Majority of Americans consider healthcare to be a matter of greatest importance. Although, it is quite unfortunate that mistakes (intentional or unintentional) made by medical billers together with the escalating costs of healthcare provision, contributions to health insurers and prescription medicine can significantly affect your budget.
America is the leading developed nation in terms of healthcare expenditure. It spends almost $10000 averagely on healthcare per person.
Fortunately, we got smart strategies which can be highly beneficial towards achieving your medical expenses minimization goal:
1. Use Healthcare Service Providers Proffered by Your Insurer
It is most likely that your health insurer will cater for the majority of your health cost (less copayment) in case you seek services from a healthcare provider or a specialist on their preference list. Assuming, in any case, you are attended by a specialist or medical clinic, not on your health insurer’s preference list; you are sure to cater for a significant part of the medical bill. Often, health insurers will typically pay 20-30% less the bill in healthcare providers, not in their preference list.
2. Do a Research on the Cost of Service
Health intermediary organizations that offer advice to patients about medications and healthcare provider choices are popping up because a great number of Americans have to dig into their pockets to cater for their medical bills. Estimated costs of medical services are accessible online from consumer, hospitals, and insurance websites. Whenever you have been diagnosed with a particular disease or get a proposal to undergo surgery, make a little effort to research online for you to be well conversant. You may as well enquire from the surgeon on the approximate cost of the procedure before being operated.
3. Get some Information about Alternatives
Mostly, in cases where you will have to spend your money, inquire about the medical necessity of the suggested lab test, drug prescription or surgery. Some conditions may call for surgery but can still be managed by drugs (depending on how you respond to medication, the procedure can be delayed or done away with).
4. Request for a Service Discount
Before you get a service, you can bargain for a minimized price, especially if the service you are after is available in various medical facilities within the vicinity. You might be amazed that some healthcare providers can offer a good price reduction depending on your situation.
5. Consult a Medical Advocate
Proficient medical advocates can furnish you with a wide range of information on healthcare service providers and assist you in securing healthcare services. Moreover, they can help you in resolving medical billing disputes either with the healthcare service provider or the health insurance company.
6. Opt to Settle Medical Bills in Cash
On the healthcare providers’ side processing and submitting health insurance claims may be tiresome and time-consuming, and to worsen the situation insurers may take ages to settle the claims. Healthcare providers will often offer discounts to those settling their medical bills in cash since it saves the institutions the time-consuming insurance claim processing as well as the transaction expenses associated with paying with credit cards.
7. Go for the Generic Medication
The generic drugs are offered at lower costs not because they are ineffective, but because the drugs’ manufacturers do not spend on the new drug development and advertisement because the producer has already done that. Generic drugs are copies of the originals with similar dosage, effectiveness, and safety to the consumer.
8. Request for an Itemized Invoice
Various healthcare service providers are most likely to issue you with a summary of the bill. They may end up charging you additional services or medications not administered to “profit” more from you or your health insurer. To avoid draining your pockets for no apparent reasons, always ensure to get a breakdown of the charges to exactly know what you have to pay for.
9. Crosscheck the Bill
Ensure that each service or medication that is listed was offered or administered to you. If you see an inconsistency or mistake, ask for duplicates of your clinical records or drug orders from the pharmacy for you to compare whether they tally with the final bill.
10. Request for Your Bill Auditing
Those processing your health insurance claim are prone to making mistakes hence resulting in an erroneous medical bill which may include services or drugs not offered or administered. The auditors may be able to figure out the errors and rectify them.
11. Make a Plan to Pay the Medical Bill in Installments
Under circumstances where you are not in a position to fully settle your medical bill at a go, you may organize with the person in charge to be making partial payments over a particular period till you have completely cleared the account. This will save you from straining and pay at your convenience.
12. Open an Account for Health Savings
In case your plan for health insurance has a higher annual deductible, it is high time you consider establishing an account for health savings. Since the plan does not comprehensively cover medical bills, this saving account will enable you to cut on your non-covered medical expenditures. The savings contributed by either the employee or the employer is not subject to income taxation at deposit time.
Choosing to ignore your medical bills is not the way to go, because they will always be there. Instead, look up for options to tackle the issue.
In the context of the above mentioned statistics and strategies, DLL Green Finance has developed and adjusted its products in a way that they can meet the needs of any customer who needs to cover a financial gap linked to medical emergencies, and not only. In case of a medical emergency when you need extra money, you can always apply for an emergency loan online. There is no discrimination while applying for these emergency loans; whether you are a student, unemployed or got bad credit, it doesn’t matter. With all the simple requirements for online emergency loans it will be processed and approved within a day. It is a great option to deal with your financial crisis.
References and Sources
1. US Health Care & Medical Debt Statistics. Retrieved from https://www.moneymunk.com/us-health-care-statistics/
2. 50 Ways to Cut Your Health Care Costs. Retrieved from https://www.kiplinger.com/slideshow/spending/T027-S001-30-ways-to-cut-your-health-care-costs/index.html
3. 15 Ways to Save Money on Healthcare Expenses. Retrieved from https://www.fool.com/retirement/2018/09/18/15-ways-to-save-money-on-healthcare-expenses.aspx