We have seen that astronomical medical bills and out of hand medical expenses have been responsible for serious debt cases. As per the findings of a survey conducted by the well-known Commonwealth Fund, one out of every five adults is known to pay off medical debts thanks to highly unaffordable medical bills. Reduced insurance coverage and higher medical expenses have literally, compelled families to use up their savings or rely on an extra credit card debt. Numerous Americans today, are encountering staggering medical debts because of exorbitant health bills that are not under insurance cover.

As per https://www.forbes.com, “A Kaiser Family Foundation/New York Times survey in January 2016 found that one in five working-age Americans with insurance encountered problems paying medical bills in the previous 12 months. Of those, 31% said the total amount reached at least $5,000, including 13% who said it topped $10,000. And 58% of those having difficulty paying medical bills have been contacted by a collection agency.” Moreover, 11 percent admitted that they had declared bankruptcy holding medical bills responsible for their financial mess.

How Medical Debt Happens

When you or someone in your family needs to undergo surgery or avail medical treatment, you would be more worried about the health issues and operation expenses or medical bills would not be on your mind then. Once hospitalization is over, you would be confronted with the hard reality of the financial aspect of a medical emergency.

One look at the hospital bills could be bewildering. Moreover, you could be in utter confusion over the hospital billing system as certain hospitals would be sending individual invoices for your hospital stay, for the ambulance, the lab services, the doctor, and the prescribed medications.

Billing issues could culminate in serious debt even for those people who did not encounter any medical emergency. Overdue payments for typical office visits or standard treatments are actually a major source of your incurred debt. Even if the medical provider allows you to charge your treatment to the health insurance, you must make it your responsibility to ensure that the insurance company would be actually paying the bill.

Sometimes, unscrupulous chiropractors and even doctors ask you to perform certain unnecessary or irrelevant tests just to boost the overall hospital bills. They may even charge fees for services that are not rendered in reality. These unfair and false charges could be leading to major fights and disputes over billing. Browse through Nationaldebtreliefprograms.com for learning more and gaining perfect debt relief solutions.

Some Crucial Measures for Reducing or Avoiding Your Medical Debt

There are some effective steps or measures that you could take to dramatically reduce or simply stay out of the much-dreaded medical debt.

Have Sound Knowledge of Your Own Health Insurance Coverage

You must examine your precise health insurance coverage and know everything related to it. First of all, you must identify the health care providers that are ‘in-network’. You must call and get in touch with your insurance company before attending an appointment for non-emergency health care issues. You must understand your insurance coverage and find out if there are any essential pre-certifications. There have been several cases, where the doctor was in-network; however, the lab was actually not in-network that could culminate in costing a person thousands of dollars. You must know the expected cost of an imminent procedure or treatment.

Know the Expenses Involved in the Procedure or Treatment

Find out the expenses involved in an upcoming procedure or treatment. You must keep in mind that when you pay for medical care, it is just the same as any other major buy. Obviously, you would not buy something without asking the price upfront or without shopping around to make the right choice. If you or any other family member needs treatment and hospitalization, you must do a comparative analysis and examine the quality and reliability of your shortlisted health care provider much before making any commitments.

Choose a Pharmacy as Per Your Preference

Previously pharmacies were used to competing based primarily on their location. However, now pharmacies are actually competing on quality and pricing. It is best to choose your own preferred pharmacy network for availing reduced dispensing fees and lower prices on all prescription drugs. As per experts, a prescription that is supposed to be just $50 at any local pharmacy could be costing as much as $100 if your specific health plan does not mention any preferred pharmacy network.

Examine the Accuracy & Authenticity of All Your Medical Bills

It is a good idea to examine the accuracy and authenticity of all your medical bills before you pay them. You must pay only after you have received all the bills for the procedure or treatment and you could go ahead with the payment once you have already confirmed what all your insurance should have covered and paid. We understand that Americans end up paying as estimated around $58 billion every year that they were not supposed to pay and did not actually owe.

Negotiate Before Paying Your Medical Bills

You must try your best to do some active negotiating job before paying your medical bills. Once you receive all the bills, it is a good idea to talk to your hospital authorities or your doctor, persuade them, and try to convince them to lower your bills to a certain extent.

Focus on Building an Emergency Fund

If you wish to keep medical debt at bay, you must focus your attention on creating an emergency fund. It is mandatory to start an emergency fund and keep putting some money here and vow never to touch it apart from medical emergencies and other crises.

Enroll in HSA

You must consider enrolling in HSA or Health Savings Account at work in the case, you are eligible for it. A Health Savings Account is supposed to be a tax-favored account that has been designed primarily for employees who have high-deductible health plans for paying pharmacy, vision, dental, and medical expenses.

Conclusion

The repercussions of medical debts go much beyond just finances. Persons carrying huge medical debts often stay away from filling prescriptions or getting the necessary treatment. You must try to avoid a medical debt by negotiating a payment plan with your provider or hospital directly. There is every possibility that you could successfully negotiate a specific payment plan which is interest fee and even does not incur additional fees or penalties in the event of late payment. When you directly try to negotiate with the medical provider or the hospital, you may end up getting a substantial reduction in your overall bill amount and that would go a long way in decreasing your debt. Even when a medical procedure is successfully over, it does not mean an end to your miseries, pain, and turmoil. Serious bill issues may crop up but you need to be calm and remember to deal directly with your hospital and under no circumstances, you must pull out your credit card. Do not forget that your future health, overall well-being, and financial health would be definitely on the line.

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