May 28, 2013

Reduce Medical Bills With These Helpful Tips

Filed under: Seniors — seniorlivingguide @ 12:52 pm

Courtesy of Madyson Grant [madysongrant@gmail.com]

In today’s market, it is becoming increasingly difficult to be able to afford healthcare. When you have some kind of medical issue, the bills can really start to add up and cause all kinds of financial problems for you. If you find yourself in this situation, here are a few tips for you to keep in mind to reduce your medical bills.

Pay with Cash

One of the most effective ways for you reduce the amount of money that you have to pay medical bills is to pay with cash. Medical facilities typically have a different rate for individuals who pay with cash. The cash price could be somewhere between 20 and 30% less than the regular price. In order to get this discount, you may have to pay all at once, or sometimes, they will set up a payment plan for you. If you have had the medical that for some time, the facility may even take a settlement that is much less than what you owe. For example, they might take 50 percent of what you owe if you’ll pay off the account.

Ask for Itemized Statements

If you incur any medical bills, it is important for you to get a copy of an itemized statement from the facility before you agree to pay anything. It is very common for medical facilities to make mistakes when they are billing patients. The medical billing system involves all kinds of complicated codes and it’s not uncommon for mistakes to be made. In some cases, the bills you see are inflated with unnecessary charges that you don’t need to pay.

Health Savings AccountReduce Medical Bills With These Helpful Tips

The health savings account is a nice tool to use when you’re interested in saving money on medical bills. If you have a high deductible health insurance plan, you can use a health savings account to pay your medical bills. The money that you put into the account isn’t taxed. This means that you’re paying your bills with tax-advantaged money. If you get enough money saved up in the account to pay your annual deductible, then you won’t have to worry about using any of your regular money to pay for medical expenses.

Considerations

When you have medical bills, it is important to make sure that you keep your credit in good shape. Don’t just avoid paying your bills because the facilities will report you to the credit bureaus. Using companies that clean up your credit can help if this happens. It may be in your best interest to find out more about credit repair companies, as they can really make a difference.

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