| Sick and Tired of Medical Debt? Try these 4 Useful Tips to reduce Medical Bills |
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| Written by James Williams |
| Tuesday, 24 March 2009 21:48 |
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Everyone seems to be struggling to pay off debt these days. Credit card bills are mounting. Student Loans seem to never go away. But debt derived from medical bills is becoming an ever-growing burden on a majority of people around the country. Thousands of dollars of medical debt can be acquired after a simple procedure, which only took a few hours on a Saturday. Those few hours of care can take years to pay off. In face, a key factor in many divorces across America.today is the burden of debt associated with medical procedures.
Everyone seems to be struggling to pay off debt these days. Credit card bills are mounting. Student Loans seem to never go away. But debt derived from medical bills is becoming an ever-growing burden on a majority of people around the country. Thousands of dollars of medical debt can be acquired after a simple procedure, which only took a few hours on a Saturday. Those few hours of care can take years to pay off. In face, a key factor in many divorces across America.today is the burden of debt associated with medical procedures. With such a huge problem weighing on the minds of many good people, you might think more practical solutions would be presented. But alas, most advocates of health care reform live in the theoretical and never speak to real-world answers for the here and now. To wit, here are four practical tips for reducing medical bills and avoiding the resulting 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. Request an Itemized Bill. Others businesses make mistakes, why not hospitals? There is always a possibility that you may be charged for a service you didn't have or billed a super-hefty price for insignificant items, like syringes. Most hospitals do not give you an itemized bill as a matter of practice, so you need to ask for one. This could save you several thousands of dollars if significant mistakes are caught. 3. Look out for Medical Codes. The medical industry has developed a coding system for diagnosing and treating common health issues. Every billable procedure will get a code so the insurance company knows how to deal with it. So, why do you need to concern yourself with such detail? It may be best explained by this example. Assume you have had migraine headaches in the past. One day, you have to go to the emergency room due to pain in your forehead. The doctor on staff discovers it is a simple sinus issue and sends you on your way. When he writes everything up, he may code the diagnosis as a sinus headache, or he may just use the code for a migraine. Maybe he had it on his mind because he read it in your chart or you mentioned it while you were being examined. Anyway, if your insurance company has migraines down as a pre-existing condition, guess what, they are going to deny any claim. In this situation, it is rarely helpful to deal with the insurance company directly. It would be better to talk to the physician who helped you, because if they realize their error, they can simply resubmit the paperwork and clear the whole thing up. 4. Ask for a Discount. Many people today find themselves without adequate medical coverage, and increasingly without any medical coverage. It is difficult, if not impossible, to procure an independent insurance policy which covers maternity. If you are lacking insurance, ALWAYS ask for a discount. Hospitals and doctor's offices generally increase their prices to cover the overhead of insurance filings. If you let them know that you will be paying out of pocket, they will often drop the prices significantly. Some hospitals will also give discounts for early registration or up-front payment. It never hurts to investigate what discounts may be available. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. James offers tips, tricks, common sense advice and how to avoid debt scams on his website where he helps people get out of credit card debt. |