Top Tips For 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:
- 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
- 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
- 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
- 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
- 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