What are your tips and tricks for keeping medical bills in check?
Each month, Andy’s answering a question that he wishes more clients would ask him, addressing timely topics that he thinks are worthy of the spotlight.
What are your tips and tricks for keeping medical bills in check?
Medical expenses are tricky. We can plan, plan, plan, but sometimes we get hit with a medical need that comes out-of-the-blue. Heck, even minor health complications can come with high price tags.
Most of us have had the unpleasant experience of sticker shock. And unfortunately, that experience has trained us to dread opening mail from medical providers.
While the systemic issues related to health insurance and medical expenses aren’t something that can be solved overnight, I do have a few tips and tricks up my sleeve that can help you save. They may not eliminate your balance, but by shaving away here and there, your savings can add up.
1. If it’s been a minute, resubmit.
Ever noticed that sometimes you receive a medical bill months after your procedure? You’re not alone. These late arrival bills are typically submitted to your health insurance provider long before you ever receive a bill. If you’ve incurred and paid a number of medical bills since the procedure, you may have met your deductible since the claim was initially filed.
Contact your health insurance company and ask them to resubmit the claim. If you’ve hit your deductible, it’s likely you owe less than is indicated on the bill in question.
2. Ask for an itemized bill.
Everyone makes mistakes from time to time — even medical professionals. The explanation of benefits statement that you typically receive in the mail only provides a brief overview of incurred costs. It doesn’t give a detailed breakdown. Particularly if you had an inpatient stay, ask for an itemized list to ensure that you actually received the services and treatments for which you were charged.
Fair warning: These itemized lists can be long. Once you receive the itemized bill, review it, looking for errors. If you notice a discrepancy, you can request copies of your medical chart to cross-check and demonstrate the oversight.
3. Ask for help.
Especially with complex medical procedures, there can be a lot to navigate. Most hospitals have members of their billing department and social workers that are there to support patients navigating the billing and payment process.
If something doesn’t seem right, ask. Often the hospital and your insurance company can work together to better understand why coverage was denied. Sometimes it’s as simple as a typo when entering billing codes. An easy mistake, but one that you’re unlikely to catch on your own.
4. Ask for a discount.
Here’s how I start my phone calls to the billing department at my local hospital: Can I receive a discount if I pay off my remaining balance today, over the phone? The answer is almost always, yes. Many hospitals will offer at least a 10% discount in exchange for full payment.
Note: Do this after you’ve tackled items 1-3.
It can take some effort, but with a bit of critical thinking, a careful eye, and patience while listening to that awful “on hold” music, more often than not, you can chip away at your medical bills. And occasionally, you can reap some major savings.