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Dealing with a health crisis is stressful enough without the added burden of hefty medical bills. It’s not uncommon for people to feel overwhelmed by their medical debt, but don’t despair. There are effective ways to cut these high medical costs, even for services you’ve already received.
Negotiate your Medical Bill
Not many people are aware that medical bills are negotiable. If the total seems unaffordable, try asking for a discount, especially if you can pay a substantial part or the whole amount upfront. Even if they decline, it opens the room for further negotiations.
Avoid Using Credit Cards
As tempting as it might be, don’t pay your medical bills with credit cards. You’ll likely end up paying even more due to accrued interest. Instead, try negotiating a payment plan directly with the hospital.
Verify Insurance Coverage
Double-check your bill to ensure all services are correctly coded to match those in your insurance plan. Incorrect coding could result in higher costs. If a claim gets denied, don’t hesitate to appeal to your insurance company.
Confirm Received Services
Check the itemized bill carefully to verify you received all the services billed. Sometimes errors or duplicates appear on medical bills. Keeping detailed records of your medical care experiences can help spot these mistakes.
Seek Help in Bill Negotiation
Companies like Copatient exist solely to help you negotiate your medical bills. They find savings opportunities in 80% of the bills they review. You can also reach out to patient advocates, attorneys, or charities to help manage your medical bills.
Ensure Medical Care is Necessary Before Payment
Overuse of medical services can lead to unnecessary costs. Only seek treatment for symptoms that are severe and avoid emergency rooms if possible. If diagnosed with a costly health issue, consider getting a second opinion to potentially save on procedure and hospitalization fees.
Shop Around for Medical Care
Comparing costs across different medical providers can save you money. Tools are available to help you find how much hospitals in your area charge for a specific procedure. If facing a minor surgical procedure, consider outpatient facilities for cost savings.
Opt for Generic Medications
Generic drugs are chemically equivalent to their name-brand counterparts and are typically cheaper. Many retailers offer generic prescription drugs for free or at discounted prices.
Open a Health Savings Account
If you have a high-deductible health plan, consider opening a Health Savings Account (HSA) for your medical expenses. The contributions are pre-tax/tax-deductible, allowing your money to grow tax-free.
Take Care of Your Health
Maintaining a healthy lifestyle is the most cost-effective strategy for reducing medical bills. Regular checkups can catch potential health issues early. Your insurance plan may even cover alternative care options like chiropractic care, acupuncture, and massage.
