16 Jun How to Handle the Financial Strain of Medical Bills?
The financial strain of medical billing is something that is common and it has been seen that more than one out of every four families in America face financial burdens in terms of medical care. There are innumerable cases where people are charged with unbelievably high amounts for healthcare. The difference can be as high as hundreds of dollars when it comes to seeing a specialist as compared to a regular doctor and most of the times, these charges would not be waived by your insurance company unless of course you have another medical insurance policy that would cover the cost of the bill.
It has been seen that more than 50% of the Americans who have health insurance because of their jobs are able to reduce a high payment from their medical billing amount by talking directly to the company. However, this does not mean that everyone out there does their best in terms of avoiding the headache that comes with high and unexpected insurance bills. Even the best insurance companies are always not able to protect their customers from the high medical costs.
In a recent survey conducted by it has been find out that more than one-third people who had their private health insurance has got a shocking bill as their insurance companies failed to pay as much as they anticipated. The scenario is similar in most countries of the world. Financial burdens are likely to be faced more by families those have children as compared to the ones those do not. It is also common in families those have uninsured family members.
According to experts, people get a shock when they see their medical bills as their insurance companies failed to pay as expected because, most of the times, people do not understand the jargons those come with the health insurance policy that they sign. Here are some tips on how to handle the financial strain of medical bills:
- Get organized: This is the first thing that you need to do and you should start by keeping a track of all the bills you receive right from the first one. Call the hospital medical billing department to double check on any charge that you are no sure of.
- Review the bills: Errors and overcharges are common in hospital bills and hence, it is important that you review the bills thoroughly. Make sure that the hospital has charged you only for the services you have received.
- Challenge your insurance company’s decision if required: Many a times, the hospital bills are rejected by the company on grounds like the drugs or the procedure is not covered by the policy. If you think that your insurer is supposed to pay for your bill, do not hesitate to challenge their decision. You will be surprised to see how often the company would change its earlier decisions.
- Negotiate if possible: Often, it is possible to negotiate with hospital staff to arrange for a payment plan. This would give you some extra time to clear off the bills.