While many households take healthcare finances as their top priority, it’s not news to see people end up in a hospital because of huge medical bills and stress. Treatment of a simple illness or an accident can cost you a lot of money that even your insurance coverage cannot handle.
Failure to clear these medical bills can hurt your credit score. The good news is that you no longer need to worry about the ballooning medical bills. There’s something you can do about it. Here’s a complete guide on how to reduce medical bills.
Confirm Accuracy
Have you ever gone to the hospital to get treated for a very simple illness only to be slapped with a huge medical bill? Don’t assume that you went to an expensive hospital, or there was a costly procedure done on you. Things aren’t always as they seem.
Hospital systems can sometimes mess up so bad that you end up with a huge bill because of the billing mistakes. Getting charged for services not rendered or extra days is not news.
Go through the bill and confirm that the hospital is charging you for the services you received. Ensure you confirm that all the medications mentioned are what you took. Also, verify that the days indicated are the ones you spent. If things are not accurate, talk to the concerned parties for the medical bill reduction.
Get a Discount
Discounts can be a good answer if you’re thinking about how to lower your medical bills. Ensure you check with the hospital if they have any discounts. Some hospitals give one-time discounts for prompt payment. The discounts can go up to 10% of your initial bills.
Sometimes if the hospital charges more than what the nearby hospitals of the same statue charge, you can ask for a price reduction. The chances are that the hospital may not want to lose you as their clients and might consider giving you the discount.
Some hospitals will also give you discounts if you offer to pay in cash. This saves them the struggle of filing insurance claims or paying credit card transactions. It also gives them some ready cash in the office, which saves them the time for bank withdrawals.
Paying With Credit Cards Is Not How to Reduce Medical Bills
Sometimes it’s not a good idea to use your credit cards to pay the hospital bill. You’re sometimes tempted to clear off bills with credit cards to get the hospitals off your back. While this may clear you off the medical bills, you might enter another trap of endless debt with high-interest rates.
Check Service Costs Online
Some healthcare providers take advantage of unsuspecting patients to charge them more than the actual cost of the services they are getting. This is daylight robbery, but you can avoid being a victim if only you take your time to carry out extensive research.
There are many organizations online that advise consumers of appropriate treatment options and the right costs. You can simply go online, search for the service you’re looking for, and go to the hospital equipped with an estimated cost calculator.
Alternatively, you can be bold enough to ask your doctor for the estimated cost of any procedures before the treatment. This way, you can either go in well-prepared or look for an alternative.
Have a Payment Plan
Sometimes you may not be able to pay all your medical bills in full. If this is the case, don’t be afraid to set up a manageable payment plan that will be favorable for you and the hospital. You can then pay smaller manageable amounts for an agreed period.
You can also prepare in advance by establishing a health saving plan. This way, you can save up for those services your insurance will not cover. Don’t worry about taxes because this money is tax-free, and you will not be charged anything when you withdraw as long as it’s paying the medical expenses.
Talk to Your Insurance Company
Insurance companies can always come to your rescue if you’re finding it hard to clear your medical bills. They can give you a different plan that will suit your needs. One of the available options is lower premium covers.
Short-term medical (STM) insurance covers can get you covered whenever you get unforeseen medical emergencies. This may not cover you comprehensively but can help when you need urgent medical cover, which you wouldn’t afford otherwise. Take your time to learn more about STM and how it can reduce your medical bills.
Get Financial Assistance
Sometimes things can get out of hand, and the only option you have left is to ask for financial assistance. Many hospitals offer financial assistance to needy people. You should check the procedure of the hospital to get assistance and make an application.
Some procedures may be complicated, while others are easier, but you must be ready for a lot of paperwork. They may need to review various things, such as bank account information and paychecks. These will determine whether you get the assistance or not.
Get a Loan
When everything else is not working, and the hospital bill is still piling up, you’ll have no option but to apply for a loan. Ensure there is no stone you haven’t turned while searching for how to get hospital bills lowered because a loan should be your last resort.
Many financial institutions will offer you a loan specifically for medical expenses. Ensure the loan you take in manageable, has reasonable interest rates, and you’ll be able to pay it on time. Explore the market and make sure you only come up with the best rates.
Medical Bills Should Not Stress You
You should not sink into depression because you can’t figure out how to reduce medical bills. You have good alternatives for making the situation better and reducing the costs. Ignoring them will not be a good option as this will just stress you out and have a negative impact on your credit score.
You can manage the bills if you take your time to explore all the options available and follow the right procedure.
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