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Medical bills often come as a shocking surprise. Even with health insurance, your co-pays and other health care costs can increase quickly.
When insurance doesn’t cover a test or procedure, and you have to cover the total cost, it’s common to worry about how to negotiate medical bills.
If you’ve received medical bills unexpectedly or your insurance doesn’t cover the total cost of a procedure, don’t worry. You have several options to reduce your medical bills.
Let’s explore why medical bills are so expensive and how to negotiate them.
Acquire an Itemized Bill
Getting an itemized bill is the best way to negotiate your medical bills. This information can help you figure out precisely what you’re being charged. When you get your itemized bill, you can call the medical provider and ask to set up a time to talk about the costs.
You should be ready to offer a lower payment amount that you are willing to pay and explain why you think the charges are too high. If the medical provider is unwilling to work with you, you may need the help of a medical billing advocate or an attorney.
If you are in the medical billing industry, you should invest in your billing mechanisms to avoid errors on the patient’s itemized bill and future problems with your patients. Click here to learn more about the top medical billing services available in the country.
Look Into Financial Assistance Policies
Some medical billing departments have rules about helping patients who can’t pay their bills. It is always in your best interest to find out about these policies and determine if you qualify for help.
Ensure you have all the necessary paperwork to show proof of your income and expenses. When talking to the medical billing department, being polite and acting like a professional is essential.
Request a Payment Plan
You can ask for a payment plan if you want to. This means asking the service provider to spread your payments over a more extended period. Most of the time, providers are willing to do this because it makes it more likely that they will get the total amount of money they are owed.
To ask the provider for a payment plan, you will need to call them and explain how your finances are right now. Be honest and tell them you can’t pay the total amount now but would like to set up a payment plan instead.
The provider may ask you for information like how much money you make and how much you spend each month. After that, they will devise a way to pay that works for both of you.
Call Your Insurance Company
Thoroughly familiarize yourself with your policy before contacting your insurance provider.
You could ask for an explanation of benefits (EOB) from your insurance company. It will outline how much they paid for your medical services and how much you are responsible. This is called the negotiated rate.
The negotiated rate is the rate your insurance company and the provider have agreed upon. You can find the negotiated rate by looking at the EOB.
The EOB will also list the allowed amount, which is the most the insurance company will pay for the service. The authorized amount is often different from the negotiated rate. If you have a bill for more than the allowed amount, you may be able to negotiate a lower rate.
When you call, be polite and explain the situation to the person who answers. The customer service department representative will be able to tell you what kinds of assistance, if any, are available from the insurance company. Make it a point to inquire about any discounts or programs that may be available to assist in lowering your monthly bill.
If the representative cannot assist you, you should inquire about speaking to a supervisor. Be steadfast and keep your composure throughout the entire process.
Find Out if You Qualify for Any Discounts
Being a senior citizen, having a low income, or being a member of a particular organization are just a few factors determining whether a person is eligible for a discount. There are many other factors as well.
After determining whether or not you are eligible for any discounts, you can begin to negotiate with the medical provider regarding the cost of your care. Make sure your documentation is in order before starting the process.
Get Help From a Charity
Do not be afraid to ask for financial assistance from a charitable organization if you have trouble paying your medical bills. There are a lot of charities that help people out financially when they are in need, and some of them might be able to negotiate lower medical bills for you.
Be sure to do your homework and pick a charity with a good reputation before you reach out for assistance. Be patient, as the charity will probably want to examine your bills and other financial information before they agree to assist you.
They might be able to negotiate a lower bill with your medical provider. It is in your best financial interest to seek assistance with this matter because doing so could save you a sizeable amount of money.
How to Negotiate Medical Bills Successfully?
The best way how to negotiate medical bills is to be proactive. Take the time to understand your options and costs before you receive treatment. This way, you can be prepared to ask questions and feel confident when discussing payment options with your provider.
Be polite and respectful when making your request, but be firm in your negotiation. Be willing to compromise, and remember that the goal is to lower your overall costs.
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