that the total bill will affect your out-of-pocket cost, so do yourself a favor and shop around for quality care at the best rate.
2. Get an Itemized Bill. Hospitals make mistakes like any other business. And like any other business, there is always the possibility of the cost of a service being over-inflated. As a matter of practice, most hospitals do not give you an itemized bill automatically, so you must ask for one. This could mean several hundred to several thousand dollars of savings if you catch a mistake or call out a grossly over-stated line item.
3. Watch out for Medical Codes. Every procedure that is billable gets coded using a standard medical coding system for diagnosing and treating medical concerns. Why should you care about these codes? Well, it is best explained with an example. Say you have a history of migraine headaches, and you visit the emergency room complaining of pain in your forehead. Ultimately, you find out it was a sinus issue and you leave. The doctor may code the diagnosis as a sinus headache or possibly a migraine headache, maybe because you mentioned that during the exam. Well, if it was coded as a migraine and your insurance company has that down as a preexisting condition, they will refuse to pay, even though you really just had a sinus headache. If you find one of these mistakes, talk to the doctor or nurse that did the exam. They may recognize the error and resubmit the paperwork.
4. Inquire about a Discount. Many folks increasingly are finding themselves without medical coverage, or at least without enough coverage to address all of their issues. For instance, it is near impossible to find an independent medical policy with maternity coverage. It is important to always seek a discount if you find yourself with out medical coverage. The overhead of dealing with insurance filings has forced the medical establishment to increase prices. But if you make it known that you will be paying with cash and not using insurance, many doctors will significantly reduce your bill. Even if you have insurance, you might still look into what discounts are available. Up-front payment and early registration may also chip away a nice chunk of your bill.
Practical solutions are needed to deal with such a huge problem weighing on the minds of many good people. But all we seem to get are grandiose ideas about health care reform which work great in theory, but will take years to make it to the street. To help with that, here are a few very effective techniques for trimming you medical bills and staving off debt.
1. Shop Price. If you know you have a procedure coming up, it is important to shop around for the best price. A mistake many people make is assuming all doctors or hospitals charge the same. That is simply not the case. You wouldn't have your garage door repaired without trying to find the best deal. Why should it be any different with a colonoscopy or a breast exam? Another mistake is in assuming that if you have insurance, there is no need to fret with the details of medical billing. Remember that the total bill will affect your out-of-pocket cost, so do yourself a favor and shop around for quality care at the best rate.
2. Get an Itemized Bill. Hospitals make mistakes like any other business. And like any other business, there is always the possibility of the cost of a service being over-inflated. As a matter of practice, most hospitals do not give you an itemized bill automatically, so you must ask for one. This could mean several hundred to several thousand dollars of savings if you catch a mistake or call out a grossly over-stated line item.
3. Watch out for Medical Codes. Every procedure that is billable gets coded using a standard medical coding system for diagnosing and treating medical concerns. Why should you care about these codes? Well, it is best explained with an example. Say you have a history of migraine headaches, and you visit the emergency room complaining of pain in your forehead. Ultimately, you find out it was a sinus issue and you leave. The doctor may code the diagnosis as a sinus headache or possibly a migraine headache, maybe because you mentioned that during the exam. Well, if it was coded as a migraine and your insurance company has that down as a preexisting condition, they will refuse to pay, even though you really just had a sinus headache. If you find one of these mistakes, talk to the doctor or nurse that did the exam. They may recognize the error and resubmit the paperwork.
4. Inquire about a Discount. Many folks increasingly are finding themselves without medical coverage, or at least without enough coverage to address all of their issues. For instance, it is near impossible to find an independent medical policy with maternity coverage. It is important to always seek a discount if you find yourself with out medical coverage. The overhead of dealing with insurance filings has forced the medical establishment to increase prices. But if you make it known that you will be paying with cash and not using insurance, many doctors will significantly reduce your bill. Even if you have insurance, you might still look into what discounts are available. Up-front payment and early registration may also chip away a nice chunk of your bill.
About the Author:
James offers tips, tricks, and advice about debt management including taking a second job on his website about debt solutions.
