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    Top Tips For Cutting Down Medical Bills

    James B. profile
    James B. - 2020-11-18T22:00:00.000Z
    Cutting Down Medical Bills

    Medical bills are one of the most commonly reported causes of stress among Americans. Without proper insurance or savings, it can be hard for individuals to manage. This is especially true for those with complicated, long term conditions that require costly prescription medications.

    Reducing medical costs is the only way to alleviate stress and increase emotional well-being. While this is often easier said than done, there are several tips people can implement to achieve this. 

    Choose The Right Provider And Pricing

    In the past, hospitals didn’t disclose their costs for treatments, and insurance providers who negotiated with hospitals didn’t share their information. This changed in 2019 when the Center For Medicare And Medicaid Services required hospitals to list price estimates for procedures on their website. These listed prices are often higher than the final price, but it still gives the patient an inkling of the anticipated costs.

    Here are a few tips:

    1. Inquire About Cost: Even though hospitals and clinics may not publicly state their price, many are willing to discuss pricing with individuals one on one
    2. Shop Around For Medical Loan: Insurance will not always cover all of one’s medical costs and this usually results in out of pocket expenses. For those without sufficient savings, a medical loan may be required. Not all loans are created equal, and patients should look for loans from lenders who specialize in medical loans, such as LendingClub medical loans or Avant Medical loans for bad credit
    3. Pay In Cash: Hospitals and clinics will usually give discounts to those paying in cash. This can be especially beneficial for those whose insurance works by reimbursing out of pocket payments instead of paying the medical service providers directly
    4. Use Preferred Providers: Most insurance companies will have a network of preferred providers. When an individual uses a provider within this network, their out of pocket costs are typically greatly reduced
    5. Request A Discount: While not always the case, many service providers will offer discounts to individuals who ask. The discounted amount can vary, but usually one can secure 5% - 10% off their quoted price

    Optimize Prescription Savings

    For many people, prescriptions can be the most expensive component of their medical treatment. Reducing the cost of their prescription medicine may seem difficult at first, but there are several ways one can do this.

    1. Buy Generic Versions: When a pharmaceutical company develops a new drug they own the patent on the compound for 20 years. Once the patent expires, any drug company can freely manufacture and sell the compound as a generic alternative. These generic alternatives are significantly less expensive than the name brand equivalent. Switching to the generic version of a drug can result in notable savings
    2. Purchase Drugs From Large Online Retailers: Large online pharmacies tend to be cheaper than small to mid-sized brick and mortar pharmacies. Although this option may require one to wait a longer period of time due to shipping considerations, it’s worth the wait in terms of savings
    3. Get A Second Opinion: Certain conditions have a variety of medications that can be used to treat it. It may be worth visiting another doctor to see if there is a cheaper medication available that can be used to treat the same ailment

    Be On Top Of The Paperwork

    Even though most people do not review their medical bills, the overwhelming majority of bills include overcharges. When people ask about how to cut down medical bills, checking their bill for incorrect charges is one of the easiest and most effective ways to do this.

    1. Have The Bill Itemized: The easier way to catch incorrectly applied charges is to ask for an itemized bill. By doing this, an individual can see everything they were charged for
    2. Review The Bill: Once the itemized bill is received, the patient can scrutinize it for anything they were unjustly or over-charged for
    3. Ask For A Bill Audit: The world of medical invoicing is complicated. With thousands of data points relating to different procedures, medications, and prices, mistakes are bound to happen. Asking the insurance provider to conduct an audit is a good idea to be on the safe side
    4. Use A Third-Party Bill Reviewer: Because of the complicated nature of medical bills, third party bill reviewers may find errors that the patient was unable to find
    5. Review Your Medical Coverage: It’s not uncommon to be charged for things that one’s medical insurance provider covers. Review your policy to know exactly what you are covered for

    Bottom Line

    Whether it be comparing prices, finding cheaper pharmaceutical alternatives, or catching medical overcharges, one can significantly decrease their medical costs and improve quality-of-life. If you need to take out a medical loan to pay certain expenses, be sure to compare loans by exploring the terms as well as customer feedback like those featured within the Discover medical loan review.