Medical bills can cost a fortune. Here are ways to reduce your expenses
There's an estimated $195 billion of medical debt in America. (Source) But just because you receive a medical bill, doesn’t mean you have to pay exactly what is listed. Here are some things you can do.
Many people receive a bill in the mail and think they have to pay it quickly and have to pay exactly what is listed. This is not necessarily true.
For many people, a medical crisis becomes a financial crisis. Figuring out ways to negotiate your bill will save you in the long run.
1. See if you're eligible for the hospital's financial assistance program.
Non-profit hospitals are required to provide free or reduced care to patients that are below a certain income level, and this varies hospital to hospital. Some for-profit hospitals offer this as well. These programs may not be explicitly advertised, so it is wise to ask the hospital directly.
2. Ask if the bill can be lowered.
Providers want the bill paid, and typically are open to negotiating rates. You may not have success on the first call, but the billing department would rather receive some payment as opposed to nothing, so this is always a good option.
3. Ask for an itemized bill.
Asking for an itemized bill will show you all the procedures and associated codes. You can review this or ask your benefit administrators to review it to ensure that the charges listed are accurate based on your treatment. Medical bill errors are fairly common, so reviewing those details is a good idea.
4. Sign up for a payment plan.
If the cost you owe is correct and cannot be negotiated, ask the provider’s office or hospital to set you up on a payment plan to pay back the total amount over time. Most providers will not charge interest, but if they do it will be less than credit card interest.
This information is intended for information purposes only. Any reader understands that Apex Benefit Group is not providing legal advice, tax advice, or professional services. This article serves to offer practical information regarding the subject matter and is not a comprehensive resource.
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